Nvidia Corp holds an equity stake in SpaceX valued at approximately $21 billion, based on its disclosure of 122.8 million Class A shares in a recent Securities and Exchange Commission (SEC) filing. This valuation provides a clearer picture of the scale of Nvidia's investment in the aerospace and defense company.

Filing Details

The SEC filing lists the specific share class and quantity held by Nvidia. While earlier reports confirmed the share count, the updated data assigns a monetary value to the position.

NVIDIA Corp (NASDAQ: NVDA) expanded its open-source artificial intelligence strategy with the release of Nemotron 3.5 Lightning, a lightweight model designed to run on a single GPU. The move aims to lower barriers to entry for developers, thereby increasing demand for NVIDIA’s computing hardware.

CEO Jensen Huang argued that wider access to AI models accelerates innovation and drives greater hardware usage. "Free AI should be great for hardware," Huang told Axios. "Free AI should be great for chips."

New Open-Source Tools

The Nemotron 3.5 Lightning model allows companies to download, use, and modify the software without permission or fees. It is specifically designed for autonomous AI agents. Early adopters include CrowdStrike, CodeRabbit, and Harvey, which have tested and customized the model.

NVIDIA also introduced NeMo Switchyard, a software tool that selects the most cost-effective and suitable AI model for specific tasks. This launch follows Huang’s public urging of U.S. policymakers to avoid premature restrictions on open-weight models, particularly those developed in China.

Policy And Competition

Huang entered the policy debate after China’s Moonshot AI introduced Kimi K3, raising national security concerns in Washington regarding model distillation. NVIDIA joined other U.S. technology firms in opposing restrictions on open models.

Days later, NVIDIA launched an AI safety consortium with Microsoft Corp (NASDAQ: MSFT) to explore open models in cybersecurity. The company faces competition from Meta Platforms Inc (NASDAQ: META), which released Muse Glimmer and plans to open weights for Muse Spark 1.2. Chinese developers including DeepSeek and Alibaba also offer competing open models.

Earnings Outlook

NVIDIA is scheduled to report earnings on August 26. Analysts expect earnings per share of $2.07, up from $1.04 a year earlier. Revenue is projected at $91.82 billion, compared with $46.74 billion in the year-ago period.

The stock trades at a price-to-earnings multiple of about 34.5. Wells Fargo maintained an Overweight rating with a $315 price forecast on August 11. KeyBanc raised its price forecast to $330 while maintaining an Overweight rating on July 14. China Renaissance initiated coverage with a Buy rating and $319 price forecast on June 5.

What the Numbers Show

Analyst estimates indicate that NVIDIA’s revenue is projected to nearly double year-over-year, rising from $46.74 billion to $91.82 billion. This growth trajectory supports the company’s high valuation multiple of 34.5, suggesting that market participants expect sustained double-digit expansion in AI infrastructure spending despite increasing competition from open-source alternatives.