Nvidia's $51 Billion in Stakes Now Includes SpaceX and Intel
A $21 billion SpaceX position and $30 billion of Intel stock put Nvidia's investment book among the largest corporate portfolios in tech, with Nebius, Nokia, Synopsys and Coherent alongside.
Nvidia disclosed a $21 billion stake in SpaceX and $30 billion in Intel shares as of June 30, alongside smaller holdings in Coherent, Generate Biomedicines, Nebius Group, Nokia and Synopsys.
Nvidia's balance sheet has quietly acquired a second identity. Alongside the chip business that made it the most valuable name in semiconductors, the company now sits on a strategic investment portfolio whose two largest positions alone — a $21 billion stake in SpaceX and $30 billion of Intel shares — add up to roughly $51 billion, according to holdings disclosed as of June 30 and Fortune. That combined figure is an illustrative sum of the two disclosed stakes rather than a reported portfolio total.
The same disclosure listed smaller holdings in Coherent Corp., Generate Biomedicines Inc., Nebius Group NV, Nokia Corp. and Synopsys Inc. Four of those five are publicly traded, which means the market marks them daily; SpaceX and Generate Biomedicines are private, and their carrying values move only when a funding round or an internal revaluation says they do.
Two positions that answer different questions
The SpaceX and Intel stakes are not the same kind of bet, and reading them as one story misses the point.
SpaceX is a customer-adjacent position. Satellite constellations, launch cadence and orbital compute all consume the kind of high-performance silicon Nvidia sells, and a private stake gives Nvidia exposure to a company whose valuation is set by late-stage rounds rather than by daily trading. It is a bet on demand growing in a place where Nvidia has no manufacturing role.
Intel is closer to home, and more loaded. A $30 billion equity position in a company that designs and fabricates processors makes Nvidia a substantial shareholder in a competitor that is simultaneously trying to become a contract manufacturer for the rest of the industry. Nvidia does not own fabs. Every additional credible foundry in the world lowers the concentration risk in its supply chain. Owning a piece of one is the cheapest way to be aligned with that outcome without operating it.
Intel's shares last traded at 102.50, down 1.97% on the session ended Aug. 14, after a previous close of 104.56 and an intraday range of 102.05 to 106.87 — a wide band for a single day, and a reminder that a mark-to-market position of that size introduces earnings volatility Nvidia does not control.
What the market did with the rest of the list
The publicly traded names on the list moved in very different directions into the most recent close, all figures as of the last trade on Friday, Aug. 14:
- Nebius Group (NBIS) closed at 277.68, up 8.88% on the day from a previous close of 255.04, with a range of 256.90 to 278.66 — finishing near the top of its band.
- Synopsys (SNPS) closed at 421.50, up 2.37%, from 411.75, ranging 409.40 to 423.95.
- Nokia (NOK) closed at 10.76, up 1.89%, from 10.56, ranging 10.46 to 10.84.
- Coherent (COHR) closed at 325.83, down 0.43%, from 327.23, after swinging between 317.20 and 346.17.
- Nvidia (NVDA) itself closed at 225.16, down 0.06%, from 225.30, in a range of 224.50 to 227.49.
Those moves came on a flat-to-soft tape. The S&P 500 tracker (SPY) closed at $776.34, down 0.20%; the Nasdaq 100 proxy (QQQ) at $731.07, down 0.14%; and the Dow tracker (DIA) at $536.80, down 0.21%. Against that backdrop, an 8.88% day for Nebius and a 2.37% day for Synopsys are stock-specific events, not index drift.
A map of the AI stack, drawn in equity
Line the names up and the portfolio starts to look less like opportunistic investing and more like a deliberate sketch of the layers Nvidia depends on but does not own.
Synopsys sits in electronic design automation — the software used to design and verify chips before they are ever fabricated. Coherent supplies photonics and optical components, the parts that move data between racks and between buildings inside an AI data center, where interconnect has become as much of a constraint as compute itself. Nokia is telecom infrastructure, the network side of moving inference traffic to end users. Nebius provides GPU cloud capacity, meaning it is both a buyer of Nvidia hardware and a channel through which smaller developers reach it. Generate Biomedicines is the demand-side wager: a private drug-discovery company whose work is computationally intensive by construction.
Synopsys sits in electronic design automation — the software used to design and verify chips before they are ever fabricated.
