Norway's Sovereign Wealth Fund Discloses $1.2B Stake in SpaceX as Stock Surpasses IPO Price

Key Insights

• Norway’s sovereign wealth fund disclosed a 0.05% SpaceX stake worth about $1.22 billion.
• SpaceX stock closed above its $135 IPO price as investors assessed institutional demand.
• About 319 million additional shares are scheduled to become tradable on Aug. 20.

SpaceX stock moved back above its $135 IPO price on Wednesday as investors assessed a new institutional disclosure from Norway’s sovereign wealth fund.

Shares closed around $148.44 after gaining roughly 11% during the session. The rebound followed Tuesday’s 3.9% decline and extended the recovery from SpaceX’s post-earnings selloff.

Norges Bank Investment Management disclosed a 0.05% position in SpaceX worth approximately $1.22 billion as of June 30. The holding adds one of the largest sovereign investors to SpaceX’s shareholder base after its June public-market debut.

SpaceX shares rose 8% to $144 on Wednesday, moving above the company’s $135 IPO price. The rebound followed Tuesday’s decline, when SPCX closed at $133.29 after falling 3.93%. Premarket trading then lifted the shares to $134.90 before the regular session strengthened further.

Wednesday’s recovery also puts the stock near levels reached before Tuesday’s selling erased Monday’s earlier gains. SpaceX raised $75 billion in its June IPO, which priced shares at $135 and valued the company near $1.77 trillion.

Norges Bank Investment Management disclosed about 7.3 million Class A shares, equal to roughly 0.05% of SpaceX. The fund valued the holding at just over $1.2 billion as of June 30. The disclosure marks its first reported SpaceX position and places the company alongside other major U.S. equity holdings in the fund’s portfolio.

NBIM manages Norway’s Government Pension Fund Global, which holds assets of about $2.34 trillion. The fund owns stakes in more than 7,000 companies across over 50 countries. U.S. equities account for roughly 40% of its portfolio, led by holdings in Nvidia, Apple and Microsoft.

NBIM held about 1.3% of Nvidia worth $61.8 billion, and around 1.2% of Apple worth $52.7 billion as of June 30, and owned about 1% of Tesla. The fund reported a record first-half profit of roughly $184.9 billion and a 9.4% return. NBIM’s equity portfolio returned 12.95% during the first half after a 2.6% first-quarter decline and a 15.98% second-quarter rebound.

Meanwhile, Morgan Stanley continues to rate SpaceX Overweight with a $300 base price target. Analyst Adam Jonas also uses a $600 bull case and a $75 bear case. His framework values SpaceX across launch services, Starlink connectivity, computing infrastructure, and enterprise artificial intelligence.

The bank projects total company revenue could reach $319 billion by 2030. Its model also expects AI revenue to rise from about $22 billion in 2026 to $190 billion by 2030. SpaceX expanded that business in June when it agreed to acquire Cursor parent Anysphere through a $60 billion all-stock transaction.

At the same time, SpaceX also faces heavy spending as it expands several businesses at once. The company reported second-quarter revenue of about $7.8 billion, up 92% from a year earlier, while recording a $541 million net loss. Capital spending reached about $18.4 billion, including around $15.8 billion for AI investments.

Starlink reached about 12 million subscribers during the quarter as SpaceX kept investing in satellites, launches, and computing capacity.

This article is for informational purposes only and does not constitute financial or investment advice. Equity markets can be highly volatile. Readers should conduct their own research before making investment decisions.

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