Norway Wealth Fund Posts Record $184B Profit, Discloses SpaceX Stake

Norway's Government Pension Fund Global, the world's largest sovereign wealth fund, posted a record profit of 1.75 trillion Norwegian kroner (approximately $184.3 billion) for the first half of 2026, driven by strong returns from global technology stocks. Alongside its half-year results, the fund disclosed for the first time that it holds a 0.05% stake in Elon Musk's SpaceX, valued at approximately $1.22 billion as of June 30.

The record profit, which surpassed the previous first-half record of 1.5 trillion kroner set in 2023, was primarily fueled by a robust equity market. Norges Bank Investment Management (NBIM), the fund's manager, reported an overall return of 9.4% for the six-month period. Chief Executive Officer Nicolai Tangen attributed the performance to strong gains in Asian technology and semiconductor companies. "The result is driven by good returns in the equity market, particularly from Asian technology stocks," Tangen said. He highlighted the performance of major chipmakers, including Samsung Electronics, SK Hynix, TSMC, ASML, Intel, and Nvidia, summarizing the trend as "chips, chips, chips, chips."

The fund's equity holdings, which account for more than two-thirds...