Norway’s sovereign wealth fund, the largest in the world, revealed on Wednesday that it holds a 0.05% stake in SpaceX worth just over $1.2 billion. The position had never been made public before.
The disclosure arrived with a record first-half profit of 1.75 trillion Norwegian kroner, or roughly $184.9 billion. It also places the fund inside both of Elon Musk’s listed companies.
A Record Half Built on Chips
Norges Bank Investment Management (NBIM), which runs the fund, reported a 9.4% return for the first six months of 2026. The fund closed in June at 22,683 billion kroner, near $2.3 trillion.
Equities carried almost all of it. Stocks returned 13.0% while fixed income added 0.9%, and shares made up 72.1% of the portfolio at the end of June.
The path there was uneven. Equity holdings dropped 2.6% in the first quarter, then rebounded 15.98% in the second as chipmakers rallied.
CEO Nicolai Tangen summed up the driver as “chips, chips, chips, chips” while presenting a chart of top performers featuring Samsung, SK Hynix’s US listing, TSMC, ASML, Intel, and Nvidia. NBIM’s 1.3% stake in Nvidia alone is worth $61.8 billion.
An Awkward Seat in Musk’s Empire
The SpaceX position is small next to that. What makes it interesting is who owns it.
NBIM voted against Musk’s $56 billion Tesla compensation award in 2024, then rejected his trillion-dollar package at the carmaker’s late 2025 shareholder meeting. The fund cited dilution and key person risk both times.
Musk did not take the first vote well, judging by a text message later released under Norway’s freedom of information law.
“When I ask you for a favor, which I very rarely do, and you decline, then you should not ask me for one until you’ve done something above nothing to make amends. Friends are as friends do,” Reuters reported.
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Despite that, the fund now owns roughly 1% of Tesla, worth about $15.7 billion, plus the new SpaceX slice.
Deputy CEO Trond Grande declined to discuss individual positions when asked how the SpaceX weighting had changed.
“We were roughly index rate in the first half, and that’s been the case over the summer as well.”
That answer matters. It suggests the fund did not pick SpaceX. It owns what the index hands it, which ties Musk’s governance fights to Norwegian capital indefinitely.
A Volatile Asset for a Cautious Owner
SpaceX has been in a rough hold since June. The stock listed at $150 against a $135 offer price, peaked near $225, then sank below $107 by late July.
It reclaimed its IPO price on Monday and traded above $148 on Wednesday, up around 10% on the day and just shy of its listing price. Other large holders, including Ontario Teachers’ SpaceX bet, have ridden the same swings.
Tangen shrugged at the volatility, noting the fund owns 7,000 companies that move in both directions daily.
That calm sits oddly beside his own warning a day earlier, when he said the fund could lose its entire value and called that outcome “fairly likely” in current conditions.
Crypto investors have reason to watch. The fund holds no Bitcoin directly, but its indirect BTC exposure through equity stakes climbed 83% between mid-2024 and mid-2025.
A passive giant that keeps buying whatever the index adds does not choose its risks. It absorbs them, and so do the assets that trade alongside it.
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