Norway’s $2.3 trillion wealth fund, the world’s largest, held a 0.05% stake in SpaceX worth $1.22 billion as of June 30, it said for the first time on Tuesday, in an updated list of holdings.

The fund’s stake in SpaceX is modest when compared against other tech stocks the fund holds.

It held a 1.28% stake worth $62 billion in Nvidia, a 1.24% stake worth $52 billion in Apple, a 1.17% stake worth $50 billion in Alphabet, a 1.27% stake worth $35 billion in Microsoft and a 1.7% stake worth $34 billion in Taiwan Semiconductor Manufacturing, fund data showed.

Investing the Norwegian state’s revenues from oil and gas production, the fund owns on average 1.5% of all listed companies globally, making it the world’s largest single investor.

Overall the fund is invested in some 7,100 companies globally. It also invests in stocks, property and renewable projects.

SpaceX shares rallied sharply in the wake of its record-breaking IPO in late June, followed by a sharp pullback as investors questioned whether a lofty valuation of 77 times expected revenue could be justified.

Founder Elon Musk holds over 80% of voting rights and combines the roles of chair, chief executive officer and chief technology officer, raising questions about the company’s governance and the rights of independent shareholders such as the fund.

The Norwegian sovereign wealth fund will hold a press conference on Wednesday at 0800 GMT to present its half-year results.

(Reporting by Gwladys Fouche in Arendal, editing by Terje Solsvik)