Nvidia disclosed this Friday, the 14th, that its stake in SpaceX, the space exploration company led by Elon Musk, was valued at approximately US$ 21 billion (equivalent to about R$ 114 billion) at the end of the second quarter of 2026.
Nvidia disclosed this Friday, the 14th, that its stake in SpaceX, the space exploration company led by Elon Musk, was valued at approximately US$ 21 billion (equivalent to about R$ 114 billion) at the end of the second quarter of 2026.
The semiconductor manufacturer communicated this data in a document submitted to the Securities and Exchange Commission (SEC), the United States capital market regulator. As reported, Nvidia holds 122.8 million Class A shares of SpaceX, which debuted on the public market in June.
However, the value of this stake has decreased since the IPO. SpaceX shares closed trading this Friday at US$ 140 (R$ 731.14), a level lower than the US$ 170.86 (R$ 892.30) recorded at the end of June. Due to this drop, Nvidia's stake is now valued at approximately US$ 17.2 billion (about R$ 93 billion).
Currently, the investment in SpaceX constitutes Nvidia's second largest contribution, trailing only its position in Intel. The stake in Intel is valued at about US$ 22 billion (approximately R$ 119 billion), compared to US$ 30 billion (R$ 156.7 billion) recorded at the close of the second quarter.
This investment in Intel represents a considerable return on the US$ 5 billion (approximately R$ 27 billion) that Nvidia invested in the company just over a year ago.
Additionally, in February, SpaceX acquired xAI, which was operational and valued at US$ 1.25 trillion (approximately R$ 6.8 trillion). The Financial Times highlights that this acquisition represents a substantial gain for Nvidia on its investment in xAI, made shortly before the AI company's integration into SpaceX.
The newspaper also points out that this move demonstrates the strategy adopted by Nvidia CEO Jensen Huang to use the corporation's financial capital to forge increasingly close technological and financial ties with companies in the AI sector, including some of its major clients.
The collaboration between the two entities extends to providing technology for SpaceX's AI data centers. During SpaceX's first public earnings call earlier this month, Musk declared that the company will exclusively use Nvidia chips in its AI data centers.
According to the billionaire, Nvidia's Graphics Processing Units (GPUs) offer the 'best architecture' for both training and inference of AI models, in addition to offering related products and services. Musk also expressed the expectation that SpaceX will receive a 'significant allocation' of Nvidia's Vera Rubin GPUs next year.
In a statement cited by the Financial Times, Musk explained that SpaceX's decision to rely solely on Nvidia technology is due to considering the Vera Rubin architecture as the most advanced available for AI computers. The billionaire also emphasized the nature of the partnership between the two companies.
The stake in SpaceX is part of Nvidia's broader plan to invest in infrastructure and companies related to Artificial Intelligence. In the last two years, Nvidia has allocated more than US$ 100 billion (about R$ 542 billion) to AI companies. Such investments include stakes in cloud computing companies, such as CoreWeave, and in AI laboratories, such as Thinking Machines and Safe Superintelligence.
Nvidia has also invested in Cursor, a startup focused on code editing tools, which was recently acquired by SpaceX for US$ 60 billion (approximately R$ 325 billion).
Beyond direct investments, Nvidia is setting up a larger financial initiative to assist its customers. The company plans to raise over US$ 500 billion (about R$ 2.7 trillion) through an investor consortium that includes Apollo Global, Blackstone, BlackRock, Brookfield Asset Management, Goldman Sachs, and KKR.
The proposal is for Nvidia to offer partial guarantees for loans granted by Wall Street investors backed by the value of its own chips. For the Financial Times, this strategic approach helps accelerate the construction of AI infrastructure while simultaneously strengthening ties between various industry companies and Nvidia's technology.
SpaceX also has ambitious goals to expand its processing capacity. According to Musk, the company aims to increase its computational capacity by two gigawatts by the end of this year, aiming for values close to ten gigawatts instead of five gigawatts by the end of 2027. This expansion underscores the relevance of Nvidia chips for SpaceX's AI infrastructure projects and helps justify the growing closeness between the two organizations.
SpaceX's IPO in June also provided notable returns to its initial investors. Google, for example, holds about 7% of the company, according to FactSet data. Google initially invested US$ 900 million (about R$ 4.9 billion) in SpaceX in 2015, and in July, the company informed investors that its stake was already valued at approximately US$ 94 billion (about R$ 510 billion).
