AMD has invested roughly $565 million in SpaceX shares revealed through August 13F filings, even though SpaceX has chosen Nvidia exclusively for its AI infrastructure.
The stake is not a backdoor bet on AMD winning SpaceX's chip business, but rather a financial position in SpaceX's broader growth across Starlink, satellite operations, and space-based services.
AMD's real investment thesis rests on its dominant data center performance, where revenue jumped 107% year-over-year, not on the SpaceX position itself.
What happened
AMD revealed a roughly 3.3 million share stake in SpaceX worth more than $565 million through August 13F filings, two months after SpaceX's June IPO and just weeks after CEO Elon Musk said the company would build AI infrastructure exclusively on Nvidia chips.
Why it matters
The investment is not a bet on winning SpaceX's AI hardware business—Musk has already chosen Nvidia's Vera Rubin architecture—but rather a financial stake in SpaceX's broader growth across Starlink (which grew to 12 million subscribers), satellite manufacturing, and rocket launches. For AMD, the $565 million position is small relative to its $840 billion market cap, but it captures upside in a diversifying company even while Nvidia captures the AI chip dollars.
What to watch
SpaceX plans to expand AI compute capacity from more than 2 gigawatts by end of 2026 to nearly 10 gigawatts by late 2027. AMD's real performance driver remains its data center revenue, which jumped 107% year-over-year to $6.7 billion in its latest quarter, and the company guided to third-quarter revenue of $12.7 billion to $13.3 billion.
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