The fund’s latest results reveal how a concentrated technology surge reshaped returns across one of the world’s largest investment portfolios.
Norway’s sovereign wealth fund, the world’s largest, with assets estimated at $2.3 trillion, posted a record profit of 1.75 trillion Norwegian kroner, or $184.3 billion, in the first six months of 2026. Shares in technology companies were the main driver of the growth.
The fund manages the Norwegian state’s revenues from oil and gas production. On average, it owns 1.5% of all companies listed on global stock exchanges, making it the world’s largest individual investor.
The result was driven by strong stock market returns, particularly in shares of Asian technology companies.
– Nicolai Tangen
Norwegian Fund’s Investments in Technology Companies
As of June 30, the fund disclosed its stake in SpaceX for the first time. It owned 0.05% of the company, valued at $1.22 billion.
Compared with the fund’s other technology investments, its SpaceX holding is relatively small. Its largest investments are concentrated in the following companies:
- Nvidia – a 1.28% stake valued at $62 billion;
- Apple – a 1.24% stake valued at $52 billion;
- Alphabet – a 1.17% stake valued at $50 billion;
- Microsoft – a 1.27% stake valued at $35 billion;
- Taiwan Semiconductor Manufacturing – a 1.7% stake valued at $34 billion.
Asset Portfolio and SpaceX Performance
Overall, Norway’s sovereign wealth fund invests in approximately 7,100 companies across different countries. In addition to corporate equities, its portfolio includes real estate and renewable energy projects.
SpaceX shares rose significantly after the record initial public offering at the end of June. The stock later fell sharply as investors began to question whether the company’s valuation of 77 times expected annual revenue was justified.
The record first-half profit underscored the significant impact of the technology sector on the Norwegian sovereign fund’s performance and its global investment portfolio.