Norways sovereign wealth fund has earned a record 1.75 trillion kroner, or about $184.3 billion, in the first half of 2026 while disclosing a $1.22 billion investment in SpaceX for the first time.
Summary
- Norways sovereign wealth fund generated a 9.4% returnduring the first six months of 2026.
- Asian technology stocks helped lift first-half profit to a record 1.75 trillion kroner.
- The fund owned a 0.05% SpaceX stake worth $1.22 billionas of June 30.
- Its 10 largest investments now account for about 20% of the total portfolio.
Asian technology stocks drove the record profit
Norges Bank Investment Management reported on Aug. 12 that the Government Pension Fund Global produced a 9.4% investment return during the first half of 2026, taking its profit to 1.75 trillion Norwegian kroner.
$SPCX: Norways $2.3 trillion sovereign wealth fund disclosed it holds a stake in SpaceX, valued at around $1.2 billion.
The result surpassed the previous first-half record of 1.5 trillion kroner, set in 2023. Gains across global equity markets supplied much of the return, with Asian technology companies making an especially strong contribution.
“The result is driven by good returns in the equity market, particularly from Asian technology stocks,” NBIM CEO Nicolai Tangen said.
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After losing 2.6% during the first quarter, the fund recovered as technology and semiconductor stocks advanced in the following three months. The Wall Street Journal reported that its investments returned 11.5% in the second quarter, the best quarterly performance in six years, while equities gained 16% over the period.
Currency movements had reduced the funds value by 427 billion kroner during the first quarter. Its market value then increased from 19.998 trillion kroner at the end of March to 22.683 trillion kroner, or about $2.3 trillion, as of June 30.
The fund received net inflows of 89 billion kroner during the first half after expenses, according to the Journal. Norway deposits revenue from its oil and gas industry into the portfolio, which invests abroad to spread the countrys wealth across global markets.
Operating under a mandate set by Norways Ministry of Finance, NBIM manages investments across equities, fixed-income securities, unlisted real estate, and renewable energy infrastructure. The portfolio contains holdings in about 7,100 companies across more than 50 countries and owns an average of nearly 1.5% of all listed shares worldwide.
Norway wealth fund has disclosed its first SpaceX stake
Alongside the half-year results, NBIM‘s updated holdings list showed that the fund owned about 7.3 million Class A shares in SpaceX on June 30. The position represented 0.05% of Elon Musk’s aerospace company and carried a value of roughly $1.22 billion.
NBIM had not previously reported an investment in SpaceX. Deputy CEO Trond Grande said in April that the fund was discussing a possible investment with the company before SpaceX completed its U.S. listing in June.
SpaceX sold 555.6 million shares for $135 each on June 12, raising about $75 billion at a valuation near $1.75 trillion. The offering became the largest initial public offering in U.S. history, according to earlier IPO coverage by crypto.news.
Goldman Sachs led the underwriting group alongside Morgan Stanley, Bank of America Securities, Citigroup, and JPMorgan. SpaceX also allocated 30% of its offering to individual investors, compared with the smaller retail portions commonly offered in large U.S. listings.
Shares opened at $150 and climbed sharply during the company‘s first trading sessions before losing part of those gains. NBIM’s investment remains small beside several early SpaceX backers, including Alphabet, whose second-quarter filing revealed a stake valued at $94.1 billion.
Google joined Fidelity in a $1 billion SpaceX funding round in 2015. As reported in July, Alphabets resulting position equaled about 6% of the newly listed company, although some of the shares remained subject to sale restrictions.
U.S. investors gained SpaceX exposure through major indexes
SpaceXs public listing has given U.S. investors several routes to hold the company through shares, funds, and index-linked products. The stock entered the Nasdaq-100 on July 7, creating demand from funds that follow the U.S. technology index.
An estimated $4.3 billion in passive buying was tied to the addition, according to the earlier crypto.news report. Index-tracking funds generally purchase newly included companies to keep their portfolios aligned with the benchmark, exposing their shareholders to SpaceX without requiring a direct stock purchase.
SpaceX also connects the Norwegian funds new holding with the digital-asset market. The company disclosed 18,712 Bitcoin on its balance sheet following its IPO, with the position valued at about $1.2 billion around the time of its listing.
Under U.S. accounting rules adopted by the Financial Accounting Standards Board, public companies measure eligible crypto holdings at fair value. Changes in the value of SpaceX‘s Bitcoin can therefore affect its reported earnings, although the asset represents only a small part of the company’s total market capitalization.
A July valuation analysis found that the Bitcoin position represented about 0.076% of SpaceX when the company was valued near $1.56 trillion. The calculation challenged descriptions of SPCX as a major Bitcoin proxy because an ordinary daily move in its stock could change more market value than its entire cryptocurrency holding.
NBIM‘s SpaceX stake consequently provides the Norwegian fund with a small amount of indirect Bitcoin exposure. Based on its 0.05% ownership and SpaceX’s disclosed balance, the fund‘s share of the company’s Bitcoin would be economically minor and does not constitute a direct purchase by NBIM.
Large technology holdings now make up more of the portfolio
Technology companies already occupy several of the largest positions in the Norwegian fund. At the end of June, NBIM owned a 1.28% stake in Nvidia valued at about $62 billion, making the chipmaker its biggest disclosed technology investment.
Apple followed with a position worth approximately $52 billion, while Alphabet accounted for about $50 billion. Its Microsoft and Taiwan Semiconductor Manufacturing holdings were valued at around $35 billion and $34 billion, respectively.
The figures place five technology companies among the funds most valuable investments. U.S.-listed equities account for about 40% of the total portfolio, giving American companies a large role in its performance even though Asian technology shares led the first-half gains.
During the results presentation, Tangen said the funds 10 largest holdings now represent roughly 20% of its total value. He identified the growing concentration of large technology companies as a risk for a portfolio designed to spread investments across thousands of businesses and several asset classes.
Equities make up more than two-thirds of the fund. The remaining assets are mainly fixed-income securities, along with smaller allocations to unlisted real estate and renewable energy infrastructure.
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