For the better part of the last four years, the artificial intelligence (AI) revolution has ruled the roost on Wall Street. Empowering software and systems with the tools to make split-second, autonomous decisions is an estimated $15.7 trillion addressable opportunity by 2030, according to PwC.
Nvidia (NVDA -0.04%) has led the way. Its graphics processing units (GPUs) are the brains of AI-accelerated data centers, and no company is particularly close to matching the compute capabilities of its hardware.
But what you may not realize is that Wall Street's largest publicly traded company is also an investor.
Image source: Getty Images.
Just like institutional investors, companies with at least $100 million in assets under management are required to file Form 13F with regulators no later than 45 calendar days after the end of a quarter. Nvidia's latest 13F, detailing second-quarter investment activity for its $63.4 billion portfolio, revealed a new No. 2 holding: Elon Musk's Space Exploration Technologies (SpaceX) (SPCX -2.12%).
SpaceX is now Nvidia's second-largest public investment
According to a person familiar with the matter, per CNBC, Nvidia invested roughly $10 billion in xAI in January 2026, as part of a $20 billion funding round for the AI start-up. SpaceX acquired xAI shortly thereafter.
When SpaceX went public on June 12 in Wall Street's largest-ever initial public offering (IPO), it meant that Nvidia would now need to report its stake in the company on its quarterly 13F. This position, 122,764,805 shares of SpaceX, was worth nearly $21 billion at the end of June. Only Nvidia's stake in chipmaker Intel is worth more.
BREAKING: Nvidia $NVDA just disclosed updated stock positions.
-- TrendSpider (@TrendSpider) August 14, 2026
They own:
-$30B worth in $INTC stock
-$21B worth in $SPCX stock
-$4.6B worth in $CRWV stock
-$3B worth in $COHR stock
-$2.2B worth in $NOK stock
-$2.1B worth in $SNPS stock
-$328M worth in $NBIS stock
-$14M worth... pic.twitter.com/wCYzpOjDYK
Although the initial buzz from SpaceX's IPO was unlike anything we'd ever seen, reality is starting to bite for Nvidia's new No. 2 holding.
Despite a 92% increase in second-quarter sales, SpaceX reported a hefty loss and eye-popping capital expenditures (capex) for its data center segment. Through the first six months of 2026, AI capex has vaulted from $3.32 billion last year to $23.55 billion this year. Musk's company is burning cash at an alarming rate and is expected to lean on potentially dilutive financing rounds to make up for it.
Furthermore, SpaceX has one of Wall Street's more unique lockup periods, and it's not exactly shareholder-friendly. Whereas most newly public companies prevent insiders (high-ranking executives, board members, and early investors) from selling their stock for 180 calendar days after the IPO, SpaceX's unlock schedule is accelerated and staggered. Several event- and time-based unlocks occur that can dramatically increase the float and weigh on SpaceX's shares.
Great look at the SpaceX shares unlock schedule as well as the potential passive buying schedule from @JSeyff @FrancisSharoon Depending on the early post-IPO returns, this could really play with and disperse the returns of "passive" funds (which is why there's arguably no such... pic.twitter.com/KOuEkJlngF
-- Eric Balchunas (@EricBalchunas) May 28, 2026
The argument can also be made that SpaceX has an Elon Musk problem. Aside from splitting his duties between two trillion-dollar companies -- he's also the CEO of electric-vehicle maker Tesla -- Musk doesn't have the best track record of delivering on innovations. Several of his claims at Tesla, such as Level 5 full self-driving being available "next year" or 1 million robotaxis being on public roads by the end of 2020, haven't come to fruition.
While Nvidia has thus far cleaned up with its initial xAI investment, the outlook for SpaceX stock is murky at best.
