Nvidia’s second-quarter SEC 13F filing, released on August 14, 2026, revealed a staggering $51 billion equity portfolio concentrated in just two companies: approximately $21 billion in SpaceX Class A stock and $30 billion in Intel shares. The positions, disclosed as of June 30, 2026, together represent over 80% of Nvidia’s reported $63.44 billion equity book.
The SpaceX stake traces directly to Nvidia’s participation in xAI’s $20 billion January 2026 funding round, which was subsequently folded into SpaceX as part of a broader corporate restructuring. Nvidia’s Intel position, worth roughly $30 billion, originated from a $5 billion investment paired with a chip co-development agreement announced earlier this year.
Both SpaceX and Intel represent exclusive chip customers for Nvidia’s AI infrastructure. SpaceX is leveraging Nvidia GPUs for its expanding AI and autonomous systems operations, while Intel’s partnership with Nvidia focuses on co-developing AI accelerators that complement Intel’s own silicon strategy. The Intel position has grown substantially—from approximately $9.5 billion just three months earlier—reflecting both appreciation in Intel’s stock price and potential additional investments.
The filings also revealed smaller positions in Coherent, Nebius, Nokia, Synopsys, and Generate Biomedicines, though these represent a fraction of the dominant SpaceX and Intel holdings. Nvidia’s aggressive equity positioning reflects a strategic approach to deepening relationships with key customers while benefiting from their potential upside.
The disclosure arrives amid heightened scrutiny of Nvidia’s expanding footprint beyond chip manufacturing. The company has simultaneously announced a $500 billion financing partnership with BlackRock, Goldman Sachs, Apollo, Blackstone, Brookfield, and KKR, where Nvidia will guarantee up to 25% of certain projects. Additional deals include Broadcom’s backstopping of a $35 billion debt package for Anthropic and Meta’s structuring of approximately $27 billion and $13 billion in data center packages with similar mechanisms.
Analysts have begun questioning whether Nvidia’s dual role as creditor and equity holder creates conflicting incentives, particularly if struggling customers require debt restructuring or equity conversions. For now, the positions represent a bold bet that SpaceX and Intel’s AI ambitions will generate returns exceeding the yields from traditional financing arrangements.