SpaceX ‘holds talks’ with PIF over $5bn stake in IPO

Billionaire Elon Musk’s SpaceX has had discussions with Saudi Arabia’s Public Investment Fund about PIF potentially taking an anchor stake of around $5 billion in the space company’s IPO, according to a report by Reuters.

The investment would partly prevent dilution of PIF’s existing stake of just under 1 percent in SpaceX, two sources said.

The rocket maker has been lining up anchor investors well ahead of its stock market debut, three other sources said. The company aims to raise a record-breaking $75 billion, which would dwarf previous mega-IPOs such as Saudi Aramco in 2019 and Alibaba in 2014.

SpaceX is trying to gauge investor interest for a deal of this unprecedented scale, the sources said. No final decision has been made, and any investment remains subject to change.

SpaceX did not respond to a request for comment. PIF declined to comment.

Anchor investors are institutional buyers who typically commit to a fixed stake ahead of an IPO roadshow, signalling confidence and helping underpin demand for the offering.

PIF deepened its ties with Musk’s business empire in November 2025, when its AI firm Humain and xAI announced a collaboration to deploy 500 megawatts of data centre capacity in Saudi Arabia. PIF then invested $3 billion via Humain ahead of xAI’s merger with the social media platform X in March 2025.

SpaceX, based in Starbase, Texas, submitted confidential IPO paperwork with the SEC recently and is targeting a market launch later this year.

Further reading:

• UAE space programme at private sector ‘tipping point’
• Humain invested $3bn in xAI before merger with SpaceX
• PIF to release new strategy focused on private sector in ‘weeks’