Nvidia is no longer just selling the chips powering the AI boom: the 13F filing submitted to the SEC on August 14 shows that Jensen Huang's group has also become one of the largest investors in its own customers. As of June 30, Nvidia held 122.8 million SpaceX shares, worth nearly $21 billion, and 214.8 million Intel shares, worth about $30 billion: more than $50 billion concentrated in two companies that have each pledged to use Nvidia chips exclusively.
The Intel position is the largest in the portfolio. The investment started with $5 billion: 214,776,632 shares bought at $23.28 in the private placement closed on December 26, 2025, four days after U.S. antitrust clearance. The stock rally multiplied the value of the stake roughly sixfold in less than seven months, to almost $30 billion by June 30. After Intel's $20 billion offering closed on August 12, the stake has declined to about $22 billion.
The SpaceX stake took a different path: Nvidia's investment in xAI, Elon Musk's AI company, with $10 billion in the $20 billion round closed in January. When SpaceX folded xAI into an all-stock deal worth $1.25 trillion on February 2, the stake converted into about 122.8 million SpaceX Class A shares. After the June 12 IPO, the largest ever, raising $85.7 billion, shares closed at $170.86 on June 30, putting Nvidia's position at about $21 billion. The stock has since retreated: SPCX closed near $140 on Friday and the stake is now worth about $17.2 billion, second only to Intel.
