Elon Musk's SpaceX Lands $1.22 Billion Investment From Norway’s $2.3 Trillion Sovereign Wealth Fund
Key takeaways
- Norway's sovereign wealth fund invested $1.22 billion in SpaceX, valuing the company at $1.22 billion.
- Norway's sovereign wealth fund invested $1.22 billion in SpaceX
- The fund's stake is valued at $1.22 billion
- SpaceX's revenue surged 92% year over year to $7.8 billion
What happened
Norway's $2.3 trillion sovereign wealth fund invested $1.22 billion in SpaceX, Elon Musk's Space Exploration Technologies Corp.
Why it matters
The fund's investment in SpaceX is significant, as it values the company at $1.22 billion, and the fund owns a 0.05% stake in the company.
Short-term and longer-term
Short-term. Over the next day or two, watch Elon Musk's SpaceX after the open: does the first move hold, and do other companies in the same business move with it.
Longer-term. The fund's investment in SpaceX is a significant vote of confidence in the company's potential, as billionaire investor Ron Baron predicted the company could be worth $14 trillion in 10 years.