Norwegian SWF Harvests Rp3,000 Trillion Profit, Nvidia and Apple Drive Returns
Norway’s sovereign wealth fund, the Government Pension Fund Global, posted a profit of more than US$184 billion in the first half of 2026.
The performance reinforces the position of the SWF, managed by Norges Bank Investment Management (NBIM), as one of the most influential institutional investors in global financial markets.
Norway’s SWF was established to manage the country’s oil and gas revenue surplus for future generations. As of the end of the first half of 2026, its assets under management reached approximately US$2.34 trillion.
NBIM invests in more than 7,000 companies across various countries and holds a stake of around 1.5% of the total value of all listed shares worldwide.
Profit in the first six months of 2026 reached more than 1.75 trillion Norwegian kroner. NBIM recorded a return of 9.4% for the period, primarily supported by rising Asian technology stock prices. The AI trend and high demand for computing infrastructure were key drivers for global equity markets.
The latest spotlight falls on the disclosure of NBIM’s stake in SpaceX. The Norwegian SWF holds 0.05% of the shares in Elon Musk’s space company, valued at around US$1.23 billion as of 30 June 2026. This marks one of the latest disclosures by a major institutional investor in the previously private company.
However, SpaceX has not yet entered the list of the Norwegian SWF’s 10 largest holdings. The top positions are still occupied by giant technology issuers and semiconductor manufacturers enjoying a surge in demand due to the artificial intelligence (AI) trend.
The total value of the 10 largest holdings reached approximately US$346.7 billion, or nearly 15% of the Norwegian SWF’s total assets under management. Nvidia is the largest investment, followed by Apple and Alphabet. Six of the 10 largest issuers are based in the United States, while the rest come from Taiwan, South Korea and the Netherlands.
The composition shows NBIM’s position across nearly the entire chip industry supply chain. Nvidia and Broadcom are on the semiconductor design side, TSMC and Samsung are chip manufacturers, ASML supplies lithography machines, while SK hynix fulfils the need for high-capacity memory for AI data centres.
The investment in SpaceX also adds to NBIM’s exposure to Musk-led companies. The Norwegian SWF previously held around 1% of Tesla shares, valued at approximately US$15.72 billion at the end of the first half of 2026.
Although its value is far smaller than NBIM’s largest technology holdings, SpaceX remains relevant because its business encompasses rocket launches, Starlink satellite internet, and expansion into computing and AI technology.
NBIM is not the only SWF to report a direct investment in SpaceX. Based on disclosures from the respective parties, at least two other state investors have declared direct ownership in the company.
Oman Investment Authority (OIA) has officially stated that it is a shareholder in SpaceX. OIA also said its investment in the company has delivered an internal rate of return above 37%, although the investment value and shareholding percentage were not published.
Meanwhile, Temasek stated in its annual report that it has invested in Elon Musk’s SpaceX. Like OIA, the Singaporean state investor did not disclose the investment value or percentage of share ownership.
The entry of several SWFs into SpaceX shows that the space company is no longer merely a venture capital story. SpaceX is increasingly viewed as a strategic asset at the intersection of the rocket launch industry, satellite connectivity through Starlink, and AI technology.