Saudi Arabia’s Public Investment Fund is considering taking an anchor stake of around $5 billion in Elon Musk’s SpaceX as the company eyes a whopping $2 trillion in valuation ahead of its planned IPO.
The space exploration company is aiming to raise a record-breaking $75 billion in the listing scheduled for later this year, according to Bloomberg and Reuters reports. If true, the listing would eclipse previous mega-IPOs, including Saudi Aramco’s $29 billion offering in 2019 and Alibaba’s $22 billion debut in 2014.
It could also make owner and billionaire entrepreneur Musk a trillionaire.
CNBC earlier reported that the listing was internally codenamed Project Apex. and that SpaceX was working with at least 21 banks. This includes Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley as senior underwriters for the IPO.
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The company’s revenue is expected to reach anywhere between $22 billion and $24 billion in 2026, driven mainly by the Starlink satellite internet unit. The latter is also in the process of entering the Indian market.
Notably, this will not the first time that the sovereign wealth fund (SWF) has backed Musk’s ventures. In March 2025, it invested $3 billion through HUMAIN ahead of xAI’s merger with social media platform X. Later, in November 2025, its AI firm HUMAIN partnered with xAI to deploy 500 megawatts of data centre capacity in Saudi Arabia.
