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Direct GPU demand from SpaceX's AI data centers and forthcoming Vera Rubin GPU allocations could lift NVDA's near-term GPU sales and backlog; positive sentiment from exclusive GPU use by SpaceX outweighs the negative mark-to-market shift in the SpaceX stake.
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Nvidia disclosed that its SpaceX holding was about $21 billion at quarter-end, comprising 122.8 million Class A shares. With SpaceX stock at $140, the mark-to-market value of Nvidia's stake dropped to roughly $17.2 billion, even as Nvidia's larger exposure remains to Intel at about $22 billion. Musk stated SpaceX will exclusively use Nvidia GPUs for its AI data centers, and a sizable Vera Rubin GPU allocation is anticipated next year, potentially boosting Nvidia's near-term GPU demand.
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