World's largest sovereign wealth fund posts record $184 billion profit as it reveals SpaceX stake for the first time
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- NBIM posted a record half-year profit of ~$184.9 billion (1.75 trillion Norwegian kroner) on a 9.4% return driven by Asian technology stocks, lifting the fund to ~$2.34 trillion in total value.
- NBIM disclosed a 0.05% SpaceX stake worth just over $1.2 billion — its first-ever reveal of the position — alongside a 1% Tesla stake valued at ~$15.7 billion, making it a major investor in both Musk-led public companies.
- Nvidia leads NBIM's U.S. holdings at a 1.3% stake worth $61.8 billion, with Apple close behind at 1.2% ($52.7 billion), and U.S. equities comprising roughly 40% of the overall portfolio.
- Elon Musk has clashed with NBIM after it voted against his $56 billion Tesla pay package in 2024 and his trillion-dollar pay package at Tesla's late 2025 shareholder meeting, with Musk reportedly texting CEO Tangen: 'Friends are as friends do.'
- NBIM's equity holdings fell 2.6% in Q1 on AI jitters and U.S.-Iran war concerns, then rallied 15.98% in Q2 to produce a 12.95% first-half return.
- Nicolai Tangen warned that the $2.34 trillion fund 'can disappear,' declaring 'no country in history has managed to hold on to a large financial fortune over time' and that Norway 'must be prepared for the value to go up and down.'
Why it matters: NBIM's first-ever SpaceX disclosure shows how the world's largest sovereign investor is now spread across both Musk-led public companies — a $1.2 billion SpaceX slice and a $15.7 billion Tesla position. Tangen's stark warning that the fund 'can disappear' reframes $2.34 trillion in public wealth as permanently exposed to market cycles, even after a record-breaking half.
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