Gulf sovereign wealth funds are lining up to pour billions of dollars into SpaceX’s initial public offering, positioning themselves for what could be the most massive stock market debut ever attempted.
Saudi Arabia’s Public Investment Fund is negotiating a potential anchor commitment of up to $5B, according to recent reports. That single check would make PIF one of the defining investors in a deal that aims to raise as much as $75B at a valuation somewhere between $1.7 trillion and $1.77 trillion.
For context, that valuation would make SpaceX worth more than every publicly traded company on Earth except a handful of names. And the fundraising target would surpass the previous record set by Saudi Aramco’s IPO back in 2019, which raised roughly $25.6B.
A constellation of Gulf capital
Abu Dhabi’s MGX and Mubadala, Qatar Investment Authority, and Oman Investment Authority all hold positions in SpaceX or related Elon Musk ventures. Their combined stakes could be valued at $15B to $17B at IPO pricing.
