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Elon Musk’s space giant eyes record-breaking $75 billion public offering as it courts anchor investors ahead of landmark market debut
Elon Musk’s SpaceX has entered discussions with Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), over a potential $5 billion anchor stake in what could become the largest initial public offering in history.
The talks, which remain confidential and subject to change, reflect SpaceX’s broader strategy of securing major institutional backers well ahead of its anticipated stock market debut later this year.
The Saudi investment would also serve to protect PIF’s existing position in the company, which currently sits at just under 1%.
SpaceX is targeting a fundraise of up to $75 billion. This figure would comfortably eclipse previous mega-IPOs, including Saudi Aramco’s $29.4 billion listing in 2019 and Alibaba’s $25 billion offering in 2014.
At the valuations being discussed, the rocket, satellite, and artificial intelligence company could debut on public markets at over $1.75 trillion.
The company recently submitted confidential IPO paperwork to the U.S. Securities and Exchange Commission (SEC), signaling that preparations are well underway for a market launch before the year is out.
Anchor investors are institutional buyers who commit to a fixed stake before an IPO roadshow officially begins, and they play a critical role in large-scale public offerings. Their early commitment signals market confidence and helps stabilize investor demand during the listing process.
SpaceX is actively gauging interest at this level, given the unprecedented scale of the deal, sources said. In addition to anchor investors, a significant portion of the IPO allocation is expected to be directed toward high-net-worth individuals through the company’s underwriting banks.
Neither SpaceX nor PIF responded to requests for comment.
The potential IPO investment would mark another chapter in the growing financial relationship between PIF and Musk’s business ventures. In November 2025, PIF’s artificial intelligence arm, HUMAIN, and Musk’s xAI announced a collaboration to deploy 500 megawatts of data center capacity across Saudi Arabia. PIF subsequently invested $3 billion through HUMAIN ahead of xAI’s merger with social media platform X in March 2025.
Now this $5 billion SpaceX stake would further cement Saudi Arabia’s position as a strategic backer of Musk’s expanding commercial empire.
Based in Starbase, Texas, SpaceX continues to dominate the commercial space industry through its Falcon and Starship rocket programs, its Starlink satellite internet network, and a growing portfolio of AI and defense-related contracts.
The company’s IPO, if it proceeds as reported, would not only reshape the landscape of public markets but also mark a defining moment for the private space industry at large.
No timeline has been officially confirmed, and all terms remain subject to negotiation. However, with confidential SEC filings already in motion and anchor investor talks underway, the countdown to one of the most anticipated listings of the decade appears to have quietly begun.