Design tools, optics, networks, cloud capacity, a compute-hungry end market, a launch and satellite platform, and a foundry-ambitious rival. Each one is a place where a bottleneck could form. Equity does not remove a bottleneck, but it buys information and it buys standing.
Why holdings of this size change how Nvidia gets valued
Corporate venture portfolios are usually a footnote. At this scale they are not. Two consequences follow.
The first is accounting noise. Publicly traded stakes are typically carried at fair value, with changes flowing through the income statement. A quarter in which Intel, Nebius, Synopsys, Nokia and Coherent all move sharply will push reported earnings around for reasons that have nothing to do with how many accelerators Nvidia shipped. Analysts who want to model the operating business will increasingly have to strip these gains and losses out — and investors reading a headline earnings number will need to know whether they have been stripped.
The second is circularity, which has become the central bear argument around AI capital flows. When a supplier holds equity in its customers and its customers use capital to buy the supplier's product, revenue growth and investment returns can start reinforcing each other in ways that look sturdier than they are. Nebius is the cleanest illustration: a GPU cloud provider is a purchaser of Nvidia silicon and, in this configuration, also an asset on Nvidia's books. None of that is improper, and none of it is hidden — it is in the disclosure. But it does mean the quality of Nvidia's growth deserves a closer read than a single top-line number allows.
What to watch from here
Three things will tell the story over the next few quarters. Whether Intel's foundry ambitions attract committed outside customers, which would validate the largest disclosed position on the list. Whether Nvidia adds to, trims or holds these stakes in subsequent filings — direction of travel matters more than any single snapshot. And whether the company begins reporting operating results in a way that clearly separates investment marks from chip sales.
For now, the disclosure reframes what Nvidia is. A company with $21 billion in a private space venture and $30 billion in a rival chipmaker is not only selling into the AI buildout. It is underwriting parts of it.
Key facts
- SpaceX stake: $21 billion as of June 30
- Intel stake: $30 billion; INTC closed at 102.50, -1.97% (Aug. 14, 2026)
- NVDA last close: 225.16, -0.06% as of Aug. 14, 2026, 20:00 GMT
- Other disclosed holdings: Coherent, Generate Biomedicines, Nebius Group, Nokia, Synopsys
Frequently asked questions
How large is Nvidia's stake in SpaceX?
Nvidia disclosed a $21 billion stake in SpaceX as of June 30, 2026. Because SpaceX is privately held, that value is not set by daily trading but by private funding rounds and internal valuation marks, meaning it will move in steps rather than continuously the way a listed holding does.
Why would Nvidia own $30 billion of Intel shares?
Nvidia designs chips but does not own fabrication plants. A large equity position in Intel, which both designs processors and is building a contract manufacturing business, aligns Nvidia with the emergence of additional foundry capacity. It also makes Nvidia a shareholder in a competitor, an unusual arrangement at this scale.
Which other companies did Nvidia hold stakes in?
As of June 30, the disclosed holdings also included Coherent Corp., Generate Biomedicines Inc., Nebius Group NV, Nokia Corp. and Synopsys Inc. Four are publicly traded and marked to market daily. Generate Biomedicines is private, as is SpaceX, so those carrying values change only on revaluation events.
How did these stocks close most recently?
As of the last trade on Aug. 14, 2026: Nvidia 225.16 (-0.06%), Intel 102.50 (-1.97%), Nebius Group 277.68 (+8.88%), Synopsys 421.50 (+2.37%), Nokia 10.76 (+1.89%) and Coherent 325.83 (-0.43%). Markets were closed at the time of writing, so these are last-traded prices.
Do these stakes affect Nvidia's reported earnings?
Publicly traded equity stakes are generally carried at fair value, with changes in value flowing through the income statement. At this scale, a sharp quarterly move in Intel, Nebius, Synopsys, Nokia or Coherent shares could swing Nvidia's reported earnings for reasons unrelated to how much hardware the company actually sold.
What is the circularity concern around these holdings?
When a chip supplier holds equity in companies that buy its products, revenue growth and investment gains can reinforce one another. Nebius, a GPU cloud provider, is both a customer and a disclosed holding. Nothing about the arrangement is concealed, but it means investors should examine the composition of reported growth closely.
Sources
Photo: Ruslan Alekso · Pexels Licence — source
