AMD’s $566 Million SpaceX Stake Raises a Bigger Question Than AI Chip Orders

Every August, Wall Street gets a fresh batch of 13F filings — and a glimpse into what some of the world’s biggest investors were buying three months earlier. This year’s filings offered something more unusual: a look at who owned SpaceX (NASDAQ:SPCX | SPCX Price Prediction) after its blockbuster June IPO.

The list included some obvious names. Alphabet (NASDAQ:GOOG) had a massive position built over years. Nvidia (NASDAQ:NVDA) held a stake tied to its AI ambitions. Then there was Advanced Micro Devices (NASDAQ:AMD), which revealed roughly 3.3 million SpaceX shares worth more than $565 million.

That would be interesting enough on its own, but there’s a wrinkle: Just two months before SpaceX’s IPO, Elon Musk said the company’s AI infrastructure would be built exclusively on Nvidia chips.

So why is AMD putting more than half a billion dollars into a company that appears to have chosen its biggest rival?

The Filing, in Plain Numbers

SpaceX priced 555.6 million Class A shares at $135 apiece in its June 12 IPO, raising roughly $75 billion. The offering also brought previously private holdings into the spotlight through mandatory 13F filings.

Nvidia’s stake traces back to its $10 billion investment in xAI, which SpaceX subsequently acquired in early 2026. The commercial connection is obvious. AMD’s…