Norway’s sovereign wealth fund, the world’s largest with assets of approximately $2.2 trillion, is assessing whether to take a stake in SpaceX ahead of the aerospace group’s planned initial public offering, the fund’s deputy chief executive said in an interview.
The company controlled by Elon Musk is expected to pursue an initial public offering valued at $1.75 trillion this summer. Asked about whether the fund had been approached to participate as an investor, Trond Grande said: "We have dialogue with companies, right? So, we also have dialogue with SpaceX."
Grande confirmed the sovereign wealth fund is considering whether an investment in SpaceX could be of interest, but he declined to provide further details on the nature or timing of any potential commitment.
The deputy CEO’s remarks came shortly after the fund disclosed its first-quarter financial results. For the quarter, the fund posted a loss of 636 billion Norwegian crowns, equivalent to $68.44 billion. Grande noted that the war in the Middle East was a factor weighing on global equity markets during the period, contributing to the loss.
Beyond confirming dialogue with SpaceX, the fund did not offer additional commentary on the size of any possible investment, whether any commitments had been made, or the timeframe for a decision. The fund’s posture at this stage is evaluative rather than declarative, reflecting an open assessment rather than a confirmed transaction.
Given the information available, there are clear limits to what can be concluded. The fund’s interest is under assessment, the IPO is planned for the summer with the $1.75 trillion figure cited, and the Q1 loss of 636 billion crowns was reported with the Middle East conflict identified as a headwind for global stocks. Further details about next steps, allocation size, or timing were not provided.
Summary
Norway’s $2.2 trillion sovereign wealth fund is evaluating a potential investment in SpaceX ahead of the company’s planned $1.75 trillion IPO this summer. Deputy CEO Trond Grande confirmed dialogue with SpaceX but gave no further details. The remarks followed a reported first-quarter loss of 636 billion crowns, which the fund linked in part to market pressure from the war in the Middle East.