Elon Musk’s SpaceX has reportedly held talks with Saudi Arabia’s Public Investment Fund about investing an additional $5 billion in the company’s IPO.
The extra investment would help prevent any dilution of the sovereign wealth fund’s stake in SpaceX when the company goes public, Reuters reported on Thursday, citing sources familiar with the matter.
SpaceX, known for its rocket launches and Starlink satellite internet service, is aiming to raise a record $75 billion when public trading begins. That would shatter the previous mark set by Saudi Aramco, which raised $29.4 billion when it went public in 2019.
The talks with the Saudi PIF are part of SpaceX’s efforts to line up anchor investors ahead of the debut — or backers who commit to fixed purchase of shares before the IPO roadshow.
Representatives for SpaceX and PIF did not immediately return The Post’s request for comment.
SpaceX confidentially filed for an IPO earlier this week, Bloomberg reported. It is said to be targeting a valuation of more than $2 trillion.
Previous reports said the famously eccentric Musk was eyeing a mid-June date for the IPO, to coincide with his birthday as well as a rare planetary alignment in which Jupiter and Venus will be in “conjunction” for the first time in three years. Musk turns 55 on June 28.
Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley are all expected to take leading roles in the IPO.
In February, Musk revealed that SpaceX was merging with his artificial intelligence firm xAI, best known as the creator of the Grok chatbot. The billionaire has floated the concept of building AI data centers in space to support his ambitions in the sector.
XAI rivals Anthropic and OpenAI are each reportedly planning to go public in the near future.
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