OSLO, April 23 - Norway’s $2.2 trillion sovereign wealth fund is assessing a possible investment in SpaceX, the fund’s deputy CEO confirmed on Thursday. The rocket and satellite company controlled by Elon Musk is slated to pursue a $1.75 trillion initial public offering, an offering that is expected to take place this summer and could rank among the largest on record.
When asked about whether the fund had been approached to participate as an investor, Deputy CEO Trond Grande said in an interview: "we have dialogue with companies, right? So, we also have dialogue with SpaceX." Asked directly if the fund was evaluating whether such an opportunity could be of interest, Grande replied: "That is what we are doing." He declined to provide further details.
The comments came the same day the fund released first-quarter financial results showing a loss of 636 billion crowns, equivalent to $68.44 billion. The fund attributed part of the strain on its portfolio to the impact of the war in the Middle East on global stock markets.
The discussion over SpaceX follows the company’s move toward an extraordinarily large share sale. The potential $1.75 trillion IPO, planned for this summer, would represent a significant event in capital markets if it proceeds as outlined. Norway’s sovereign wealth fund, which manages roughly $2.2 trillion in assets, regularly engages in dialogue with corporations as part of its investment processes, and Grande’s comments confirm such engagement is occurring in this instance.
Grande did not expand on the nature of the talks or indicate any timeline for a decision. The fund’s openness to dialogue with SpaceX is consistent with its general investment approach, but whether the assessment will result in a commitment remains unspecified.
Contextual note: The fund’s reported first-quarter loss and its consideration of a potential SpaceX investment were disclosed on the same day, but no linkage beyond timing and concurrent reporting was provided by the deputy CEO.