Nvidia's $99 billion portfolio adds SpaceX as #2 holding

Nvidia discloses its holdings each quarter through a 13F filing, a public form required when a company holds investments worth more than $100 million. That filing is why its portfolio gets read closely: it offers a window into where the most influential player in AI hardware is placing its money.

The headline move this quarter was SpaceX. Nvidia's position did not come from a direct bet on rockets or satellites, but from its initial $10 billion investment in xAI, which merged with SpaceX in February. Nvidia received private SpaceX shares when that merger closed, and those shares converted into stock in the public company when it went public in June. So a stake originally tied to an AI lab ended up sitting inside Musk's space-and-connectivity company.

What ties the three largest holdings together is that Nvidia has partnerships with each of them, and the relationship with SpaceX runs through data centers. Musk has committed to using Nvidia GPUs as the primary hardware for SpaceX's data centers, a choice that appears to leave AMD without a route into that business. Whether SpaceX keeps its place near the top of Nvidia's portfolio is likely to depend on how far that data-center build-out progresses.