SpaceX finalized the acquisition of Cursor, an emerging company focused on artificial intelligence programming, for US$ 60 billion this Friday, the 14th. This deal, which was initially announced in April and formalized in June, intensifies the union between the two corporations.
The collaboration between the companies was already yielding results before the transaction was completed. Cursor was involved in the training process of recent versions of Grok, gained access to the Colossus supercomputer, and integrated its services into the artificial intelligence products offered by SpaceX.
This cooperation primarily covers three aspects: model development, computational capacity, and product distribution. The connection between the companies became more robust even before the official completion of the purchase.
One of the central points of the partnership was the development of Grok, SpaceX's artificial intelligence model. Cursor worked side-by-side with the team responsible for the system in training Grok 4.5, which was previously launched, using a vast amount of data, estimated by the startup itself to be trillions of tokens from its archive.
This work had a notable characteristic: it was the first time Cursor created a model that was not exclusively dedicated to software engineering. Alan Sanger, the company's co-founder, also publicly mentioned the collaboration with SpaceX's artificial intelligence team.
Cursor's contribution did not stop with Grok 4.5; it also assisted in the training of Grok 4.6, which SpaceX presented on Wednesday, the 12th.
Another crucial aspect of the partnership was access to SpaceX's computing infrastructure. Cursor began using Colossus, a supercomputer equipped with 200 thousand Nvidia GPUs, which is also used by Anthropic. For the startup, this structure solved a restriction that prevented the increase of its training efforts. In the announcement made in April, Cursor stated that access to Colossus would enable significant growth in the capacity of its models.
Integration also progressed in products intended for end-users. On Tuesday, the 11th, SpaceX launched its new artificial intelligence agent, named Grok Bot. This product became accessible to SuperGrok Heavy subscribers and was also offered to customers of Cursor Ultra and Cursor Premium Teams plans.
Additionally, current versions of Grok were incorporated into the Cursor system as top-tier models. This move demonstrates that the relationship between the companies went beyond AI training and infrastructure, extending to the offering of functionalities to users.
The closing of the acquisition occurred after a period in which the companies were already operating in close collaboration. During its earnings conference call in August, Elon Musk chose not to detail the partnership at that time, stating that he did not wish to anticipate information while the regulatory process was still pending completion.
With the finalization of the purchase, the relationship, which began as a partnership, officially advances to a new phase under SpaceX's ownership.
An initial investment of $900 million (equivalent to R$ 4.6 billion), made by Alphabet in SpaceX in 2015, reached a value of $94.2 billion (R$ 483.2 billion) by the end of June. This stake made the Google owner the largest individual institutional shareholder in the space company.
According to Reuters, at the close of the second quarter, Alphabet held 551.2 million shares of SpaceX. Even with a subsequent decline in share price, this holding was still valued at $77.9 billion (R$ 399.9 billion), representing about 86.5 times the initially invested amount.
Alphabet had disclosed the original contribution in 2015. Given the value of this investment, the current stake allows for measurement of how much this bet has grown over a decade.
On June 30th, each SpaceX share cost $170.86 (R$ 876.5). At this price, Alphabet's holding reached $94.2 billion (R$ 483.2 billion). However, the following Thursday saw a drop in price, reducing the stake's value to approximately $77.9 billion (R$ 399.9 billion).
SpaceX's IPO also revealed the presence of other major investors. Among the five largest reported institutional holders, besides Alphabet, were the Public Investment Fund from Saudi Arabia, which declared 154.1 million shares, valued at $26.3 billion (R$ 134.9 billion) at the end of June. Hancock Prospecting, controlled by Australian businesswoman Gina Rinehart, reported owning 8 million shares, valued at $1.4 billion (R$ 7.2 billion).
SpaceX was listed on the Stock Exchange on June 12th, with shares trading at $135 (R$ 692.6). On Thursday, the stocks closed at $141.29 (R$ 725.1), registering an increase of 4.7% over the IPO price, but remaining 17.3% below the June 30th closing.
Steve Sosnick, market strategist at Interactive Brokers, commented to Reuters that it is extremely difficult to determine which institutions held shares before the IPO. Sosnick also noted that SpaceX remains among the most actively traded stocks by the broker's clients, receiving a new boost in purchases the previous week after fears related to the end of the first selling restriction period were not confirmed.
In the retail segment, the behavior was distinct. Data provided by Vanda Research indicated that individual investors made net sales of $4.5 million (R$ 23.1 million) on Friday. This marked the first session of net sales for this group since the IPO.
Thus, Alphabet's stake serves as a notable example of the appreciation achieved by an investment made in the early stages of SpaceX.
