Norway’s sovereign wealth fund, the world’s largest, revealed it holds a 0.05% stake in SpaceX worth just over $1.2 billion, a position that had never been made public before. Norges Bank Investment Management, which manages the fund, reported a 9.4% return for the first half of 2026 with record profit of 1.75 trillion Norwegian kroner, bringing the fund to nearly $2.3 trillion by end of June. The fund also holds approximately 1% of Tesla worth $15.7 billion and a 1.3% stake in Nvidia worth $61.8 billion. Despite voting against Elon Musk’s compensation packages at Tesla in 2024 and late 2025, the fund now owns stakes in both of Musk’s listed companies. The SpaceX position appears linked to the fund’s passive indexing methodology, which means it owns what indices hand it rather than choosing individual assets.
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