A newly disclosed investment by Norway’s sovereign wealth fund offers another useful window into the enormous value attached to SpaceX — and, indirectly, Elon Musk’s fortune.
Norway’s $2.3 trillion sovereign wealth fund held a 0.05% stake in SpaceX worth about $1.22 billion as of June 30, 2026, according to holdings data reported by Reuters. It was the fund’s first official disclosure of an investment in the rocket and satellite company.
The percentage sounds tiny. The dollar value does not.
If 0.05% of SpaceX is worth $1.22 billion, the figures underline just how valuable the company has become and why Musk’s ownership remains such an important part of his overall wealth.
How Much Is Norway’s SpaceX Stake Worth?
Norway’s fund reported:
- SpaceX ownership: approximately 0.05%
- Value as of June 30, 2026: about $1.22 billion
- Norwegian sovereign wealth fund size: roughly $2.3 trillion
The investment is relatively small by the fund’s standards. It has tens of billions of dollars invested in companies including Nvidia, Apple, Alphabet and Microsoft.
SpaceX is different because of its unusually high valuation and its close connection to Musk’s personal wealth.
The company went public in a record-setting IPO in June 2026, giving investors a clearer market price for a business that had spent most of its history privately held.
What Does the Investment Say About SpaceX’s Valuation?
A simple calculation using the Norwegian fund’s disclosed numbers produces an implied value of roughly $2.44 trillion:
$1.22 billion ÷ 0.0005 = $2.44 trillion
That calculation should not be treated as a precise independent valuation of SpaceX. The reported ownership percentage is rounded, while share prices and holdings can change.
Still, it shows the scale investors are assigning to the company.
SpaceX shares climbed after the June IPO, according to Reuters. The enthusiasm has also produced questions about how much future growth is already reflected in the share price. Reuters reported that the company was trading at about 77 times expected revenue, an unusually rich valuation even for a fast-growing technology business.
Why SpaceX Is So Valuable
SpaceX is no longer simply a rocket-launch company.
Its business now spans several major areas, including orbital launches, Starlink satellite internet, government contracts, Starshield defense-related services and development of the Starship launch system.
Starlink has become especially important.
Reuters reported earlier in 2026 that SpaceX had launched about 9,500 Starlink satellites since 2019 and built a broadband service with more than 9 million users.
The recurring revenue from Starlink gives SpaceX something traditional launch companies generally lack: a large consumer and commercial subscription business.
That revenue also helps finance Starship, Musk’s enormous reusable rocket program designed for larger satellite deployments and, eventually, missions beyond Earth.
How Much of SpaceX Does Elon Musk Own?
Musk remains the dominant figure behind SpaceX, although his economic ownership and voting control are not the same thing.
Reuters reported that Musk retains more than 80% of SpaceX’s voting rights.
That gives him extraordinary influence over the company even though outside investors own significant economic stakes.
This distinction matters when discussing Elon Musk’s net worth. A person can control a company through voting rights without owning the same percentage of its total equity.
For that reason, Musk’s SpaceX wealth should be calculated using his actual economic ownership rather than simply multiplying the company’s valuation by his voting percentage.
SpaceX Has Become a Major Part of Elon Musk’s Wealth
Tesla was once the obvious centerpiece of Musk’s fortune. SpaceX has increasingly challenged that position.
For years, valuing Musk’s SpaceX stake required estimates based on private fundraising rounds and employee share transactions. A public market price makes that calculation more transparent, although Musk’s precise economic stake still matters.
That means movements in SpaceX shares can now have a substantial effect on estimates of Elon Musk’s net worth.
A major SpaceX rally can add billions to the paper value of his holdings. A sharp decline can erase billions just as quickly.
This is why billionaire net-worth estimates should never be confused with cash sitting in a bank account. Much of Musk’s wealth is tied to ownership interests whose values fluctuate.
SpaceX Was Already Producing Billions in Profit
SpaceX entered 2026 from a position of financial strength.
Reuters reported in January that the company generated roughly $8 billion in profit in the previous year, according to sources familiar with its finances.
Starlink was a major contributor.
That separates SpaceX from highly valued technology companies that rely primarily on expectations of future profitability. Investors are assigning an enormous valuation to the business, but SpaceX also has substantial existing operations behind that valuation.
The question is whether its future earnings can grow fast enough to justify the price investors are paying.
Why Norway’s Investment Matters
Norway’s sovereign wealth fund is the largest of its kind in the world and owns stakes across thousands of companies.
Its SpaceX position does not mean the fund is making an unusually concentrated bet on Musk. A $1.22 billion investment represents only a small fraction of a $2.3 trillion portfolio.
The disclosure is more interesting because it provides a concrete institutional holding that can be compared with SpaceX’s broader market value.
A fraction of one percent of the company is already worth more than $1 billion.
That alone illustrates how dramatically SpaceX has grown from the private rocket startup Musk founded in 2002.
