Saudi Arabia’s Public Investment Fund is contemplating taking a significant stake of approximately $5 billion in Elon Musk’s SpaceX as the company aims for an impressive $2 trillion valuation ahead of its upcoming IPO.
The aerospace firm is looking to raise a staggering $75 billion in the listing set for later this year, according to reports from Bloomberg and Reuters. If accurate, this listing would surpass previous record IPOs, including Saudi Aramco’s $29 billion offering in 2019 and Alibaba’s $22 billion debut in 2014.
This could potentially make owner and billionaire entrepreneur Musk a trillionaire.
CNBC previously reported that the listing has been internally dubbed Project Apex, and that SpaceX is collaborating with at least 21 banks. Among these are Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley serving as lead underwriters for the IPO.
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The expected revenue for the company is projected to fall between $22 billion and $24 billion by 2026, largely fueled by the Starlink satellite internet division, which is also in the process of entering the Indian market.
Importantly, this won’t be the first instance where the sovereign wealth fund (SWF) has supported Musk’s initiatives. In March 2025, it invested $3 billion via HUMAIN ahead of xAI’s merger with the social media platform X. Subsequently, in November 2025, its AI firm HUMAIN collaborated with xAI to implement 500 megawatts of data center capacity in Saudi Arabia.
