Saudi Arabia’s Wealth Fund Is Eyeing a $5 Billion Bet on SpaceX’s IPO

TLDR

• SpaceX has held talks with Saudi Arabia’s Public Investment Fund (PIF) about a potential $5 billion anchor stake in its upcoming IPO.
• The investment would help protect PIF’s existing stake of just under 1% in SpaceX from dilution.
• SpaceX has filed confidential IPO paperwork with the SEC and is targeting a market launch later this year.
• The IPO aims to raise up to $75 billion, which would surpass Saudi Aramco and Alibaba’s landmark listings.
• SpaceX could be valued at more than $1.75 trillion, according to Bloomberg.

SpaceX, the rocket and satellite company founded by Elon Musk, is moving closer to a public listing. The company has had talks with Saudi Arabia’s Public Investment Fund about PIF taking an anchor stake of around $5 billion in its IPO, according to two sources familiar with the matter, as reported by Reuters.

No final decision has been made. Any investment remains subject to change, the sources said. Both SpaceX and PIF declined to comment.

PIF already holds just under 1% of SpaceX. The potential $5 billion investment would partly prevent that stake from being diluted when new shares are issued during the IPO.

Anchor investors are large institutional buyers who commit to a stake before an IPO roadshow begins. Their involvement signals confidence and helps build demand for the offering.

SpaceX has been lining up anchor investors well ahead of its stock market debut. A large portion of the allocation is also expected to go to wealthy individual investors served by the underwriting banks.

The IPO is targeting a raise of up to $75 billion. That would break records set by Saudi Aramco’s $25.6 billion listing in 2019 and Alibaba’s $25 billion debut in 2014.

Bloomberg has previously reported that SpaceX could seek a valuation of more than $1.75 trillion. That would make it one of the most valuable companies ever to go public.

SpaceX’s Ties to Saudi Arabia

PIF deepened its relationship with Musk’s business empire in November 2025. PIF’s AI firm HUMAIN and Musk’s xAI announced a deal to deploy 500 megawatts of data center capacity in Saudi Arabia.

PIF then invested $3 billion through HUMAIN ahead of xAI’s merger with the social media platform X in March 2025.

IPO Filing and Timeline

SpaceX, based in Starbase, Texas, submitted confidential IPO paperwork with the U.S. Securities and Exchange Commission. The company is targeting a market launch later in 2025.

Multiple reports on Wednesday confirmed the confidential filing, before the Reuters report on the Saudi talks emerged a day later.

SpaceX operates in rockets, satellites through its Starlink service, and artificial intelligence. The company has grown rapidly and has become one of the most valuable private companies in the world.

The $75 billion fundraising target reflects the scale at which SpaceX is now operating. If achieved, it would be the largest IPO in history by amount raised.

PIF is one of the world’s largest sovereign wealth funds, with assets estimated at over $900 billion. Its potential anchor role underlines the global appetite for a SpaceX public listing.

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