Norway’s trillion-dollar fund buys $1.2 billion stake in SpaceX

The fund, which manages $2.3 trillion in oil-derived wealth, relies on dividends and market gains to cover roughly 25% of Norway’s annual public spending. While the SpaceX investment remains a fraction of the portfolio, it complements a long-standing position in Tesla. This relationship has proven complex; Norges Bank Investment Management has twice voted against Tesla’s executive pay packages, citing dilution concerns and the risks of relying on a single leader. These disagreements led to a public cooling of relations, with Musk declining an invitation to dine with CEO Nicolai Tangen in Oslo following a 2024 proxy vote.

Technology stocks remain the primary engine for the fund’s recent performance, which saw a record profit of 1.75 trillion Norwegian krone—approximately $184 billion—in the first half of the year. The fund maintains a presence in 7,100 companies globally, with US equities representing 40% of its total portfolio. Nvidia currently stands as the fund’s largest single holding at $62 billion, followed by other tech giants and Eli Lilly. By holding over 1% of the world’s ten largest companies, the Norwegian fund exerts significant influence over the direction of the global market.