Key facts
- Norway's $2.3 trillion wealth fund holds a 0.05% stake in SpaceX.
- The SpaceX stake was valued at $1.22 billion as of June 30.
- The fund also holds substantial stakes in Nvidia, Apple, Alphabet, and Microsoft.
- SpaceX's valuation of 77 times expected revenue has drawn investor scrutiny.
- Elon Musk controls over 80% of SpaceX's voting rights.
Norway's sovereign wealth fund, the world's largest at $2.3 trillion, has revealed it holds a 0.05% stake in SpaceX, valued at $1.22 billion as of June 30. This disclosure marks the first time the fund has publicly listed its holding in the private aerospace company.
The fund's investment in SpaceX is relatively modest compared to its significant holdings in other major technology firms. As of the same date, it possessed a 1.28% stake in Nvidia worth $62 billion, a 1.24% stake in Apple valued at $52 billion, a 1.17% stake in Alphabet worth $50 billion, a 1.27% stake in Microsoft valued at $35 billion, and a 1.7% stake in Taiwan Semiconductor Manufacturing worth $34 billion.
Norway's fund, which invests the nation's oil and gas revenues, typically holds an average of 1.5% in approximately 7,100 companies globally, encompassing stocks, property, and renewable projects. SpaceX shares saw a significant increase following its late June IPO, but subsequently experienced a pullback as investors questioned its valuation of 77 times expected revenue.
Concerns regarding corporate governance at SpaceX have been raised due to founder Elon Musk's control of over 80% of voting rights and his concurrent roles as chair, chief executive officer, and chief technology officer. These factors impact the rights of independent shareholders like the Norwegian fund. The fund is scheduled to present its half-year results at a press conference on Wednesday.