Gulf wealth funds have put in orders for shares worth several billions of dollars in SpaceX's initial public offering, according to sources, the latest indication of the region's ambitions to continue playing a lead role in bankrolling the global artificial intelligence buildout.
Saudi Arabia's Public Investment Fund and Kuwait Investment Authority have each placed orders for shares worth $1 billion to $5 billion, the people said, asking not to be identified discussing confidential information. The $580 billion Qatar Investment Authority is also likely to make a significant commitment, the people said.
Entities based in the region are already prominent shareholders in Elon Musk's rocket, satellite and AI firm, and many are sitting on large paper gains based on the billionaire's targeted valuation of $1.8 trillion, the people said. It wasn't immediately clear how much of the planned outlay is intended to prevent dilution of existing stakes after SpaceX's listing.
The interest from the Gulf is part of a broader rush into the deal from global institutional investors, whose orders have exceeded the number of shares on offer. Some have bid for $10 billion or more, though the eventual allocations might be smaller.
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Representatives for PIF and QIA declined to comment. KIA did not immediately respond to a request for comment.
West Asian petrostates have poured billions of dollars into AI, backing everything from startups and chip infrastructure firms to data centers and the industry's most sought-after founders. The SpaceX IPO would be the first real crystallisation of value, arriving as the Iran war threatens to slow Gulf countries' AI ambitions locally.
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PIF-backed Humain invested $3 billion in xAI this year, in a stake it said would convert into SpaceX shares, while the wealth fund also has indirect exposure through Kingdom Holding.
Abu Dhabi's MGX holds stakes in Anthropic, OpenAI and xAI, an investing hat trick that gives it exposure to three of the most closely watched AI firms.
