Norway’s wealth fund cuts stake in SpaceX to $1.2 billion

Norway’s $1.8 trillion sovereign wealth fund trimmed its stake in SpaceX to $1.2 billion in the first quarter, according to its latest portfolio disclosure.

Norges Bank Investment Management, which manages the Government Pension Fund Global, reported the reduction in its quarterly holdings update released on Friday. The stake, valued at $1.2 billion at the end of March, reflects a decline from the prior quarter’s position.

The fund’s investment in SpaceX remains one of its larger individual holdings in the private technology sector, though the exact size of the reduction was not specified. SpaceX, led by Elon Musk, continues to expand its satellite internet business and rocket launch services amid growing demand for low-Earth orbit connectivity.

Norges Bank Investment Management’s portfolio adjustments are closely monitored as indicators of broader institutional sentiment toward high-growth private companies. The fund’s latest disclosure did not include additional details on the rationale behind the stake reduction.

The Government Pension Fund Global, one of the world’s largest sovereign wealth funds, holds diversified assets across equities, fixed income, and real estate globally.