Norway’s wealth fund posts record $184B profit, reveals SpaceX stake

Norway's $2.3 trillion sovereign wealth fund reported a record profit of 1.75 trillion Norwegian kroner ($184.3 billion) for the first half of 2026, driven by a surge in technology stocks, particularly in Asia, while disclosing for the first time that it holds a stake in SpaceX.

Record Returns Fueled by Tech

Norges Bank Investment Management, which runs the world's largest sovereign wealth fund, said Wednesday that the fund returned 9.4% in the first six months of the year, beating its benchmark index by 22 basis points. The fund's market value stood at 22.7 trillion kroner (approximately $2.4 trillion) at the end of June.bloomberg+1

"The result is driven by good returns in the equity market, particularly from Asian technology stocks," said Nicolai Tangen, CEO of Norges Bank Investment Management, in a statement accompanying the results.businesstimes+1

Around 40% of the fund's portfolio is comprised of U.S. equities, with its most valuable holdings in Nvidia ↘ 1.47%, Apple ↘ 0.80%, and Microsoft ↗ 0.52%. The fund held a 1.28% stake worth $62 billion in Nvidia, a 1.24% stake worth $52 billion in Apple, a 1.17% stake worth $50 billion in Alphabet ↘ 3.58%, a 1.27% stake worth $35 billion in Microsoft, and a 1.7% stake worth $34 billion in Taiwan Semiconductor Manufacturing ↘ 1.20%.cnbc+2

SpaceX Disclosure Raises Governance Questions

On Tuesday, the fund disclosed in an updated list of holdings that it held a 0.05% stake in SpaceX worth $1.22 billion as of June 30. The disclosure came after SpaceX's record-breaking initial public offering in late June. SpaceX shares rallied sharply following the IPO before pulling back as investors questioned whether a valuation of 77 times expected revenue could be justified.reuters+1

Founder Elon Musk holds more than 80% of voting rights and combines the roles of chair, chief executive, and chief technology officer, raising questions about governance and the rights of independent shareholders such as the fund.cnbc+1

Global Reach

Investing Norway's oil and gas revenues, the fund owns on average 1.5% of all listed companies globally, making it the world's largest single investor. It is invested in approximately 7,100 companies and also allocates capital to property and renewable energy infrastructure.reuters+1