Norway's state-owned investment fund, the world's largest sovereign wealth vehicle, reported record annual profits of $184 billion and disclosed for the first time that it holds a stake in SpaceX, according to figures released by Norges Bank Investment Management.
What Happened
Norges Bank Investment Management (NBIM), which manages Norway's Government Pension Fund Global, published its annual report showing total returns of $184.1 billion for 2025. The disclosure marks the first time the fund has publicly revealed an investment in SpaceX, the aerospace company founded by Elon Musk that operates the Starlink satellite internet constellation.
Why It Matters
The revelation signals that one of the world's most influential institutional investors has taken a position in SpaceX at a time when the company's valuation has grown substantially. SpaceX's Starlink business has become a key revenue driver, providing internet services to consumers, airlines, and maritime operators globally. For NBIM, the investment diversifies its portfolio beyond traditional technology holdings such as Nvidia and Apple.
The Bottom Line
NBIM's disclosure of a SpaceX stake, combined with its record $184 billion profit, reflects the growing intersection between sovereign wealth capital and the commercial space industry. Details on the size or valuation of NBIM's position were not included in the report.