A Norwegian pension fund invested $1.2 billion in Musk's SpaceX

Scale of investment

Despite the significant amount, SpaceX's stake is only a small part of the Norwegian fund's portfolio. In total, it manages assets of approx $2.3 trillion.

For comparison, the shares of the fund in the largest technology companies are much larger:

• - Nvidia — 1.28%, about $62 billion;

• - Apple — 1.24%, about $52 billion;

• - Alphabet — 1.17%, about $50 billion;

• - Microsoft — 1.27%, about $35 billion;

• - TSMC — 1.7%, about $34 billion.

That is, the investment in SpaceX is still a small position compared to the fund's investments in global technology giants.

The fund received a record profit

The Norwegian state fund is managed by Norges Bank Investment Management. It was created to invest the country's revenues from the oil and gas sector, and today it has shares of approx 7100 companies around the world.

In the first half of 2026, the fund received 1.75 trillion Norwegian kroner, or about $184.3 billion in profit. The total return on his investment for six months was 9.44%.

The main part of assets is shares — 72.1% of the portfolio. Another 25.8% is in bonds and other fixed income instruments, 1.6% in real estate, and 0.5% in renewable energy infrastructure.

What is happening with SpaceX shares

After the IPO on June 12, SpaceX shares initially rose significantly, but later investors began to question the company's high valuation. The expected capitalization exceeded the projected revenue by approximately 77 times, which makes shares sensitive to changes in investor sentiment.

On August 10, the SpaceX papers were added 4% and for the first time since mid-July, the placement price closed above $135. The very next day, shares were lost 3.9% and again fell below this level.

What analysts think

Despite the high volatility, analysts' sentiments remain mostly positive. From 40 experts 30 recommend buying SpaceX shares, while only three advise selling.

For Norway, this investment is also indicative: the fund gradually gains access to companies that determine the development of new technological markets, in particular the space industry. At the same time, due to the huge scale of the portfolio, even a $1.2 billion package remains a relatively small bet for him.