Norway Sovereign Wealth Fund Discloses $1.22 Billion SpaceX Stake

The Government Pension Fund Global, Norway's sovereign wealth fund and the world's largest with assets totaling US$2.3 trillion, disclosed a US$1.22 billion stake in Space Exploration Technologies Corp. on Tuesday. The updated holdings list reveals the fund owns 0.05% of the aerospace company, marking the first time the fund has publicly acknowledged this specific investment.

This position is relatively small compared to the fund's multi-billion dollar holdings in Alphabet, Apple, and Nvidia. However, the disclosure follows a period of volatility for SpaceX shares after the company completed a record-breaking initial public offering in late June.

The investment has sparked governance concerns due to the concentrated power of founder Elon Musk, who serves as CEO, CTO, and chair while retaining over 80% of the company's voting rights. The fund, which manages oil and gas revenues across approximately 7,100 global companies, is expected to provide further details during a press conference on Wednesday to present its half-year results.