Norway and Canada Pension Funds Disclose SpaceX Stakes: $1.2 Billion and 100,000 Shares in August 2026

In August 2026, two of the world's largest pension funds pulled back the curtain on their investments in Elon Musk's SpaceX, revealing stakes that illustrate just how much institutional money has flooded into the space and AI company after its landmark initial public offering.

Norway's Government Pension Fund Global (GPFG) — the world's largest sovereign wealth fund with $2.3 trillion in assets — disclosed on August 12 that it held a 0.05% stake in SpaceX valued at $1.22 billion as of June 30, 2026 . The disclosure, part of the fund's first-half portfolio update, marked the first time NBIM had publicly listed an investment in the company . The stake consisted of approximately 7.3 million Class A shares at a price of roughly $170.86 per share .

The very next day, Canada's Public Sector Pension Investment Board (PSP Investments) filed a regulatory disclosure showing it held 100,000 shares of SpaceX as of the same June 30 date . PSP manages C$321 billion (~$230 billion) in assets for Canadian federal employees including the military and RCMP . While smaller than the Norwegian position, it signaled that even more conservative pension funds were seeking exposure to the newly public SpaceX.

A Wave of Institutional Interest

These disclosures were far from isolated. They landed in the middle of a broader rotation by large sovereign and pension funds into SpaceX following its June 2026 IPO and its merger with xAI, Musk's artificial intelligence company, earlier in the year .

The most notable example: Ontario Teachers' Pension Plan (OTPP) reported holding 50.7 million Class A shares in SpaceX valued at $8.7 billion as of June 30 — a stake that began with a ~$300 million investment in 2019 . That single position drove OTPP's 9.5% net return for the first half of 2026, and by August the stake had already swung to roughly $7 billion due to post-IPO volatility, with OTPP starting to sell some shares .

Norway's NBIM said its SpaceX investment gave the fund "meaningful exposure to both publicly traded companies under Musk's leadership" — including its existing 1% Tesla stake worth approximately $15.7 billion — alongside the newly public SpaceX (ticker SPCX) . The Norwegian fund's 0.05% stake implied a market capitalization for SpaceX of roughly $2.4 trillion at the time of its position .

The Norwegian fund made clear that it viewed SpaceX as a rare opportunity to gain exposure to Musk's combined space-launch, Starlink broadband, and xAI artificial intelligence operations under one public entity .

Norway's Dominant Tech Holdings

SpaceX is a relatively small piece of the Norwegian fund's portfolio. As of June 30, its largest individual equity positions were heavily concentrated in US mega-cap tech stocks :

• Nvidia (NVDA): ~$62 billion (NOK 612B), 1.28% of Nvidia
• Apple (AAPL): ~$52 billion (NOK 522B), 5.7% of portfolio
• Microsoft (MSFT): ~$37.6 billion, 5.3% of portfolio
• Alphabet (GOOGL): ~$23.7 billion, 3.3% of portfolio

The fund's top 10 holdings account for about 20% of its total $2.3 trillion portfolio, with most of those companies in the technology sector .

Record Fund Performance

Norway's GPFG posted a record first-half profit of 1.75 trillion Norwegian crowns ($184.3 billion), driven overwhelmingly by its tech stock holdings . Equity investments made up 72.1% of the fund's value at the end of the period .

PSP Investments' H1 2026 return was not specified in available sources, but its assets under management rose to C$321 billion .

A Complicated Relationship with Musk

One of the more interesting dynamics in these disclosures is Norway's NBIM repeatedly voting against Elon Musk's compensation at Tesla while simultaneously investing $1.22 billion in SpaceX:

• 2024: NBIM voted against Musk's $56 billion Tesla compensation award, citing concerns about total size, dilution, and key person risk .
• Late 2025: The fund voted against a subsequent ~$1 trillion compensation package at Tesla's shareholder meeting, again expressing concerns over size and structure . NBIM acknowledged "the substantial value generated under Mr. Musk's innovative leadership" but deemed the packages disproportionate .

Despite this governance stance, NBIM has now invested in both of Musk's public companies. The fund's approach highlights its willingness to separate investment decisions from governance positions based on individual company merits .

The Broader Picture

The August 2026 disclosures confirm that large sovereign and pension funds are treating SpaceX — now a public company combining space launch, Starlink broadband, and xAI's artificial intelligence capabilities — as a core institutional holding. While Norway's $1.22 billion stake and PSP's 100,000 shares are modest compared to OTPP's $8.7 billion position, they represent a clear signal that the world's largest asset allocators see SpaceX as a rare opportunity for long-term exposure to Musk's technology empire.