Karla Barker 
Nvidia just surprised the market with a regulatory filing. The chipmaker said it owns 122.8 million Class A shares in SpaceX. Based on current share values, that stake is worth roughly $21 billion. It is now Nvidia’s second-largest disclosed investment, behind its position in Intel.
The filing came without much drama in after-hours trading. SpaceX stock moved up 0.35%. Nvidia shares slipped 0.12%. But the bigger picture tells a different story. Nvidia has gained almost 20% so far in 2026. SpaceX has lost close to 7% since going public in June.
Retail sentiment also splits. Stocktwits shows neutral sentiment for Nvidia. SpaceX is extremely bullish on the platform. Discussion levels for both are normal.
More than an investment
Nvidia’s stake sits alongside a deeper business relationship. During SpaceX’s first earnings call, Elon Musk said SpaceX chose Nvidia as its only chip supplier for data center computing. Musk called Nvidia’s Vera Rubin architecture the best. He said SpaceX expects a significant allocation of those GPUs next year.
That helps explain why Nvidia wants exposure to SpaceX. It also helps explain why Musk is comfortable with Nvidia as a shareholder. The two companies are becoming more dependent on each other.
Nvidia’s financing plans
Separately, Nvidia has been working on a large financing package. The company revealed plans for a $500 billion package with major Wall Street banks, including Goldman Sachs. CNBC’s Jim Cramer called it a monumentally positive change. That is a big number and it suggests Nvidia is preparing for major capital needs.
What about Intel?
Intel still ranks as Nvidia’s largest disclosed investment. Cramer remains confident in Intel’s management and direction. He thinks Intel could use funds from a share sale to grow its third-party manufacturing business. That would mean making chips for other companies. He also trusts Intel CEO Lip-Bu Tan, saying he knows how to build things. Cramer thinks Intel would not sell shares unless it had something ready, possibly a new customer for its factories.
Musk’s own SpaceX stake
A separate filing on Thursday gave a clearer look at Musk’s ownership. As of June 30, he held an economic stake of 48.4% in SpaceX. He had sole voting and investment control over 6.42 billion shares. The total value was around $906.9 billion.
Musk responded on X, saying that figure can be misleading. Part of the stake only vests if SpaceX hits extremely difficult performance targets. So his fully vested ownership is lower than it appears.
The filing breaks down his holdings. Trusts where Musk acts as trustee control about 849.5 million Class A shares and 3.92 billion Class B shares. Musk directly owns another 1.30 billion restricted Class B shares. Options cover an additional 350 million Class B shares.
Even if his economic stake is below half, voting control is much higher. He controls more than 82% of voting power. That gives him far more say over shareholder decisions than the 48.4% economic figure suggests.