Norway’s sovereign wealth fund, the world’s largest, is the proud new owner of more than $1 billion in SpaceX stock.
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The fund disclosed in the latest update of its holdings on Wednesday that, as of June 30, it owned a 0.05% stake in SpaceX, valued at $1.22 billion.
Valued at over $2.3 trillion, the fund invests surplus state revenues from Norway’s oil sector into global stocks, bonds, property, and renewable energy projects.
The returns finance national public services like healthcare, education, and social welfare, making up roughly a quarter of Norway’s annual government spending.
Norges Bank Investment Management, which manages the fund, posted a record profit of 1.75 trillion Norwegian krone, just over $184 billion, for the first half of the year, lifted by technology stocks.
The SpaceX position is relatively small compared with the fund’s largest technology investments, but it gives Norway exposure to a second Musk-led company alongside Tesla.
Overall, the fund is invested in around 7,100 companies globally, and around 40% of Norges Bank Investment Management’s portfolio comprises US equities.
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Tech giants account for all but one of its 15 biggest holdings, with the final spot taken up by pharma giant Eli Lilly.
Its biggest single holding, Nvidia, is worth roughly $62 billion. The fund owns more than 1% of each of the 10 biggest companies in the world by market capitalization.
As a major owner of Tesla stock, Norges Bank Investment Management’s relationship with CEO Elon Musk has sometimes been tense.
The bank has twice voted against significant pay packages for Musk, citing concerns about their size, shareholder dilution, and the risks of the company’s dependence on one executive.
After a 2024 vote, messages released under Norway’s freedom of information law showed that Musk declined an invitation to attend a dinner hosted by CEO Nicolai Tangen in Oslo.
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