The largest sovereign wealth fund in the world enters the capital of SpaceX with a stake of over 1.2 billion dollars.
Nbim (Norges Bank Investment Management), which manages the Norwegian sovereign wealth fund, revealed that it holds 0.05% of Elon Musk’s company. The position had never been made public until now.
Norwegian fund enters SpaceX
The news comes together with the record results recorded by the fund in the first six months of 2026: the Nbim closed the semester with a return of 9.4% and a profit of 1,750 billion Norwegian crowns, equal to approximately 184.9 billion dollars. At the end of June, equities represented 72.1% of the entire portfolio. But the Norwegian fund is already present in Elon Musk’s other large listed company, Tesla, for about 1%.
The stake disclosed by Norges Bank Investment Management is worth over 1.2 billion dollars.
The stake is relatively small compared to the fund’s overall portfolio size, but huge considering the size of SpaceX.
Nbim is the manager of the largest sovereign wealth fund in the world and in June it had reached a value of 22,683 billion Norwegian crowns, approximately 2,300 billion dollars. The stake in Tesla, however, according to the data communicated, is worth approximately 15.7 billion dollars.
Record semester for the Norwegian sovereign wealth fund
The record results have already been mentioned. However, the path of the markets was not linear: in the first quarter the fund’s shareholdings fell by 2.6%. In the second quarter, however, a strong recovery arrived, with an increase of 15.98%, supported above all by the rally in companies linked to semiconductors.
CEO Nicolai Tangen summarized the main factor underlying performance as follows: “Chips, chips, chips, chips”.
The companies that contributed the most included Samsung, SK Hynix, Tsmc, Asml, Intel and Nvidia. And Nvidia itself represents one of the fund’s heaviest holdings: Nbim owns 1.3% of the company, a share worth 61.8 billion dollars.
Nbim and SpaceX
What makes the investment interesting is the relationship between the Norwegian fund and Elon Musk: Nbim had voted against the maxi-compensation of 56 billion dollars intended for Musk in Tesla in 2024. Subsequently the fund also rejected his new compensation package worth trillions of dollars during the 2025 shareholders’ meeting. The fund’s position was linked to the risks of dilution and the company’s dependence on a single key person.
The contrast had become even more evident after a message sent by Musk and subsequently made public thanks to the Norwegian law on freedom of information.
The quote attributed to Musk was: “When I ask you for a favor, which I very rarely do, and you refuse, then you shouldn’t ask me for a favor until you have done something more than nothing to make up for it. Friends are judged by facts.”
Despite the past sparks, today the Norwegian fund finds itself a shareholder of both Tesla and SpaceX.
SpaceX on the stock exchange
The Norwegian participation also comes at a time of strong volatility for SpaceX: the share had debuted at $150, against an offer price of $135. It subsequently reached a high near $225, before falling below $107 at the end of July. Today SpaceX trades around $140 per share.
