SpaceX Holdings: Canada's Public Sector Pension Investment Board (PSP Investments)

• Disclosure date: August 13, 2026, via a regulatory filing for the period ending June 30, 2026 .
• Stake size: 100,000 shares of SpaceX .
• Context: PSP Investments manages C$321 billion (~$230 billion) in assets for Canadian federal government employees, including the military and RCMP . Its stake is notably smaller than the Norwegian fund's position and far smaller than the Ontario Teachers' Pension Plan's $8.7 billion SpaceX stake .

Other Large Holdings of the Norwegian Fund

As of June 30, 2026, the fund's largest individual equity positions were heavily concentrated in US mega-cap tech stocks :

The fund also held large positions in Amazon, Meta, and other tech names, with its top 10 holdings accounting for about 20% of the total $2.3 trillion portfolio .

Broader Institutional Demand for SpaceX (Post-Merger with xAI and 2026 IPO)

The disclosures fit into a wave of institutional interest in SpaceX after its 2026 IPO and its merger with xAI (Musk's AI company) earlier in the year . Key data points from the same period:

• Ontario Teachers' Pension Plan (OTPP) — a fellow Canadian pension fund — reported holding 50.7 million Class A shares in SpaceX valued at $8.7 billion as of June 30 . OTPP originally invested ~$300 million in 2019 and its SpaceX stake drove a 9.5% net return for the first half of 2026 .
• The Norwegian fund's $1.22 billion stake represented 0.05% of SpaceX, implying the market was implicitly valuing SpaceX at roughly $2.4 trillion at the time of its position .
• Norway's NBIM said the SpaceX investment gave the fund "meaningful exposure to both publicly traded companies under Musk's leadership" — including Tesla — alongside the newly public SpaceX (ticker SPCX) .

On analyst price projections and IPO context: The search results did not contain specific analyst price targets for SPCX. However, the OTPP stake valued at $8.7 billion and Norway's 0.05% / $1.22 billion stake both point to a post-IPO market capitalization comfortably north of $2 trillion. The broader picture is that large sovereign and pension funds rotated into SpaceX after its public listing, viewing it as a rare opportunity to gain exposure to Musk's combined space-launch, Starlink broadband, and xAI artificial intelligence operations under one public entity .

Fund Performance Context

• Norway GPFG: Posted a record first-half profit of ~1.75 trillion Norwegian crowns ($184.3 billion), driven overwhelmingly by its tech stock holdings . Its total assets stood at $2.3 trillion .
• PSP Investments: The available sources did not provide a specific H1 2026 return figure for PSP, but noted its assets under management rose to C$321 billion (~$230 billion) .
• Ontario Teachers' Pension Plan: Reported a 9.5% net return for H1 2026, fueled largely by its SpaceX stake, with net assets of C$303.2 billion ($217.5 billion) .

Voting History on Musk's Tesla Compensation

Norway's NBIM has consistently opposed Musk's compensation packages at Tesla:

• 2024: Voted against Musk's $56 billion Tesla compensation award .
• Late 2025: Voted against a subsequent ~$1 trillion compensation package at Tesla's shareholder meeting, citing concerns over total size and structure . NBIM said it acknowledged "the substantial value generated under Mr. Musk's innovative leadership" but deemed the package disproportionate .

This creates an interesting dynamic: the fund has invested $1.22 billion in SpaceX (which Musk controls) while repeatedly voting against his pay at Tesla, highlighting its willingness to separate investment decisions on individual companies from governance stances at other Musk-linked entities .

SpaceX Holdings: Canada's Public Sector Pension Investment Board (PSP Investments)

• Disclosure date: August 13, 2026, via a regulatory filing for the period ending June 30, 2026 .
• Stake size: 100,000 shares of SpaceX .
• Context: PSP Investments manages C$321 billion (~$230 billion) in assets for Canadian federal government employees, including the military and RCMP . Its stake is notably smaller than the Norwegian fund's position and far smaller than the Ontario Teachers' Pension Plan's $8.7 billion SpaceX stake .

Other Large Holdings of the Norwegian Fund

As of June 30, 2026, the fund's largest individual equity positions were heavily concentrated in US mega-cap tech stocks :

The fund also held large positions in Amazon, Meta, and other tech names, with its top 10 holdings accounting for about 20% of the total $2.3 trillion portfolio .

Broader Institutional Demand for SpaceX (Post-Merger with xAI and 2026 IPO)

The disclosures fit into a wave of institutional interest in SpaceX after its 2026 IPO and its merger with xAI (Musk's AI company) earlier in the year . Key data points from the same period:

• Ontario Teachers' Pension Plan (OTPP) — a fellow Canadian pension fund — reported holding 50.7 million Class A shares in SpaceX valued at $8.7 billion as of June 30 . OTPP originally invested ~$300 million in 2019 and its SpaceX stake drove a 9.5% net return for the first half of 2026 .
• The Norwegian fund's $1.22 billion stake represented 0.05% of SpaceX, implying the market was implicitly valuing SpaceX at roughly $2.4 trillion at the time of its position .
• Norway's NBIM said the SpaceX investment gave the fund "meaningful exposure to both publicly traded companies under Musk's leadership" — including Tesla — alongside the newly public SpaceX (ticker SPCX) .

On analyst price projections and IPO context: The search results did not contain specific analyst price targets for SPCX. However, the OTPP stake valued at $8.7 billion and Norway's 0.05% / $1.22 billion stake both point to a post-IPO market capitalization comfortably north of $2 trillion. The broader picture is that large sovereign and pension funds rotated into SpaceX after its public listing, viewing it as a rare opportunity to gain exposure to Musk's combined space-launch, Starlink broadband, and xAI artificial intelligence operations under one public entity .

Fund Performance Context

• Norway GPFG: Posted a record first-half profit of ~1.75 trillion Norwegian crowns ($184.3 billion), driven overwhelmingly by its tech stock holdings . Its total assets stood at $2.3 trillion .
• PSP Investments: The available sources did not provide a specific H1 2026 return figure for PSP, but noted its assets under management rose to C$321 billion (~$230 billion) .
• Ontario Teachers' Pension Plan: Reported a 9.5% net return for H1 2026, fueled largely by its SpaceX stake, with net assets of C$303.2 billion ($217.5 billion) .

Voting History on Musk's Tesla Compensation

Norway's NBIM has consistently opposed Musk's compensation packages at Tesla:

• 2024: Voted against Musk's $56 billion Tesla compensation award .
• Late 2025: Voted against a subsequent ~$1 trillion compensation package at Tesla's shareholder meeting, citing concerns over total size and structure . NBIM said it acknowledged "the substantial value generated under Mr. Musk's innovative leadership" but deemed the package disproportionate .

This creates an interesting dynamic: the fund has invested $1.22 billion in SpaceX (which Musk controls) while repeatedly voting against his pay at Tesla, highlighting its willingness to separate investment decisions on individual companies from governance stances at other Musk-linked entities .