Norway's $2.3 Trillion Wealth Fund Posts Record $184 Billion Profit — and Reveals a $1.22 Billion SpaceX Stake

What Drove the Performance

The dominant driver was a rally in global technology stocks, particularly in US and Asian tech names . CEO Nicolai Tangen said in a statement that the result was driven by good returns in the equity market, "particularly from Asian technology stocks" . Roughly 1.5% of all listed shares globally are held by the fund, giving it outsized exposure to big-tech gains . The fund's equity portfolio accounted for the bulk of the record result; bond and real estate returns were more modest .

Top Equity Holdings

The fund's largest publicly disclosed equity positions as of mid-2026 include a 1.3% stake in Nvidia worth $61.8 billion and a 1.2% stake in Apple valued at $52.7 billion . Microsoft and Alphabet (Google) also rank among its top four holdings . Equities make up more than two-thirds of the wider portfolio, with NBIM also investing in fixed income, real estate, and renewable energy infrastructure . Around 40% of NBIM's portfolio is comprised of U.S. equities .

The SpaceX Stake: What It Means

For the first time, the fund disclosed it held a 0.05% stake in SpaceX valued at $1.22 billion as of June 30, 2026 . SpaceX is not listed on a public exchange but trades on secondary markets under the ticker SPCX.O . The disclosure signals NBIM's growing appetite for large, privately held tech and space ventures that are not accessible through public markets .

While $1.22 billion is large in absolute terms, it is dwarfed by the fund's top public equity holdings (e.g., Nvidia at $61.8 billion). The SpaceX position represents roughly 0.05% of the total fund . The move underscores the fund's strategy of diversifying into high-growth private companies, adding exposure to the space economy alongside its massive public-tech bets .