Norway wealth fund posts record $184 billion profit, adds SpaceX stake

Norway's $2.34 trillion sovereign wealth fund posted a record 1.75 trillion kroner ($184.3 billion) first-half profit, lifted by technology stocks, and disclosed a first-ever 0.05 percent stake in rocket maker SpaceX worth $1.22 billion.

The fund, which invests the Norwegian state's oil and gas revenues, said the result was driven by gains in technology stocks, according to its semi-annual report released Tuesday.

The SpaceX holding, valued at $1.22 billion as of June 30, is modest against the fund's largest positions. It held a 1.28 percent stake worth $62 billion in Nvidia, 1.24 percent in Apple at $52 billion, 1.17 percent in Alphabet at $50 billion, 1.27 percent in Microsoft at $35 billion and 1.7 percent in Taiwan Semiconductor Manufacturing at $34 billion, fund data showed.

The record profit reflects the fund's heavy exposure to a technology rally that has lifted global equities, while the SpaceX disclosure marks a rare foray into a company that listed only in late June. The fund will present its half-year results at a press conference Wednesday at 0800 GMT.

The fund, the world's largest single investor, owns on average 1.5 percent of all listed companies globally and holds stakes in roughly 7,100 companies across 60 countries. Its investments span equities, real estate and renewable projects, giving it a broad lens on global capital markets.

SpaceX shares rallied sharply after a record-breaking initial public offering in late June, then pulled back as investors questioned whether a valuation of 77 times expected revenue could be justified. Founder Elon Musk holds more than 80 percent of voting rights and combines the roles of chair, chief executive officer and chief technology officer, raising questions about corporate governance and the rights of independent shareholders such as the fund.

Tech Rally Drives Record Return

The first-half result follows a volatile stretch for the fund. For the full year 2025, it returned 15.1 percent, a profit of roughly $247 billion. In the first quarter of 2026, it recorded a 1.9 percent loss of about 636 billion kroner ($68 billion) as U.S. technology stocks sold off during escalating tensions in the Middle East. Markets recovered, with the year-to-date return rebounding to positive 4.2 percent as of April 29.

The fund's performance tracks global equity markets closely given its broad mandate. Its concentration in technology names — Nvidia, Apple, Alphabet, Microsoft and TSMC together account for more than $230 billion of holdings — means a sustained pullback in the sector would weigh heavily on returns. The first-half profit of $184.3 billion compares with a full-year 2025 profit of roughly $247 billion, showing how much of the fund's annual gains were concentrated in the first six months of 2026.

SpaceX Bet Tests Governance Boundaries

The SpaceX stake, while small relative to the fund's technology positions, is notable for what it represents. The fund has historically favored liquid, listed equities, and its decision to hold shares in a company that went public only weeks before the reporting date suggests a willingness to participate in high-growth listings.

Musk's concentrated control structure — he holds more than 80 percent of voting rights while serving as chair, CEO and CTO — has drawn scrutiny from governance advocates. For a fund that publishes detailed voting records and holds itself out as a responsible investor, the SpaceX position may test how it engages with companies where independent shareholders have limited influence.

The SpaceX disclosure also offers a read-through for broader market conditions. The fund's willingness to hold a position in a newly listed company with a valuation of 77 times expected revenue suggests institutional confidence in high-growth technology names, even as the stock has pulled back from its post-IPO highs.

The fund is scheduled to hold a press conference Wednesday at 0800 GMT, where CEO Nicolai Tangen is expected to discuss the investment strategy and the SpaceX position.

This article is for informational purposes only and does not constitute investment advice.