How Gulf Sovereign Wealth Funds Are Anchoring SpaceX’s Record $75 Billion IPO

Why This IPO Is the Largest in History

SpaceX plans to sell 555.56 million Class A common shares at a fixed price of $135 per share, aiming to raise approximately $75 billion. At that price, the market valuation lands between $1.75 trillion and $1.77 trillion, depending on the final exercised allocation and pending transactions.

For context, the $75 billion target is more than 2.5 times larger than the previous record of $29 billion set by Saudi Aramco in 2019. The valuation would immediately place SpaceX alongside the likes of Apple and Nvidia, making it the most valuable company ever to debut on a public exchange.

Final pricing is scheduled for June 11, 2026, with Nasdaq trading starting the following day. The SEC made SpaceX’s S-1 prospectus public on May 20, and Reuters confirmed the share price target just days before the roadshow.

Growth Story After the xAI Merger

The deal is backed by a freshly restructured company. SpaceX completed its merger with Elon Musk’s artificial intelligence startup xAI on February 2, 2026, in a transaction that valued the combined entity at $1.25 trillion.

The merger folds frontier AI directly into every part of SpaceX’s growth plan. Reported integration points include deploying xAI’s large language models on Starlink satellites for real-time inference and autonomous network management, using advanced AI to power navigation and habitat construction for Mars missions, and embedding the Grok chatbot into consumer and enterprise products. The company also expects AI simulation to accelerate Starship’s design-and-manufacturing cycle and boost Starlink’s direct-to-cell and defense revenue streams.

By going public as a combined aerospace-AI powerhouse, SpaceX can pitch investors a story that spans rocket launches, global broadband, and artificial intelligence—three of the highest-conviction bets in technology today.

The Strategic Rationale for the Gulf

For Gulf sovereign funds, the SpaceX IPO is more than a financial transaction. It is a direct play on three strategic priorities.

First, economic diversification. Saudi Arabia’s PIF uses these investments to advance Vision 2030, shifting national assets from oil dependence toward high-tech, space, and AI. A large anchor allocation gives the fund a permanent position inside a defining American technology company.

Second, sector exposure. The global space economy is projected to surpass $1 trillion in the next decade. An IPO valued at roughly $1.75 trillion offers a rare opportunity to buy into the dominant private space company at scale. With xAI now inside SpaceX, the investment also serves as a concentrated bet on frontier AI infrastructure—another pillar of post-oil economic planning.

Third, geopolitical alignment and prestige. Anchor-investor status creates board-level relationships and potential technology-transfer pathways. For Saudi Arabia and its neighbors, deepening ties with U.S. AI and space leadership is consistent with a broader strategy of using sovereign capital to build technical capacity at home.

Fortune notes that Gulf funds are expected to be among the biggest beneficiaries of the IPO, given their early and outsized allocations in a book that was heavily oversubscribed. As oil revenues face pressure—Fortune points to weaker petrodollar inflows since the Iran conflict—the offering also provides a timely hard-currency return uncorrelated with energy markets.