Dubai, UAE — Saudi Arabia’s sovereign wealth fund and Kuwait’s state investment authority have each submitted orders worth between $1 billion and $5 billion for shares in SpaceX’s record-breaking initial public offering, Bloomberg News reported, citing people familiar with the matter.
The report said the Saudi Arabian sovereign wealth fund, the Public Investment Fund (PIF), and the Kuwait Investment Authority (KIA) are among the largest prospective investors in the offering.
The Qatar Investment Authority (QIA), which manages about $580 billion in assets, is also expected to make a substantial commitment, according to the report.
Biggest IPO in history
SpaceX, founded by Elon Musk, is seeking to raise $75 billion through the sale of 555.6 million shares at a fixed price of $135 apiece, according to a filing submitted to the U.S. Securities and Exchange Commission on June 3. The offering would value the company at about $1.75 trillion, making it the largest IPO ever and placing it among the world’s most valuable listed companies.
If the valuation is achieved, Musk’s net worth could exceed $1 trillion, making him the world’s first trillionaire. The company is expected to begin trading on Nasdaq under the ticker SPCX.
Investor demand has been exceptionally strong, with reports indicating the offering is already heavily oversubscribed as institutional and retail investors seek exposure to SpaceX’s rocket launches, Starlink satellite network and artificial intelligence ambitions.
Global investors seek exposure
The IPO has attracted interest from some of the world’s largest investment firms and existing backers, including major venture capital groups such as Andreessen Horowitz, Sequoia Capital, Founders Fund and Thrive Capital, alongside institutional investors including Alphabet, Fidelity and the Ontario Teachers’ Pension Plan.
The listing is widely seen as a test of investor appetite for a new generation of mega-cap technology and AI-related companies, with analysts saying its success could pave the way for future public offerings by firms such as OpenAI and Anthropic.
Gulf funds deepen global investment push
The potential investments would extend a broader trend of Gulf sovereign wealth funds deploying capital into high-growth technology, artificial intelligence and strategic infrastructure assets worldwide.
PIF, which oversees assets of nearly $1 trillion and is central to Saudi Arabia’s economic diversification plans, has recently expanded investments across technology, gaming, logistics, aviation and renewable energy as part of its 2026-2030 strategy.
QIA has also increased its exposure to artificial intelligence, data infrastructure and global technology companies, while KIA remains one of the world’s largest and most active sovereign investors with significant holdings across international equities, infrastructure and private markets.
A successful allocation in SpaceX would give Gulf sovereign investors a stake in one of the world’s most closely watched technology companies as competition intensifies for exposure to space, communications and AI-related growth sectors.
