public common only
private stake (pre-IPO)
merged + IPO (reportable)
How a private cap-table stake becomes a big 13F line through merger, IPO, and quarterly fair-value marking
Nvidia capital
AI-ecosystem
public common stock
convertible pref / warrants
Public common stock
reportable in the 13F
Private cap-table
convertible preferred
pre-funded warrants
not in 13F
Reportability gate
merger: xAI to SpaceX
IPO - Jun 2026
quarter-end mark
pre-IPO stake
reportable
13F report
quarter-end filing
public common
Converted holding
marked to public price
reads as a big line
quarterly value re-mark
same mechanism surfaced Alphabet's stake from a ~2015-era investment
big 13F line = reportability + fair-value re-mark,
not necessarily new capital that quarter