Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund, reported a record first-half profit of 1.95 trillion Norwegian kroner (approximately $184 billion) as strong gains in global technology stocks lifted the value of its portfolio to around $2.34 trillion.
Alongside the results, the fund disclosed that it owns shares in SpaceX for the first time, adding Elon Musk’s aerospace company to a portfolio that already includes thousands of publicly traded companies around the world. The disclosure offers one of the clearest indications yet that the fund is expanding its exposure to leading private technology companies.
Technology Stocks Powered Record Returns
The fund generated a 9.1% return during the first half of the year, with equities once again providing the largest contribution to overall performance.
Holdings in major technology companies, including Nvidia, Apple, Microsoft, Amazon, Alphabet, and Meta, benefited from continued investor enthusiasm surrounding artificial intelligence and digital infrastructure. Technology remained one of the strongest-performing sectors as AI investment accelerated across global markets.
Despite ongoing market volatility, the fund’s broad diversification helped produce the strongest first-half profit in its history.
SpaceX Joins the Portfolio
For the first time, Norges Bank Investment Management disclosed an investment in SpaceX, marking the fund’s entry into one of the world’s most valuable private technology companies.
Although the position represents only a small portion of the overall portfolio, the investment reflects growing institutional interest in private market opportunities, particularly companies operating in artificial intelligence, space technology, satellite communications, and advanced infrastructure.
SpaceX joins an increasingly valuable collection of technology investments that already forms one of the fund’s largest sources of long-term returns.
One of the World’s Largest Investors
The Norwegian sovereign wealth fund invests the country’s oil and gas revenues on behalf of future generations.
Today, it owns stakes in more than 7,000 companies across approximately 60 countries, making it one of the world’s largest institutional investors. Its holdings span equities, fixed income, real estate, and renewable energy infrastructure.
Because of its size, changes in the fund’s portfolio are closely monitored by global investors and often viewed as an indicator of long-term institutional investment trends.
AI Continues to Drive Global Markets
The record results reinforce how artificial intelligence continues shaping global capital markets.
Many of the fund’s largest positions have benefited directly from rising demand for AI chips, cloud computing, software, and digital infrastructure. At the same time, the addition of SpaceX highlights growing institutional interest in private companies operating at the intersection of AI, communications, and aerospace.
As technology companies continue attracting an increasing share of global investment flows, the world’s largest sovereign wealth fund remains heavily positioned to benefit from the next phase of AI-driven growth.
