World's biggest wealth fund buys $1.2 billion of SpaceX stock

Norway’s $2.3 trillion Government Pension Fund Global disclosed its first-ever stake in SpaceX, buying a 0.05% position worth $1.22 billion as of June 30. The disclosure is being read as a credibility boost for SpaceX stock, which has been volatile since its June 12 IPO. The article argues that a conservative, globally diversified sovereign wealth fund owning the name may help validate SpaceX’s valuation and attract further institutional interest, even though the stake itself is too small to move the shares materially. SpaceX remains highly valued and risky: it rallied to $225.64 on June 16, fell to $104.83 by Aug. 3, and closed at $133.29 on Aug. 11. Investors are told to watch Starlink growth, Starship execution, and capital spending, since the company still posted a Q2 net loss and heavy capex despite strong revenue growth.