Norway’s sovereign wealth fund is the world's largest at $2.3 trillion. The fund disclosed a $1.22 billion investment in SpaceX, marking its first-ever public investment in the company. Other institutional investors, including Hyperion Asset Management, recently acquired significant positions in the firm.
Analysts increasingly view SpaceX as a provider of AI compute rather than just a rocket manufacturer. Morgan Stanley reiterated an overweight rating on the stock, citing growth in AI capabilities and enterprise contracts.
The investment follows a period of price volatility ahead of a recent insider share lock-up expiration.