HUMAIN, the Saudi AI company fully owned by the Public Investment Fund, has disclosed that it invested $3 billion in Elon Musk's xAI during the company's Series E funding round, shortly before xAI was acquired by SpaceX.
The investment makes HUMAIN a significant minority shareholder, with its xAI holdings now converted into SpaceX shares following the merger. xAI raised $20 billion in an upsized Series E in January 2026, exceeding its initial $15 billion target. SpaceX acquired xAI the following month.
The deal builds on a partnership announced at the US-Saudi Investment Forum in November 2025, under which HUMAIN and xAI committed to jointly develop more than 500 megawatts of next-generation AI data centre and compute infrastructure and to deploy xAI's Grok models in Saudi Arabia.
HUMAIN was established last year and is fully owned by PIF. The company has secured several agreements including deals with Blackstone-backed AirTrunk for data centre projects in the Kingdom and is targeting approximately 6 gigawatts of capacity by 2034.
Last month, HUMAIN signed a financing agreement of up to $1.2 billion with Saudi Arabia's National Infrastructure Fund to support the expansion of AI and digital infrastructure domestically.
The xAI investment sits alongside Humain's broader capital deployment strategy. In mid-2025, CEO Tareq Amin confirmed the launch of Humain Ventures, a $10 billion VC fund dedicated to AI startups, one of the largest such vehicles globally. The fund invests across the US, Europe, and Asia with the explicit goal of positioning Saudi Arabia at the centre of the global AI ecosystem. Amin said at the time that the company was in talks with OpenAI, xAI, and Andreessen Horowitz.
