SpaceX, billionaire Elon Musk’s company, has held talks with Saudi Arabia’s Public Investment Fund (PIF) for a possible benchmark stake of around $5 billion in the space group’s initial public offering (IPO), according to two sources familiar with the matter.
This investment would partly avoid the dilution of PIF’s current stake in SpaceX, which amounts to just under 1%, the sources said.
The rocket maker is working to bring together anchor investors well before its stock market debut, three other sources said. The company aims to raise a record $75 billion, which would eclipse previous mega-IPOs such as Saudi Aramco in 2019 and Alibaba in 2014.
SpaceX is trying to gauge investor appetite for a deal of this magnitude, the sources said on condition of anonymity as the discussions are confidential. No final decision has been made and any investment remains subject to change, the sources cautioned.
SpaceX did not respond to a request for comment. The PIF declined to comment.
Anchor investors are institutional buyers who typically commit to a fixed share in advance of the IPO roadshow, signaling their confidence and helping to support demand for the offering. Although SpaceX is courting large institutional investors, a significant portion of the allocation is expected to go to wealthy investors who are clients of guarantor banks, Reuters previously reported.
PIF strengthened its ties with Elon Musk’s empire in November 2025, when his AI company, HUMAN, and xAI announced a collaboration to deploy 500 megawatts of data center capacity in Saudi Arabia. PIF then invested $3 billion through HUMAIN before xAI merged with social network X in March 2025.
SpaceX, headquartered in Starbase, Texas, recently filed a confidential IPO with the SEC and is aiming to go public later this year.
