AMD's $565 million SpaceX stake bets on Starlink and satellite growth, not AI chip contracts that Musk confirmed belong exclusively to Nvidia. AMD posted record quarterly revenue of $11.5 billion, up 50% year over year, with data center revenue jumping 107%. The SpaceX stake is negligible against AMD's $846 billion market cap; the real thesis hinges on sustained data-center market share gains.
The most widely read finance newsletter on Substack isn't published by a bank, it's Doomberg, where 383,000+ readers get the energy and macro analysis the mainstream press misses. 24/7 Wall St. readers save 17% on their first year here. 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) 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?
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. Before Doomberg published a word, its team spent long careers in heavy industry, private equity, and the hard sciences.
They take no advertisers and serve no institution — which is why their lateral-thinking coverage of energy, finance, and geopolitics reads nothing like consensus financial media. Doomberg has set aside a discounted rate exclusively for 24/7 Wall St. readers — it isn't available on their main page. Nvidia's stake traces back to its $10 billion investment in xAI, which SpaceX subsequently acquired in early 2026.
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