Norway’s $2.3 trillion sovereign wealth fund, the world’s largest, posted a record profit of 1.75 trillion Norwegian crowns ($184.3 billion) for the first half of 2026, driven by strong returns from technology stocks, particularly in Asia.
The fund, which invests Norway’s oil and gas revenues, also disclosed for the first time that it held a 0.05% stake in SpaceX worth $1.22 billion as of June 30, according to an updated list of holdings released late on Tuesday.
The SpaceX investment is relatively small compared with the fund’s other technology holdings. It held a 1.28% stake in Nvidia worth $62 billion, a 1.24% stake in Apple worth $52 billion, a 1.17% stake in Alphabet worth $50 billion, a 1.27% stake in Microsoft worth $35 billion and a 1.7% stake in Taiwan Semiconductor Manufacturing worth $34 billion, fund data showed.
“The result is driven by good returns in the equity market, particularly from Asian technology stocks,” Nicolai Tangen, CEO of Norges Bank Investment Management, which manages the fund, said in a statement accompanying the half-year results.
The fund returned 9.4% in the first half, with equities accounting for more than two-thirds of its portfolio. It also invests in fixed income, real estate and renewable energy infrastructure.
The fund is invested in around 7,100 companies globally and owns on average about 1.5% of all listed companies.
About 40% of the portfolio is invested in U.S. equities, with Nvidia, Apple and Microsoft among its largest holdings.
The fund was established in the 1990s to invest Norway’s oil and gas revenues abroad and has grown into one of the world’s largest investors.
SpaceX shares rose sharply after the company’s record-breaking initial public offering in late June before retreating as investors questioned its high valuation.
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