He presented the BMW Oracle Racing team and its owner with a key to the city for winning the 33rd America's Cup.
The team's 2-0 win last Sunday brings the cup to the United States for the first time since 1995. The cup itself spent most of Saturday on display at City Hall.
Also on Saturday, Newsom met with the Oracle founder and billionaire to discuss the possibility of San Francisco hosting the next America's Cup race. Because he won the race, Ellison gets to choose where the race will be held next.
Ellison won the prestigious prize in Valencia, Spain with his yacht, BMW-Oracle.
The cup had its own seat in first class aboard a flight from Germany. After a two-day public viewing period at San Francisco City Hall, the cup will head out for a "victory tour" aboard Ellison's BMW-Oracle.
The next stop for the trophy is San Diego. Ellison and his team trained in San Diego for 16 months in 2008 and 2009.
After the cup returns from a planned tour of the country, it will go up at the Golden Gate Yacht Club