The oil fund made headlines earlier this summer with news of its investment in Elon Musk’s SpaceX. Now, the recently released portfolio reveals the considerable scale of this financial commitment.
As of June 30, the oil fund held a stake of 0.05 percent in SpaceX, according to its latest holdings list. The voting share allocated to the fund stands at 0.01 percent.
This investment represented a substantial valuation of 12.15 billion kroner, or just over $1.2 billion. By market value, SpaceX ranked as the 235th largest equity investment within the oil fund’s expansive portfolio at that time.
The fund’s overall assets amounted to 22.695 trillion kroner at the close of the second quarter, underscoring its significant market presence.
On June 30, shares of SpaceX were priced at $170.86, but recently, they have dipped to around $131.60. This drop signifies a decline of 22.98 percent, translating to approximately 2.79 billion kroner in reduced market value if the fund maintains its existing number of shares.
In the run-up to the investment’s announcement, the fund had indicated plans to purchase shares. However, when E24 inquired about SpaceX among Norwegian investors on August 1, the oil fund declined to disclose the specifics of its acquisition, suggesting that complete details would be shared alongside its half-year figures.
### A Roller Coaster Ride Since Launch
SpaceX went public on June 12, opening at $135 per share. The stock initially soared above $200 before experiencing a significant downturn. As of early August, it was down by 44 percent from its highest closing price following the IPO.
At one point on August 3, SpaceX shares traded around $108, with analyst price targets showing a stark disparity, ranging from $75 to $800, as reported by Bloomberg. Following the company’s first quarterly report as a public entity, the stock plummeted an additional 13.6 percent, spurred by higher-than-expected expenses tied to AI investments.
Despite these setbacks, it appears there has been a modest recovery in share prices.
### Anticipated Investment
The oil fund’s entry into SpaceX was a matter of some expectation. Trond Grande, the fund’s deputy chairman, noted prior to the IPO that a company of SpaceX’s stature would likely be included in the fund’s benchmark index, making it an essential addition to its holdings.
