Norway’s sovereign wealth fund reported a record profit of about $184.3 billion in the first half of 2026, according to a half-year report from Norges Bank Investment Management and coverage by CNBC. The fund, formally known as the Government Pension Fund Global, had roughly $2.34 trillion in assets at the end of June and delivered a 9.4% return, beating its benchmark by 0.22 percentage points.
Equities, which make up more than 70% of the portfolio, rose about 13% during the period. Technology stocks gained 25.3%, while telecom shares climbed 42.9%, making them the strongest contributors. Among its major listed holdings, the fund owned about 1.3% of Nvidia worth roughly $61.8 billion and about 1.2% of Apple worth around $52.7 billion.
The updated holdings list also disclosed, for the first time, that the fund owns about 0.05% of SpaceX. That position was valued at about $1.22 billion as of June 30. While small relative to the fund’s overall size, the disclosure marks the first public confirmation of its SpaceX investment.
Norway’s sovereign wealth fund posted about $184.3 billion in profit in the first half of 2026 and, for the first time, disclosed that it holds a stake in SpaceX, according to a half-year report from Norges Bank Investment Management (NBIM) and CNBC.
The fund, the Government Pension Fund Global, manages roughly $2.3 trillion. Its return for the first six months of the year came in at 9.4%, 0.22 percentage points above its benchmark index. Total assets stood at about $2.34 trillion at the end of June.
Technology shares led returns
Most of the gain came from equities. Stocks account for more than 70% of the portfolio, and that portion rose about 13% in the first half. Within equities, technology shares climbed 25.3%, while telecom stocks advanced 42.9%.
Among individual holdings, the fund owned about 1.3% of Nvidia, valued at roughly $61.8 billion, and about 1.2% of Apple, valued at around $52.7 billion.
SpaceX position appears on holdings list
The updated holdings list showed the fund owns about 0.05% of SpaceX. As of June 30, that stake was worth about $1.22 billion. The report said this was the first time the fund publicly disclosed the position.
Compared with a fund of roughly $2.3 trillion, the SpaceX stake is small in portfolio terms. Still, the disclosure adds SpaceX to the list of companies held by the world’s largest sovereign wealth fund.
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