Find XO: Nvidia's $21 Billion SpaceX Stake Was Received, Not Purchased (bloomberg.com)

- Nvidia disclosed in its 13F filing that it holds 122.8 million shares of SpaceX stock worth about $21 billion as of the end of June. - This was not purchased but the $10 billion Nvidia invested in xAI in January converted into SpaceX shares through a merger in February and a public listing in June. - Founders receiving strategic investments should focus less on valuation and more on running the numbers to see how the cap table folds when investors sell or merge.