Norway's sovereign wealth fund posted a record $184 billion profit and revealed a SpaceX stake

The world's largest sovereign wealth fund, Norway's $2.3 trillion Government Pension Fund Global, reported a record-high profit of $185 billion for the first half of 2026. This surge in profitability can be attributed to strong returns from Asian technology stocks, contributing to the overall performance of the fund's portfolio.

The Government Pension Fund Global, also known as the Norway oil fund due to its inception from oil and gas revenues, holds investments in numerous large global companies, with over half of its equity investments located in the U.S. market. Created in the 1990s, the fund now owns shares in approximately 1.5% of all listed companies worldwide, averaging a 1.5% ownership stake.

In the first six months of 2026, the fund's profit before foreign exchange adjustments amounted to 1.753 billion Norwegian crowns, or $185 billion, marking a more than doubling of profits compared to the same period in 2025. This increase was primarily driven by favorable returns in the equity market, especially from Asian technology stocks.

CEO of Norges Bank Investment Management, Nicolai Tangen, attributed the impressive results to the strong equity market performance, particularly in Asian technology stocks. The fund's investments yielded a record-high return of 9.4% in Norwegian crowns during the first half of 2026, up by 0.22 percentage points compared to the benchmark index.

As of June 30, the fund's value reached 22.683 trillion crowns, or $2.39 trillion, representing a 1.416 trillion crown, or $149 billion, increase from the same period a year earlier. Equity investments accounted for 72.1% of the fund's total value at the end of the first half of 2026, while fixed-income investments made up the remaining 25.8%.

Among the fund's most valuable investments were Nvidia, Apple, and Microsoft. The fund's equity investments returned a substantial 13.0% in the first half of 2026, with telecommunications, technology, and energy sectors providing the strongest returns. Earlier this month, Norges Bank Investment Management informed the U.S. Securities and Exchange Commission (SEC) about its stance regarding the proposal to eliminate current requirements for climate-related risks and disclosures.