Skip to content
  • Home
  • Investigations
  • Null results
  • About
  • Contact
  • Subscribe

A Visual Guide to Every Major SpaceX Filing

SpaceX’s largest holders include NVIDIA, Saudi Arabia, and a Canadian teachers’ pension fund.

August 20, 20266 minute read

After acquiring xAI in February at a combined valuation of $1.25 trillion, SpaceX converted xAI shares into Class A stock, effectively rolling prior AI investments into its own equity base. Its June IPO raised roughly $75 billion at a $1.77 trillion valuation.

Elon’s Supermajority Vote

Although Elon Musk owns only 46% of the equity, his Class B shares give him 85% of the vote.[01]

Held shares
46.0%
Voting power
84.8%

The next highest shareholder groups are early investors including Google, Valor-related holdings, and Peter Thiel-related holdings.

  1. Elon R. Musk6.42B
  2. Alphabet / Google551.19M
  3. Antonio J. Gracias / Valor entities503.41M
  4. Peter Thiel / Founders Fund entities427.31M
  5. FMR LLC302.56M
  6. Gigafund171.83M
  7. Public Investment Fund154.15M
  8. BAMCO Inc. /NY/145.78M
  9. D1 Capital Partners L.P.126.04M
  10. 137 Ventures>125.35M

GPU Rich

On June 30, NVIDIA and AMD reported large SpaceX positions. NVIDIA disclosed 122.8 million shares valued at $20.98 billion, while AMD disclosed 3.31 million shares valued at $565.46 million. Both companies had invested in xAI. SpaceX then acquired xAI and converted the companies’ xAI shares into SpaceX shares.[02]

SpaceX says it will build its AI computing infrastructure exclusively on NVIDIA’s Vera Rubin architecture, making NVIDIA both its sole supplier and a major investor.

The Most Expensive Acquisitions in History

xAI acquired X before SpaceX acquired xAI, giving legacy Twitter investors SpaceX shares without a direct purchase. Bloomberg valued the legacy X investors’ combined SpaceX stake at about $100 billion.

Tesla reported that its $2 billion xAI investment had converted into a $3 billion SpaceX stake.[03]

The Cursor deal

On August 14, SpaceX closed its $60 billion all-stock acquisition of Cursor. The merger consideration comprised rights to 391,041,680 Class A shares before tax, allocated primarily among a16z, Thrive, and Cursor’s four founders.

University Endowments

SpaceX has generated billions of dollars for several university endowments, including Harvard, UNC, Washington University, and the University of California system.[04]

UnidentifiedSecondary Funds
  1. Harvard Management Company$2.21B
  2. UNC System / UNC Management Co.~$1.50B
  3. Washington University in St. Louis~$1.50B
  4. Regents of the University of California$1.03B
  5. Vanderbilt University~$171M
  6. University of Virginia>$170M

Harvard

Harvard Management Company (HMC) disclosed 12.94 million SpaceX shares worth $2.21 billion. The position was worth more than the rest of Harvard’s portfolio combined and was more than six times the size of HMC’s next-largest holding, TSMC. Harvard retained the stake through several years of public disputes with Musk over DEI and antisemitism.

Saudi Shareholders

Saudi Arabia’s Public Investment Fund (PIF) is the seventh-largest SpaceX holder. Saudi investors and institutions have additional exposure through HUMAIN’s $3 billion xAI investment, the Twitter and xAI stakes held by Kingdom Holding Company (KHC) and Prince Alwaleed, and a $6.3 million investment by the independent Saudi Central Bank.[05]

PIF owns HUMAIN outright and holds a 16.9% stake in KHC. Prince Alwaleed is KHC’s chairman and controlling shareholder, with a stake of approximately 78.1%. He also holds SpaceX shares directly.

Public Capital

Pension funds hold ~30% of SpaceX, with 72.64 million shares across 23 institutions. Ontario Teachers’ Pension Plan is a massive SpaceX shareholder, with 97.3% of Canadian pensions' shares and 69.8% of all pensions' shares.

  1. Ontario Teachers’ Pension Plan Board$8.66B
  2. Teacher Retirement System of Texas$2.56B
  3. National Pension Service of Korea$598.01M
  4. New York State Common Retirement Fund$91.59M
SpaceX exposure by reporting-country originCountries are highlighted when a reporting holder disclosed a SpaceX position. Denser patterns represent more reported shares. Use the controls on the map to filter the data.

Based on the locations of reporting institutions.

Opening scene: an unlabelled moon appears alone in the upper-right.

Footnotes

  1. Elon’s Supermajority VoteSpaceX final prospectus ↗Musk Schedule 13G ↗Google Schedule 13G ↗Gracias / Valor Schedule 13G ↗Thiel / Founders Schedule 13G ↗
  2. GPU RichNVIDIA Form 13F ↗AMD Form 13F ↗xAI Series C announcement ↗Axios on NVIDIA infrastructure ↗
  3. The Most Expensive Acquisitions in HistorySpaceX final prospectus ↗Tesla Q2 10-Q ↗Bloomberg on Twitter backers ↗AP on the xAI–X share exchange ↗Bloomberg on the SpaceX–xAI valuations ↗SpaceX closing 8-K ↗Forbes ownership estimates ↗Cursor Series D roster ↗
  4. University EndowmentsThe Harvard Crimson on HMC's SpaceX stake ↗Harvard Form 13F ↗UC Regents Form 13F ↗University look-through report ↗
  5. Saudi ShareholdersPIF Form 13F ↗Kingdom Holding disclosure ↗HUMAIN investment announcement ↗HUMAIN and NVIDIA strategic partnership ↗
✓
  • home
  • investigations
  • about
  • contact
  • subscribe
  • terms and privacy
© 2026 Effort News, Inc.