GoKawiilThe takeaway: Nvidia's latest 13F reveals a $63.4 billion portfolio of US stocks, and it is very lopsided. Intel and SpaceX account for roughly 80% of it. But the filing's most interesting detail is what didn't happen: seven of the eight positions were untouched last quarter, but the portfolio more than tripled in value anyway.
Nvidia's earnings this week gave the market the growth story it wanted. But a separate SEC filing gives us an additional perspective on what Nvidia is also doing with all those billions.
Form 13F is a quarterly disclosure document any institutional manager holding more than $100 million in US equities has to file. But Nvidia is a chip designer, not a hedge fund, which is precisely what makes the filing worth reviewing.
As of June 30, the company held $63.44 billion in public stock across eight positions as shown below. That's every public US stock Nvidia owns, but that does not mean these are the only investments the company has on its books. Not even close...
Company What Nvidia paid Entry price Approx value at June 30 Share of portfolio Intel* $5.0B, Dec 2025 $23.28 $29.99B* 47.3% SpaceX $10.0B, Jan 2026 (into xAI) n/a $20.98B 33.1% CoreWeave ~$2.35B, 2023 - 2026 $40.00 / $87.20 $4.70B 7.4% Coherent $2.0B, Mar 2026 ~$256.80 $3.07B 4.8% Nokia $1.0B, Oct 2025 $6.01 $2.21B 3.5% Synopsys $2.0B, Dec 2025 $414.79 $2.15B 3.4% Nebius ** not disclosed – $329M** 0.5% Generate Biomedicines not disclosed – $14.1M 0.02%
Six of the eight positions have a disclosed cost. Together they came to roughly $22.4 billion and were worth about $63.1 billion at the end of June – a potential paper gain of $40 billion on companies Nvidia mostly bought into because it needed them to succeed, not because it expected the trade itself to work. Three months earlier that portfolio was worth $18.4 billion.
SpaceX's stake and everything the filing leaves out
Several reports we've seen of this filing describe SpaceX as a "new position." But it's not. It's a newly visible one. Nvidia put $10 billion into xAI in January as part of a $20 billion round. In February, SpaceX absorbed xAI in an all-stock deal. Then when SpaceX listed on the Nasdaq in the largest IPO in history, Nvidia's private stake became 122.76 million Class A shares of a public company, and therefore something the SEC required it to disclose.
That's also a useful reminder that the 13F is not everything Nvidia owns. A 13F only captures US-listed equities and says nothing about private companies, which is where most of Nvidia's money has actually gone.
Credit: App Economy Insights
... continue reading