Norway’s sovereign wealth fund posted a record $184 billion first-half profit as technology stocks lifted returns, while the investment giant disclosed its first stake in Elon Musk’s SpaceX.
Norway Wealth Fund Profit Reaches Record $184 Billion
Norges Bank Investment Management reported a profit of 1.75 trillion Norwegian kroner, or about $184 billion, for the first six months of 2026. The Government Pension Fund Global returned 9.4% during the period, with gains in equity markets supporting the result.
“The result is driven by good returns in the equity market, particularly from Asian technology stocks,” NBIM CEO Nicolai Tangen said. The first-half result exceeded the previous record of 1.5 trillion kroner reported during the same period in 2023.
NBIM manages Norway’s oil and gas wealth through a portfolio currently valued at about $2.3 trillion. The fund owns investments in more than 7,000 companies across over 50 countries and holds about 1.5% of publicly listed shares worldwide.
NBIM Discloses $1.22 Billion SpaceX Stake
The fund also disclosed a 0.05% stake in SpaceX worth about $1.22 billion as of June 30. The holding includes roughly 7.3 million Class A shares and marks NBIM’s first disclosed investment in Elon Musk’s aerospace and satellite company.
The investment follows discussions between NBIM and SpaceX earlier in 2026. Deputy CEO Trond Grande said in April that the fund had been holding talks with the company over a possible investment. SpaceX later entered public markets in June, with shares priced at $135 in its initial offering.
SpaceX shares rose 3.24% at time of writing to $137.62, gaining $4.33 during the trading session. The stock moved between an intraday low of $130.17 and a high of $136.84 during the session. Bloomberg reported that NBIM’s SpaceX position remained small compared with several of the fund’s largest technology investments.
Technology Holdings Account for Growing Share of Portfolio
Technology companies remain among NBIM’s largest equity positions. The fund held a 1.28% Nvidia stake worth about $62 billion at the end of June, while its Apple position was valued at roughly $52 billion.
Holdings in Alphabet, Microsoft and Taiwan Semiconductor Manufacturing were worth about $50 billion, $35 billion and $34 billion, respectively.
Tangen also addressed the growing weight of large technology companies within the portfolio, with the fund’s 10 largest holdings now representing about 20% of its total value.
Equities account for more than two-thirds of NBIM’s portfolio, while the fund also invests in fixed income, real estate and renewable energy infrastructure. U.S. equities represent around 40% of its overall investment portfolio.
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