Nvidia's second-quarter SEC 13F filing, released after the market close on Friday 14 August 2026, disclosed roughly $21 billion in SpaceX Class A stock and $30 billion in Intel — more than $50 billion parked in two companies that have each pledged to buy Nvidia GPUs exclusively for their AI infrastructure.
Two positions, one strategic playbook
The Intel stake began with Nvidia's $5 billion December 2025 private placement at $23.28 per share, which converted into 214.8 million shares. By the 30 June 13F date Intel was trading near $140, marking the position to roughly $30 billion — a paper gain of about $25 billion in seven months. The stake shrank to about $22 billion after Intel closed a $20 billion secondary offering on 12 August that diluted existing shareholders.
The SpaceX position arrived a different way. Nvidia joined xAI's $20 billion Series E in January, then had its stake converted into 122.8 million SpaceX Class A shares when Elon Musk folded xAI into SpaceX in an all-stock deal valuing the combined entity at $1.25 trillion. SpaceX floated on Nasdaq on 12 June in the largest IPO ever, and Nvidia's shares closed 30 June worth about $21 billion at $170.86 apiece.
Vera Rubin exclusivity ties the knot
On SpaceX's first post-IPO earnings call on 4 August, Musk said the company would build its AI infrastructure "exclusively on Nvidia because we think the Vera Rubin architecture is the best architecture," targeting more than 2 gigawatts of compute by year-end and 10 gigawatts by end-2027. AMD shares dropped 6 percent on the news. Anthropic already leases all of SpaceX's Colossus 1 Nvidia GPU capacity in Memphis for roughly $1.25 billion a month, and a $920 million-per-month Google-SpaceX deal covers another 110,000 GPUs from October 2026 through June 2029.
Circular-financing scrutiny sharpens
Michael Burry publicly circulated a Bloomberg diagram on 13 August tracing about $46 billion of Nvidia equity stakes and $879 billion in multi-year purchase commitments as a self-referential loop. Wedbush's Matthew Bryson called the pattern "squarely into the circular investment theme." Nvidia CEO Jensen Huang has repeatedly called the label "ridiculous" and this week arranged memoranda of understanding with six banks for up to $500 billion in third-party financing for Nvidia customers to blunt the criticism.
What comes next
Nvidia reports fiscal Q2 results on 26 August. That filing will refresh the mark on both stakes, capture the impact of SpaceX's post-IPO retreat toward $140 and Intel's post-secondary dilution, and give investors — many of whom already own Nvidia by way of the S&P 500 — a clearer read on how much of the AI infrastructure spend is truly independent demand and how much is Nvidia paying itself back.
Reporting based on coverage from Bloomberg, Fortune, CNBC, Tech Times and Cryptopolitan.