Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Norway's largest sovereign wealth fund, worth $2.3 trillion, has announced a $1.22 billion investment in Elon Musk's Space Exploration Technologies Corp. This marks the first time the fund has publicly disclosed an investment in the company.
The Norwegian fund, primarily sustained by the country's oil and gas revenues, reported a record profit of $184.3 billion for the first half of the year, largely driven by technology stocks. The fund is recognized as the world's largest single investor, owning an average of 1.5% of all listed companies globally. The fund disclosed its 0.05% stake in SpaceX, valued at $1.22 billion as of June 30, on Tuesday.
While this investment is substantial, it pales in comparison to its other tech holdings. A single bad hire can set a startup back years. Here are the 5 hires founders most often misjudge — and why Still Learning the Market?
These 50 Must-Know Terms Can Help You Catch Up Fast The fund owns a 1.28% stake in Nvidia Corp. worth $62 billion, a 1.24% stake in Apple Inc. worth $52 billion, a 1.17% stake in Alphabet Inc. worth $50 billion, a 1.27% stake in Microsoft Corp. worth $35 billion, and a 1.7% stake in Taiwan Semiconductor Manufacturing worth $34 billion. The Norwegian fund's portfolio includes approximately 7,100 companies worldwide, spanning bonds, property, and renewable projects. Morgan Stanley recently projected that SpaceX's stock could hit $600.
The firm expects Cursor's annual recurring revenue to reach $8 billion by year-end and $33 billion by 2030. Analyst Adam Jonas said growing evidence around the Cursor-Grok partnership could narrow the valuation discount on SpaceX's AI business and potentially drive significant stock gains. Billionaire investor Ron Baron predicted the company could be worth $14 trillion in 10 years, based on the potential of SpaceX's AI business and the revenue from Starlink, its global connectivity venture.
See Also: Avoid the #1 Investing Mistake: How Your 'Safe' Holdings Could Be Costing You Big Time Despite concerns about the increase in insider-held shares becoming eligible for trading, the stock gained nearly 3% on the day eligibility kicked in. This suggests that the market had already absorbed much of the lockup anxiety. SpaceX's revenue surged 92% year over year to $7.8 billion, while its net loss narrowed to $541 million.
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