Norway’s $2.2 trillion sovereign wealth fund discloses first-ever SpaceX stake worth $1.22 billion

The world’s largest sovereign wealth fund just added rocket fuel to its portfolio. Norges Bank Investment Management, the arm of Norway’s central bank that manages the country’s massive Government Pension Fund Global, has disclosed a 0.05% stake in SpaceX consisting of approximately 7.3 million Class A shares.

The position was valued at roughly $1.22B as of June 30, 2026, according to NBIM’s updated holdings list published around August 11-12. It marks the fund’s first-ever investment in Elon Musk’s aerospace and satellite internet company.

From dialogue to disclosure

The move didn’t come out of nowhere. NBIM Deputy CEO Trond Grande confirmed back in April 2026 that the fund had been in active discussions with SpaceX about a potential investment.

That IPO landed on June 11-12, 2026, with shares priced at $135 apiece. The offering raised $75B and gave SpaceX an initial valuation of approximately $1.77 trillion.

NBIM’s 7.3 million share position represents a characteristically measured bet for a fund managing somewhere between $2.2 trillion and $2.3 trillion in total assets. Compare it to NBIM’s position in Nvidia, where the fund holds approximately 1.28% of the chipmaker, a stake valued at around $62B. The SpaceX allocation is roughly one-fiftieth the size of that Nvidia bet.

A sovereign fund’s balancing act

The SpaceX disclosure arrived alongside another notable data point: NBIM reported a record profit of $184B for the first half of 2026.