Norway's $2.3T Wealth Fund Reveals $1.2B SpaceX Stake
SPCX sits 27% above its 52-week low of $104.83.
Summary
Norway's sovereign wealth fund disclosed a 0.05% stake in SpaceX worth $1.2 billion as of June 30, marking its first investment in the rocket company. The disclosure came alongside the fund's record $184 billion first-half profit, driven by tech stocks. This adds a major institutional endorsement to SpaceX's post-IPO narrative, following its $86 billion IPO in June and subsequent surge to a $2.94 trillion valuation. The stake, while small relative to the fund's $2.3 trillion assets, signals confidence from one of the world's most influential investors.
At the time of this announcement, SPCX was trading at $132.98 on NASDAQ in the Technology sector, with a market capitalization of approximately $1.8T. The 52-week trading range was $104.83 to $225.64. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.