Norway’s sovereign wealth fund, the most important on the earth, revealed on Wednesday that it holds a 0.05% stake in SpaceX price simply over $1.2 billion. The place had by no means been made public earlier than.
The disclosure arrived with a report first-half revenue of 1.75 trillion Norwegian kroner, or roughly $184.9 billion. It additionally locations the fund inside each of Elon Musk’s listed corporations.
A File Half Constructed on Chips
Norges Financial institution Funding Administration (NBIM), which runs the fund, reported a 9.4% return for the primary six months of 2026. The fund closed in June at 22,683 billion kroner, close to $2.3 trillion.
Equities carried nearly all of it. Shares returned 13.0% whereas mounted revenue added 0.9%, and shares made up 72.1% of the portfolio on the finish of June.
The trail there was uneven. Fairness holdings dropped 2.6% within the first quarter, then rebounded 15.98% within the second as chipmakers rallied.
CEO Nicolai Tangen summed up the motive force as “chips, chips, chips, chips” whereas presenting a chart of prime performers that includes Samsung, SK Hynix’s US itemizing, TSMC, ASML, Intel, and Nvidia. NBIM’s 1.3% stake in Nvidia alone is price $61.8 billion.
An Awkward Seat in Musk’s Empire
The SpaceX place is small subsequent to that. What makes it fascinating is who owns it.
NBIM voted towards Musk’s $56 billion Tesla compensation award in 2024, then rejected his trillion-dollar bundle on the carmaker’s late 2025 shareholder assembly. The fund cited dilution and key particular person threat each instances.
Musk didn’t take the primary vote nicely, judging by a textual content message later launched underneath Norway’s freedom of knowledge regulation.
“Once I ask you for a favor, which I very not often do, and also you decline, then you shouldn’t ask me for one till you’ve accomplished one thing above nothing to make amends. Buddies are as pals do,” Reuters reported.
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Regardless of that, the fund now owns roughly 1% of Tesla, price about $15.7 billion, plus the brand new SpaceX slice.
Deputy CEO Trond Grande declined to debate particular person positions when requested how the SpaceX weighting had modified.
“We have been roughly index fee within the first half, and that’s been the case over the summer time as nicely.”
That reply issues. It suggests the fund didn’t decide SpaceX. It owns what the index arms it, which ties Musk’s governance fights to Norwegian capital indefinitely.
A Unstable Asset for a Cautious Proprietor
SpaceX has been in a tough maintain since June. The inventory listed at $150 towards a $135 provide value, peaked close to $225, then sank beneath $107 by late July.
It reclaimed its IPO value on Monday and traded above $148 on Wednesday, up round 10% on the day and simply shy of its itemizing value. Different giant holders, together with Ontario Lecturers’ SpaceX wager, have ridden the identical swings.
Tangen shrugged on the volatility, noting the fund owns 7,000 corporations that transfer in each instructions day by day.
That calm sits oddly beside his personal warning a day earlier, when he stated the fund may lose its total worth and known as that consequence “pretty seemingly” in present situations.
Crypto traders have motive to look at. The fund holds no Bitcoin instantly, however its oblique BTC publicity by means of fairness stakes climbed 83% between mid-2024 and mid-2025.
A passive large that retains shopping for regardless of the index provides doesn’t select its dangers. It absorbs them, and so do the belongings that commerce alongside it.
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