Norway’s Mammoth $2.3T Wealth Fund Shatters Records, Unveils Stake in SpaceX
Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund, has reported a staggering record profit of $184.3 billion for the first half of 2026. This impressive performance is largely attributed to a robust surge in Asian technology stocks. Managed by Norges Bank Investment Management (NBIM) and valued at approximately $2.34 trillion, the fund returned 9.4% in the six-month period, comfortably outperforming its benchmark index.
In a significant disclosure that stirred the financial markets, NBIM revealed for the first time that it holds a 0.05% stake in Elon Musk’s SpaceX. As of June 30, this investment was worth approximately $1.22 billion. SpaceX made its debut in public markets in late June, with shares priced at $135 in its initial public offering. This investment in SpaceX positions NBIM as a substantial supporter of two publicly traded companies led by Musk — it also holds a 1% stake in Tesla, valued at roughly $15.7 billion.
The fund’s other substantial technology investments include a 1.28% stake in Nvidia worth $62 billion, a 1.24% stake in Apple worth $52 billion, and a 1.17% stake in Alphabet worth $50 billion. The technology sector within its portfolio surged 25.3%, while the telecommunications sector soared 42.9% during the first half of the year.
“The result is driven by good returns in the equity market, particularly from Asian technology stocks,” said NBIM CEO Nicolai Tangen.
The fund’s performance exceeded its previous first-half record of 1.5 trillion Norwegian kroner, set in 2023. The fund is invested in more than 7,000 companies across over 50 countries.