Norway’s $2.34 trillion sovereign wealth fund recorded a record profit of more than $184 billion in the first half of 2026, boosted by strong performance from Asian technology stocks.
Norges Bank Investment Management (NBIM), which manages the fund, reported a 9.4% return for the first six months. Profit reached more than 1.75 trillion Norwegian kroner, equivalent to around $184.9 billion.
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Asian Technology Stocks Drive Growth
“The result is driven by good returns in the equity market, particularly from Asian technology stocks,” said Nicolai Tangen, CEO of NBIM.
Equities account for more than two-thirds of the portfolio, while other investments include fixed income, real estate and renewable energy infrastructure. U.S. stocks make up around 40% of the portfolio, with Nvidia, Apple and Microsoft among its largest holdings.
SpaceX Stake Revealed For First Time
NBIM also disclosed a 0.05% stake in SpaceX worth more than $1.2 billion as of June 30. Compared with its largest investments, the SpaceX holding remains relatively small. Nvidia accounted for around $61.8 billion of the portfolio, while Apple was valued at approximately $52.7 billion at the end of June.
Norway’s wealth fund also holds a 1% stake in Tesla worth around $15.7 billion, giving it exposure to two major companies led by Elon Musk.
With investments in more than 7,000 companies across over 50 countries, NBIM owns stakes equivalent to around 1.5% of all publicly listed companies globally.
