The world’s largest sovereign wealth fund, Norway’s Government Pension Fund Global, has disclosed for the first time that it holds shares in U.S. space exploration company SpaceX. According to its updated semi-annual report released on the 11th, the fund held a 0.05% stake as of June 30, valued at $1.22 billion (approximately ¥190 billion).
For the fund, whose total assets under management reach $2.3 trillion (approximately ¥366 trillion), the size of its SpaceX investment remains limited. The gap is stark when compared to its major holdings, which are heavily weighted toward technology companies. According to fund data, it holds 1.28% of Nvidia (NVDA) valued at $62 billion, 1.24% of Apple (AAPL) at $52 billion, 1.17% of Alphabet (GOOGL) at $50 billion, 1.27% of Microsoft (MSFT) at $35 billion, and 1.7% of Taiwan Semiconductor Manufacturing Co. (TSMC, 2330.TW) at $34 billion. The SpaceX stake is modest relative to these technology giants.
Norway’s Government Pension Fund Global is funded by the country’s oil and natural gas revenues and is the world’s largest single investor, holding an average of 1.5% of all listed companies globally. Its portfolio spans approximately 7,100 companies worldwide, with investments diversified across equities, real estate, and renewable energy projects.
The disclosure comes shortly after SpaceX completed a record-breaking initial public offering in late June. SpaceX shares surged following the IPO but subsequently experienced sharp pullbacks as investors questioned the validity of its lofty valuation at 77 times projected revenue.
SpaceX founder Elon Musk controls more than 80% of the voting rights and simultaneously serves as chairman, chief executive officer, and chief technology officer. This concentrated control structure raises questions about the rights of independent shareholders like Norway’s Government Pension Fund Global and the state of the company’s corporate governance.
Norway’s Government Pension Fund Global is scheduled to hold a press conference at 8:00 a.m. Greenwich Mean Time on the 12th to announce its investment performance for the first half of 2026. The disclosure of its SpaceX stake is drawing attention from market participants as an example of how the world’s largest institutional investors are seeking to expand investments in unlisted companies.
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