Key facts
- Norway's sovereign wealth fund holds a $1.22 billion stake in SpaceX, representing 0.05% of the company.
- The fund reported a record profit of $184 billion for the first half of 2026.
- Technology stocks were the primary driver of the fund's first-half profit.
- The fund invests surplus state revenues from Norway's oil sector into global assets.
- The fund's largest holdings are predominantly in major technology companies.
Norway's sovereign wealth fund, the world's largest, has disclosed a $1.22 billion stake in SpaceX as of June 30, representing 0.05% of the company. The fund, which invests surplus state revenues from Norway's oil sector, posted a record profit of just over $184 billion for the first half of 2026, largely propelled by its technology stock holdings.
The fund's investment in SpaceX, while relatively small compared to its largest technology holdings, provides exposure to another company led by Elon Musk, alongside Tesla. Overall, the fund invests in approximately 7,100 companies globally, with about 40% of its portfolio in U.S. equities. Tech giants constitute the vast majority of its top 15 holdings, with Eli Lilly being the only non-tech company in that group. The fund's largest single holding is Nvidia, valued at around $62 billion.
Norges Bank Investment Management, the manager of the fund, has had a sometimes tense relationship with Elon Musk due to past votes against his pay packages, citing concerns over their size, shareholder dilution, and company dependence on a single executive. Following a 2024 vote, messages revealed that Musk declined an invitation to a dinner hosted by the fund's CEO, Nicolai Tangen.