Norway's sovereign wealth fund Norges Bank Investment Management disclosed a 0.05% stake in SpaceX valued at $1.22 billion as of June 30, according to filings reviewed by the fund.
The position consists of 7.3 million Class A shares in the Elon Musk-led aerospace company. Norges Bank, which manages roughly $2.3 trillion in assets for the Norwegian government's oil wealth, does not typically disclose venture or private equity holdings in real time. The SpaceX stake represents one of the fund's few publicly documented positions in a private company at this scale.
Norges Bank held far larger positions in publicly traded tech firms as of mid-2026: $61.8 billion in Nvidia, $52.7 billion in Apple, and substantial stakes in Microsoft and other mega-cap names. The fund's explicit mandate requires it to maximize long-term returns on Norway's Government Pension Fund Global, which invests oil revenues internationally across public equities, bonds, and alternatives.
SpaceX has pursued private funding rounds and secondary transactions to finance its Starship development and satellite broadband operations. The company remains privately held. Recent secondary trades valued SpaceX at roughly $210 billion, though valuation estimates vary widely depending on the transaction date and buyer.
Sovereign wealth funds and large pension systems increased allocations to private markets over the past two years. Government funds in Europe, the Middle East, and Asia have deployed capital into late-stage private companies at unprecedented scale, driven by low public-market yields and longer investment horizons.
The fund's SpaceX holding represents 0.0005% of Norges Bank's total portfolio. The $1.22 billion valuation would rank SpaceX among the fund's several hundred equity positions globally, but well below its core public-market anchors. If Norges Bank maintains the stake without adding to it, the position's weight in the portfolio would depend on future SpaceX funding rounds and secondary-market repricing.
