SpaceX’s volatile stock performance has drawn intense scrutiny from investors as the Elon Musk-led company seeks to justify a valuation approaching $1 trillion.
But the market swings have also highlighted the extraordinary gains made by investors that backed SpaceX before it became a publicly traded company.
The stock has already passed a key test following the expiration of its first post-IPO lockup period, when investors had expected a large wave of selling.
After falling below its $135 IPO price, SpaceX shares have since recovered, closing at $140 on Friday.
That remains below the stock’s $150 opening price, but represents a notable rebound from its recent lows.
As institutional investors disclose their holdings following SpaceX’s public debut, filings are providing a glimpse into who owns the rocket company and how dramatically some early investments have appreciated.
The disclosures include major stakes held by Nvidia, Alphabet, Harvard Management Co. and Norway’s sovereign wealth fund, as well as positions held by several prominent early backers.
Other investors that have disclosed SpaceX holdings following the IPO include early backer Fidelity Investments, Saudi Arabia’s Public Investment Fund and Hancock Prospecting, the investment company controlled by Australian mining billionaire Gina Rinehart.
However, 13F filings are published quarterly and can be disclosed up to 45 days after the end of a quarter.
That means the latest filings capture positions as of June 30 and do not show purchases or sales made since then.
Nvidia’s SpaceX stake worth $21 billion at quarter-end
Nvidia disclosed on Friday that its SpaceX investment was worth about $21 billion at the end of the second quarter.
The chipmaker said in a filing with the US Securities and Exchange Commission that it held 122.8 million Class A shares in SpaceX.
Based on SpaceX’s $140 closing price on Friday, Nvidia’s holding would now be worth about $17.2 billion, meaning its value has fallen from the $21 billion reported at the end of June as the stock has declined from $170.86 at the quarter-end.
Its SpaceX exposure came through Nvidia’s $10 billion investment in Elon Musk’s xAI as part of a $20 billion funding round announced in January, according to a person familiar with the transaction cited by CNBC.
It is the chipmaker’s second-biggest disclosed holding behind Intel, whose stake is currently worth about $22 billion.
The Jensen Huang-led company ranks as the sixth-largest investor in SpaceX based on FactSet data.
It highlights the scale of Nvidia CEO Jensen Huang’s strategy to leverage the company’s financial strength to build increasingly complex and interconnected ties across the AI industry, including with some of its biggest customers.
Alphabet’s early bet delivers huge gains
Alphabet’s investment illustrates even more dramatically how early bets on SpaceX have multiplied in value.
The Google parent disclosed a SpaceX stake worth approximately $94 billion at the end of June, according to its latest filings.
Alphabet initially invested $900 million in Musk’s rocket company in 2015.
The value of that investment has therefore increased more than 100-fold, highlighting the enormous returns available to investors that entered SpaceX while it was still privately held.
Alphabet has emerged as the largest single institutional holder of SpaceX following the company’s IPO, according to a Reuters analysis of publicly available quarterly filings.
The disclosure also underscores the increasingly important relationship between Musk’s companies and some of the world’s biggest technology groups.
Alphabet has invested in SpaceX for years, giving it exposure to the growth of satellite internet through Starlink and the broader expansion of Musk’s space business.
Harvard reveals $2.2 billion position
Harvard Management Co. has also disclosed a substantial investment in SpaceX.
The university endowment reported a $2.2 billion position in SpaceX in its latest 13F filing.
Harvard’s filing showed that it held about $4.3 billion of US equities, meaning SpaceX accounted for a significant portion of the disclosed portfolio.
The university oversaw approximately $57 billion in assets as of June 2025, according to the latest publicly available figure.
The SpaceX position may include both directly held shares and interests distributed through private investment funds, making it difficult to determine exactly when all of Harvard’s exposure was acquired.
Still, the disclosure shows that SpaceX’s investor base extends beyond technology companies and traditional venture capital firms to major institutional pools of capital.
Norway’s sovereign wealth fund joins SpaceX investors
Norway’s $2.3 trillion sovereign wealth fund also disclosed a position in SpaceX following the IPO.
Norges Bank Investment Management reported a 0.05% stake in the company, valued at just over $1.2 billion as of June 30.
The SpaceX holding is relatively small compared with the fund’s other major investments.
NBIM held a 1.3% stake in Nvidia worth approximately $61.8 billion and a 1.2% stake in Apple valued at about $52.7 billion at the end of June.
Nevertheless, the SpaceX investment makes Norway’s sovereign wealth fund a significant institutional shareholder of two companies associated with Musk, following its investments across global technology and industrial businesses.
NBIM invests in roughly 7,000 companies worldwide, with around 40% of its portfolio allocated to US equities.
Nvidia, Apple and Microsoft were among its largest holdings at the end of the second quarter.
The post Nvidia, Alphabet, Harvard disclose SpaceX stakes: here’s what they’re worth appeared first on Invezz
