SemiconductorsBRIEF

Norway's $2.3 Trillion Wealth Fund Discloses First-Ever SpaceX Stake, Alongside TSMC and NVIDIA Holdings

林紀旭 James LinEditor-in-Chief
Published · Updated
According to TechNews and a CNA report carried by UDN Money, Norway's $2.3 trillion sovereign wealth fund disclosed for the first time on August 12, 2026 that it holds a 0.05% stake in SpaceX, alongside 1.7% of TSMC (台積電, worth $34 billion) and 1.28% of NVIDIA (輝達, worth $62 billion), based on holdings as of June 30, 2026.

Norway's fund discloses first-ever SpaceX stake — size and Musk's voting control

Norway's sovereign wealth fund revealed for the first time that it holds a 0.05% stake in SpaceX, according to a report by TechNews (finance.technews.tw), which quoted the fund's June 30, 2026 holdings disclosure: "今天公布的持股中首次揭露擁有 SpaceX 0.05% 股份" (the holdings published today reveal for the first time a 0.05% stake in SpaceX). The same disclosure was independently reported in a CNA report carried by UDN Money (money.udn.com), which confirmed the identical 0.05% figure.

Both reports also note that SpaceX founder Elon Musk holds more than 80% of the company's voting power, while simultaneously serving as chairman, CEO, and CTO — a structure described identically in the TechNews and UDN Money/CNA accounts.

TSMC's place in the portfolio

According to both TechNews and the CNA report carried by UDN Money, Norway's fund holds 1.7% of TSMC (台積電/TSMC), a position valued at $34 billion as of the June 30, 2026 reporting date. Both outlets cite the identical figures, drawn from the same fund disclosure.

NVIDIA's weight in the fund's holdings

The fund's NVIDIA (輝達/NVIDIA) position stands at 1.28%, valued at $62 billion, per both TechNews and the CNA report carried by UDN Money. At $62 billion, this is the largest disclosed single technology holding among the positions covered in this release — exceeding both the TSMC stake ($34 billion) and the fund's Apple position (below).

Scrutiny over SpaceX's valuation multiple

TechNews and the CNA report carried by UDN Money both note that SpaceX's valuation has drawn investor scrutiny over a 77-times expected-revenue multiple. Per both reports: "因投資人質疑其預期營收77倍的高昂估值是否合理,隨後出現一波急跌" (as investors questioned whether the 77-times expected-revenue valuation was justified, a sharp selloff followed).

Fund's overall scale and global reach

Norway's sovereign wealth fund manages $2.3 trillion in assets — equivalent to roughly NT$74.2210 trillion — according to both TechNews and the CNA/UDN Money report. TechNews further reports that the fund holds an average stake of 1.5% across all publicly listed companies worldwide, a position the report describes as making it "全球最大的單一投資人" (the world's largest single investor). Both TechNews and the CNA/UDN Money report state the fund holds positions in roughly 7,100 companies globally.

Stakes in Apple, Alphabet, and Microsoft

TechNews reports the fund also holds 1.24% of Apple (蘋果), valued at $52 billion; 1.17% of Alphabet, valued at $50 billion; and 1.27% of Microsoft (微軟), valued at $35 billion — all as of the June 30, 2026 disclosure date.

HoldingStakeValue (USD)
SpaceX0.05%Not disclosed
TSMC (台積電)1.7%$34 billion
NVIDIA (輝達)1.28%$62 billion
Apple (蘋果)1.24%$52 billion
Microsoft (微軟)1.27%$35 billion
Alphabet1.17%$50 billion

When the fund disclosed the holdings

According to TechNews, Norway's sovereign wealth fund held a press conference at 4pm Taiwan time on the same day to release its first-half results, at which the SpaceX, TSMC, and NVIDIA holdings — among others — were disclosed.

What this means

Taken together, the disclosed figures show a fund whose median global stake is 1.5% across roughly 7,100 companies (per TechNews and the CNA/UDN Money report), against which its SpaceX position (0.05%) is markedly smaller than its stakes in TSMC (1.7%), NVIDIA (1.28%), Microsoft (1.27%), Apple (1.24%), and Alphabet (1.17%) — all of which sit at or above the fund's own global average. The SpaceX disclosure also lands alongside two facts reported in the same release: Musk's concentration of more than 80% of SpaceX's voting power in a single individual, and investor scrutiny of SpaceX's 77-times expected-revenue valuation that both TechNews and the CNA/UDN Money report tie to a subsequent selloff. Among the fund's disclosed AI-and-chip-adjacent holdings, NVIDIA's $62 billion valuation is the single largest figure reported, ahead of TSMC's $34 billion and Apple's $52 billion.

📊 Evidence

FAQ

How large is Elon Musk's voting stake in SpaceX?

According to both TechNews and a CNA report carried by UDN Money, Musk holds more than 80% of SpaceX's voting power while also serving as chairman, CEO, and CTO.

What valuation concern has been raised about SpaceX?

Both TechNews and the CNA/UDN Money report note that investors have questioned SpaceX's valuation at 77 times expected revenue, which was followed by a sharp selloff.

When did Norway's sovereign wealth fund disclose these holdings?

Per TechNews, the fund held a press conference at 4pm Taiwan time to release first-half results; the underlying stake data is dated June 30, 2026.

📎 Sources

  1. finance.technews.tw
  2. money.udn.com
林紀旭 James LinEditor-in-Chief

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