Key Highlights

  • Elon Musk’s SpaceX has engaged in discussions with Saudi Arabia’s Public Investment Fund (PIF) regarding a potential $5 billion anchor investment in its forthcoming IPO.
  • This investment would serve to maintain PIF’s current ownership position of approximately 1% by offsetting share dilution.
  • The company has submitted confidential documentation to the SEC and plans to debut on public markets within 2025.
  • The offering seeks to generate as much as $75 billion, positioning it to eclipse previous records held by Saudi Aramco and Alibaba.
  • Bloomberg reports suggest SpaceX’s valuation could exceed $1.75 trillion.

Elon Musk’s rocket and satellite enterprise SpaceX continues progressing toward its stock market debut. The company has engaged in conversations with Saudi Arabia’s Public Investment Fund concerning an anchor investment position valued at approximately $5 billion, according to two individuals with knowledge of the discussions, as Reuters reports.

The arrangement remains preliminary. Details of any potential investment could shift, the sources indicated. Representatives from both SpaceX and PIF have chosen to withhold comment.

PIF currently maintains an ownership stake of slightly below 1% in SpaceX. The contemplated $5 billion commitment would help preserve that equity position when additional shares enter circulation through the public offering.

Anchor investors represent substantial institutional participants who pledge commitments before traditional roadshow activities commence. Their participation demonstrates market confidence and generates momentum for the share sale.

SpaceX has been securing anchor investors substantially in advance of its public market entrance. A significant allocation is anticipated to flow toward high-net-worth individual investors through the underwriting financial institutions.

The public offering targets capital raising of up to $75 billion. This figure would surpass benchmarks established by Saudi Aramco’s $25.6 billion offering in 2019 and Alibaba’s $25 billion market entry in 2014.

Bloomberg has indicated that SpaceX may pursue a valuation exceeding $1.75 trillion. Such a figure would position the company among the highest-valued entities to enter public markets.

The Saudi-SpaceX Connection

PIF expanded its collaboration with Musk’s corporate ventures during November 2025. PIF’s artificial intelligence subsidiary HUMAIN and Musk’s xAI revealed an agreement to establish 500 megawatts of data processing infrastructure within Saudi Arabia.

PIF subsequently committed $3 billion through HUMAIN prior to xAI’s combination with social media platform X in March 2025.

Regulatory Filing and Market Debut Schedule

SpaceX, headquartered in Starbase, Texas, has filed confidential IPO documentation with the U.S. Securities and Exchange Commission. The company aims for a public market launch during the latter portion of 2025.

Several news organizations confirmed the confidential submission on Wednesday, followed by Reuters’ disclosure of the Saudi negotiations the subsequent day.

SpaceX maintains operations across rocket manufacturing, satellite connectivity via its Starlink network, and artificial intelligence initiatives. The enterprise has experienced substantial expansion and ranks among the world’s most highly valued privately held corporations.

The $75 billion capital target demonstrates the magnitude of SpaceX’s current business scale. Achievement of this goal would establish a new record for IPO proceeds in financial history.

PIF manages assets exceeding $900 billion, making it among the planet’s largest sovereign wealth vehicles. Its prospective anchor participation highlights worldwide investor interest in SpaceX’s transition to public ownership.