Norway’s Wealth Fund Hits Record $184B Profit, Reveals SpaceX Stake

The fund’s total market value climbed to 22.683 trillion kroner, or approximately $2.3 trillion, by June 30. This growth marks a sharp recovery from a sluggish first quarter, driven largely by a rally in Asian technology stocks and semiconductor companies. CEO Nicolai Tangen noted that the second quarter yielded an 11.5% return, the strongest quarterly performance in six years.

Strategic Shifts in Portfolio Concentration

The newly revealed 0.05% stake in SpaceX comprises 7.3 million Class A shares. While modest compared to early backers like Alphabet, the investment underscores the fund's appetite for major public listings. The portfolio remains heavily weighted toward technology, with Nvidia, Apple, and Alphabet ranking among the fund's top holdings. Currently, the 10 largest investments account for 20% of the total portfolio, a concentration level that Tangen identified as a potential risk for a fund intended to provide broad market diversification. Despite this, equities continue to dominate the fund’s structure, accounting for over two-thirds of its total assets, supplemented by fixed-income securities and renewable energy infrastructure.