SpaceX shares have extended their recovery from post-IPO lows, rising around 6% and pushing closer to the $150 level amid growing institutional interest.
Fresh filings from major technology and investment firms reveal significant accumulated positions in SpaceX, fueling optimism across the broader technology sector.
Alphabet (GOOGL) disclosed a SpaceX stake worth approximately $94 billion at the end of June, according to its latest regulatory filings.
That figure represents a more than 100-fold increase from Alphabet’s initial $900 million investment in Elon Musk’s rocket company back in 2015.
A Reuters analysis of publicly available quarterly filings identified Alphabet as the largest single institutional holder of SpaceX following the company’s IPO.
Nvidia (NVDA) has also emerged as a major SpaceX investor, with recent filings showing a stake worth approximately $21 billion, making it the fifth-largest SpaceX shareholder behind Google, FMR, and Gigafund Management.
SpaceX reported 247% revenue growth in its artificial intelligence segment during the second quarter, driven largely by cloud services deals with Alphabet and Anthropic.
During the company’s first-ever earnings call, CEO Elon Musk confirmed that SpaceX will build its AI services exclusively on Nvidia’s systems going forward.
“We’ve decided to build exclusively on Nvidia because we think the Vera Rubin architecture is the best architecture,” Musk told analysts, adding, “We think it’s the best AI computer.”
Vera Rubin is Nvidia’s next-generation superchip, featuring Vera CPUs and Rubin GPUs paired with chip-to-chip interconnects called NVLink, delivering roughly 10 times more performance per watt than its predecessor Grace Blackwell.
Musk told investors that SpaceX expects to end the year with more than 2 gigawatts of compute, and anticipates close to 10 gigawatts of computing capacity by the end of next year.
SpaceX’s decision to forgo alternatives is widely seen as a strong endorsement of Nvidia’s dominance in AI infrastructure, and may signal similar moves from other large technology companies.
Wall Street estimates Nvidia’s earnings will increase at 45% annually over the next three years, making its current valuation of 33 times earnings look relatively attractive by growth-adjusted standards.
Those figures give Nvidia a price-to-earnings-to-growth ratio of 0.75, and values below 1 are generally interpreted as an indication that a stock is undervalued.
SpaceX’s reported $60 billion acquisition of Cursor has added another significant dimension to the company’s expansion strategy, placing it alongside Anthropic and OpenAI in the competitive autonomous coding market.
Morgan Stanley has outlined a $600 bull-case valuation for SpaceX, with Cursor playing a significant role in that optimistic scenario.
