Norway’s sovereign wealth fund, the world’s largest, has disclosed a $1.2 billion stake in Elon Musk’s SpaceX for the first time, alongside a record half-year profit of $184 billion.
The fund, managed by Norges Bank Investment Management, is currently valued at around $2.34 trillion and holds positions in more than 7,000 companies across 60 countries. Its holdings span global equities, fixed income, real estate and unlisted investments.
The newly revealed stake in SpaceX, valued at $1.22 billion, marks a notable expansion into privately held technology firms for a fund traditionally weighted toward publicly traded companies. SpaceX remains one of the world’s most valuable private companies, driven by its Starlink satellite internet business and reusable rocket programme.
The record profit was buoyed by strong performances from major technology holdings, including some of the fund’s largest positions in global chipmakers and consumer technology giants. Equity investments have driven much of the fund’s growth in recent years as artificial intelligence and semiconductor demand lifted valuations.
Established to invest revenue from Norway’s oil and gas industry, the fund has grown into a benchmark for institutional investing worldwide. Its disclosures are closely watched as a signal of shifting sentiment among large asset managers.
The SpaceX position comes as interest in Musk’s ventures intensifies across capital markets. The billionaire’s broader business empire has attracted heavy investment, with his artificial intelligence startup separately pursuing a multibillion-dollar funding round to accelerate its expansion.
SpaceX has also drawn growing attention from public-market investors amid speculation about a future listing, which would represent one of the largest public debuts in history should it proceed.
The fund’s exposure to the space and technology sectors is expected to remain a focal point as it continues to diversify beyond conventional listed equities. Further disclosures on its holdings are anticipated in upcoming reporting periods.