Norway’s $2.3 trillion sovereign wealth fund, the world’s largest, recorded a profit of 1.75 trillion Norwegian crowns ($184.3 billion) in the first half of 2026, marking its strongest first-half result on record. Strong equity markets, particularly in Asian technology stocks, provided the main boost to the fund’s performance.
Technology Stocks Drive Strong Returns
“The result is driven by good returns in the equity market, particularly from Asian technology stocks,” said Nicolai Tangen, CEO of Norges Bank Investment Management, which manages the fund.
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With investments across around 7,100 companies worldwide, Norway’s wealth fund owns an average of 1.5% of all publicly listed companies globally. Among its largest technology holdings are a 1.28% stake in Nvidia worth around $62 billion, a 1.24% position in Apple valued at $52 billion and a 1.17% holding in Alphabet worth approximately $50 billion.
Other major investments include a 1.27% stake in Microsoft valued at $35 billion and a 1.7% position in Taiwan Semiconductor Manufacturing Company worth around $34 billion.
Norway Fund Reveals SpaceX Investment
Norway’s wealth fund also disclosed a 0.05% stake in SpaceX worth approximately $1.22 billion as of June 30. While relatively small compared with its other major technology investments, the holding adds the private space company to the fund’s expanding technology portfolio.
SpaceX shares rose sharply following its record-breaking IPO in late June before retreating as investors questioned whether a valuation equivalent to around 77 times expected revenue could be justified.
A Major Force In Global Markets
Norway’s sovereign wealth fund invests revenues from the country’s oil and gas industry across equities, property and renewable energy projects. Its broad portfolio and significant stakes in thousands of companies make it one of the most influential investors in global financial markets.
