While the SpaceX holding represents a significant dollar amount, it remains a minor component of the fund’s broader technology strategy. The Norwegian entity maintains far larger positions in industry titans, including a $62 billion stake in Nvidia and $52 billion in Apple. These investments are fueled by the state’s massive oil and gas revenues, which allow the fund to own an average of 1.5% of every listed company on the planet.

Governance concerns linger regarding the SpaceX investment. Elon Musk retains over 80% of voting rights, effectively centralizing control as chair, CEO, and chief technology officer. This structure limits the influence of outside shareholders, including the Norwegian fund, even as the company navigates a volatile valuation currently pegged at 77 times expected revenue. The fund is set to detail its full half-year performance during a press conference in Arendal this Wednesday.