• SpaceX (NASDAQ:SPCX) shares rose about 4% Thursday on speculation that former Nvidia (NASDAQ:NVDA) CEO Jensen Huang could join Elon Musk, who replied on X: "That would be an honor."
  • No offer or negotiations have been confirmed, and Huang has not indicated his next move.
  • The two already have business ties involving Nvidia chips for SpaceX's orbital data center ambitions, while Huang has praised Musk's Terafab semiconductor project.

A Speculative Rally

SpaceX shares climbed around 4% Thursday as investors buzzed with speculation that former Nvidia ($NVDA) CEO Jensen Huang could team up with Elon Musk. The chatter intensified after Musk, responding to a ZeroHedge post urging him to hire Huang, wrote on X: "That would be an honor." The remark, made Wednesday evening, did not specify a company, position, compensation package, or hiring timeline.

No offer or negotiations have been confirmed, and Huang has not signaled his next move. Still, the mere possibility of a partnership between two of tech's most prominent figures was enough to lift SpaceX's stock. The two already share business ties: Nvidia supplies chips for SpaceX's orbital data center ambitions, and Huang has publicly praised Musk's Terafab semiconductor project.

A potential alliance could reshape the race for AI infrastructure, but it remains entirely speculative.

Nvidia's Leadership Shakeup

The speculation comes amid a major leadership transition at Nvidia. CNBC reported Thursday morning that Huang resigned, with CFO Colette Kress stepping in as interim CEO while the board searches for a permanent successor. Longtime director Harvey C. Jones has become board chair. Nvidia shares fell more than 13% at Thursday's opening before recovering part of that decline, according to intraday figures.

The company said operations, customer commitments, and its product roadmap should continue without interruption. Kress will retain her CFO responsibilities while serving as interim CEO.

The circumstances surrounding Huang's departure are under scrutiny. CNBC reported an investigation into allegations involving a woman suspected by U.S. intelligence officials of working for Chinese intelligence, alongside questions about possible export-control evasion. Huang has denied compromising national security or Nvidia's secrets.

Existing Ties and Strategic Stakes

SpaceX is already one of Nvidia's largest customers, and Nvidia holds an equity connection through its investment in xAI. In August, Musk said SpaceX would standardize its AI infrastructure around Nvidia technology, including Vera Rubin processors. SpaceX reportedly committed approximately $40 billion to GPU financing involving Nvidia equipment.

The relationship underscores how SpaceX has evolved beyond rockets and satellites. Following its acquisition of xAI in February 2026, SpaceX now operates a large AI business called SpaceXSI. Third-quarter revenue reached $14.57 billion, up 161% year over year, with AI/Super Intelligence contributing $7.56 billion—about 52% of total revenue. Connectivity revenue came in at $5.25 billion, with operating income of $2.37 billion.

Capital expenditure for the quarter hit $19.6 billion, and management projects higher spending in the fourth quarter. That spending intensity reflects the scale of its infrastructure investment as it races to build out AI capacity.

Market and Political Ripples

Nvidia's leadership crisis has rippled across the AI infrastructure sector. CoreWeave (NASDAQ:CRWV), IREN (NASDAQ:IREN), and Nebius (NASDAQ:NBIS) all saw sharp declines Thursday, though Nebius also had company-specific guidance news.

The political backdrop adds another layer. Following the midterm elections, CNBC reported that Democrats were poised to control both chambers and had promised investigations related to Nvidia. That could prolong uncertainty around the company's political relationships and export practices. Separately, proposed restrictions on data-center construction pose a risk for SpaceX, given AI's outsized share of its revenue and investment plans.

Musk also endorsed investor Gavin Baker's argument that Nvidia's board should await investigation results before removing Huang, highlighting a visible debate among influential investors and executives.

What's Next

Nvidia's next fiscal third-quarter earnings release remains scheduled for November 17, when investors will watch whether Kress can maintain confidence in demand and delivery commitments. Analyst Dan Ives told CNBC that Kress could "steady the ship," but suggested Nvidia might ultimately need an external leader with a global profile. His estimate that the interim arrangement could last about a year is an analyst prediction, not company guidance.

For SpaceX, speculation about Huang could continue to move sentiment, but an announced appointment, defined role, or company disclosure would be needed to turn the story into a substantive corporate development. Until then, the evidence supports a narrower conclusion: a major Nvidia leadership transition, an existing deep SpaceX-Nvidia commercial relationship, and a public expression of support from Musk—not a confirmed alliance.