Norway’s enormous sovereign wealth fund, Norges Bank Investment Management, has taken a substantial position in SpaceX, the leading private space firm founded by Elon Musk.
The Nowergian sovereign wealth fund disclosed that it owns roughly 7.3 million Class A shares in SpaceX, representing a 0.05 percent stake valued at $1.22 billion as of June 30th, reports The Globe and Mail.
Norges Bank Investment Management revealed the position in an updated holdings list released this week alongside results showing a record first-half profit of $184 billion driven largely by technology investments.
SpaceX shares surged after the company’s major IPO in late June before easing amid scrutiny over a valuation that is nearly 77 times projected revenue.
The new holding stays modest next to the fund’s bigger technology positions, such as a 1.3 percent stake in Nvidia worth nearly $62 billion and a 1.2 percent Apple holding valued at about $53 billion. Norges Bank Investment Management also holds a 1.17% stake valued at $50 billion in Google parent Alphabet, a 1.27% stake valued at $35 billion in Microsoft and a 1.7% stake valued at $34 billion in contract chip maker Taiwan Semiconductor Manufacturing.
Norges Bank Investment Management invests Norway’s oil and gas revenues across roughly 7,100 companies worldwide and typically hold an average 1.5 percent of listed firms globally.
The disclosure follows earlier indications that the fund had been evaluating SpaceX as a potential investment opportunity. The Norwegian sovereign wealth fund currently has approximately $2.5 trillion in assets, according to the Sovereign Wealth Fund Institute.