NVIDIA's Q2 Portfolio Adds SpaceX as Second-Largest Holding
$NVIDIA(NVDA)$
The SpaceX Entry: xAI Stake Conversion
This new position stems from corporate restructuring rather than open-market purchases. In January 2026, NVIDIA invested $10 billion into the AI startup xAI. After SpaceX acquired xAI in February at a reported $1.25 trillion valuation, NVIDIA's initial stake converted into approximately 122.8 million SpaceX Class A shares.
Based on the June 30 valuation of $170.86 per share, this holding was worth roughly $21 billion, representing 33.06% of NVIDIA's disclosed portfolio. Since the quarter-end, SpaceX shares have adjusted to approximately $140, bringing the estimated current value of the position to around $17.2 billion.
Strategically, this relationship extends to hardware infrastructure. SpaceX is expected to deploy NVIDIA's next-generation Vera Rubin architecture GPUs for its AI data centers, with allocations planned to begin next year.
Intel: The Unchanged Top Holding
While the addition of SpaceX alters the portfolio's distribution, Intel remains the largest single position, valued at approximately $30 billion (47.27% of the total). The share count was unchanged from the previous quarter. Although the introduction of SpaceX reduced Intel's relative percentage, the absolute size of the position indicates it continues to be a central part of NVIDIA's long-term ecosystem strategy.
The Broader Portfolio and Strategic Logic
Beyond the top two holdings, the rest of the portfolio reflects key segments of the AI infrastructure stack:
– Cloud AI Capacity: CoreWeave $CoreWeave (CRWV.US)$ (7.41%) and $NEBIUS (NBIS.US)$ (0.52%)
– Optical Networking & Connectivity: $Coherent (COHR.US)$ (4.84%)
– Telecom Infrastructure: $Nokia Oyj (NOK.US)$ (3.48%)
– Chip Design Software: $Synopsys (SNPS.US)$ (3.39%)
– AI-Driven Drug Discovery: $Generate Biomedicines (GENB.US)$ (0.02%)
Overall, this 13F filing serves as a quarterly reflection of NVIDIA's strategic partnerships. From large-scale AI compute deployment (SpaceX/xAI) to CPU-GPU integration (Intel), the disclosed holdings closely align with NVIDIA's broader operating ecosystem.
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