SpaceX in talks with Saudi Arabias Public Investment Fund about potential $5B investment in IPO: report | Latest Tech News
Elon Musk’s SpaceX has reportedly held talks with Saudi Arabia’s Public Investment Fund about investing an further $5 billion in the company’s IPO.
The additional investment would help stop any dilution of the sovereign wealth fund’s stake in SpaceX when the company goes public, GWN reported on Thursday, citing sources acquainted with the matter.
SpaceX, recognized for its rocket launches and Starlink satellite tv for pc web service, is aiming to raise a report $75 billion when public trading begins. That would shatter the earlier mark set by Saudi Aramco, which raised $29.4 billion when it went public in 2019.
SpaceX is aiming to raise about $75 billion. Getty Images
The talks with the Saudi PIF are half of SpaceX’s efforts to line up anchor traders forward of the debut — or backers who commit to fixed buy of shares before the IPO roadshow.
Representatives for SpaceX and PIF didn’t immediately return The Post’s request for remark.
SpaceX confidentially filed for an IPO earlier this week, Bloomberg reported. It is said to be concentrating on a valuation of more than $2 trillion.
Previous studies said the famously eccentric Musk was eyeing a mid-June date for the IPO, to coincide with his birthday as effectively as a uncommon planetary alignment in which Jupiter and Venus will probably be in “conjunction” for the first time in three years. Musk turns 55 on June 28.
The potential investment would help defend the Saudi PIF’s stake from dilution. AFP via Getty Images
Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley are all anticipated to take main roles in the IPO.
In February, Musk revealed that SpaceX was merging with his artificial intelligence firm xAI, best recognized as the creator of the Grok chatbot. The billionaire has floated the idea of building AI data facilities in space to assist his ambitions in the sector.
XAI rivals Anthropic and OpenAI are each reportedly planning to go public in the close to future.
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