SpaceX has filed a confidential draft registration statement with the US Securities and Exchange Commission, Bloomberg reported, putting Elon Musk's combined rocket, satellite and AI company on track for a June listing that could raise up to $75 billion and target a valuation of more than $1.75 trillion.
If it goes ahead at anything close to that scale, it would surpass Saudi Aramco's $29 billion IPO in 2019 as the largest public offering in history.
The filing covers the entity that now includes xAI, Musk's AI startup, which SpaceX acquired in an all-stock merger in February valuing the combined company at $1.25 trillion. That merger is the detail that matters most for the Gulf, because it converted the equity positions of xAI's sovereign and institutional investors into SpaceX shares, meaning that several of the region's largest capital allocators are now sitting on pre-IPO SpaceX stock.
QIA and Abu Dhabi's MGX both anchored xAI's $20 billion Series E in January 2026, just weeks before the merger was announced. Saudi Arabia's HUMAIN, the PIF-owned AI company, disclosed a $3 billion investment in the same round, a stake that has since been converted into SpaceX equity.
Kingdom Holding, the investment vehicle of Saudi billionaire Prince Alwaleed bin Talal, participated in xAI's earlier $6 billion Series B, and Oman Investment Authority is a shareholder in both xAI and SpaceX directly.
Abu Dhabi-listed IHC and Alpha Dhabi Holding each invested $25 million in SpaceX in 2022.
The upshot is that when SpaceX begins its IPO roadshow, expected later this month according to Bloomberg, Gulf sovereign and institutional capital will be represented across the cap table through at least five distinct entry points: QIA, MGX, HUMAIN, Kingdom Holding and OIA, plus the earlier IHC and Alpha Dhabi positions. The combined exposure spans Saudi, Qatari, Emirati and Omani capital.
SpaceX generated approximately $15 to $16 billion in revenue in 2025, with roughly $8 billion in EBITDA. Starlink, the satellite internet service, has passed 10 million subscribers and now serves 56 markets in six languages. The company completed 122 successful launches in 2025, more than every other launch provider on Earth combined.
Musk owns approximately 42% of SpaceX equity and controls roughly 79% of voting rights through a dual-class share structure that is expected to carry over into the public listing.
The regional commercial footprint is also expanding. Saudi Arabia approved Starlink for its aviation and maritime sectors last year, Oman has granted operational approval, and Qatar Airways has begun offering Starlink internet service on its flights.
The IPO is expected to be the first of three mega-listings in 2026, ahead of OpenAI and Anthropic. MGX is a co-lead investor in OpenAI's $122 billion round that closed this week, and QIA anchored Anthropic's $13 billion Series F in September 2025. Gulf sovereign capital is now embedded in the pre-IPO shareholder base of all three companies expected to define the 2026 listing cycle.
Bank of America, Goldman Sachs, JPMorgan Chase, Citigroup and Morgan Stanley have all secured senior roles on the offering. Citigroup is coordinating international banks handling regional order allocation, with Barclays managing UK orders, Deutsche Bank and UBS covering Europe, and Mizuho managing Asia.
Musk attempted to block Stargate UAE, the G42-OpenAI data centre partnership in Abu Dhabi, earlier this year, reportedly calling G42 executives to warn the deal would not get past the Trump administration unless xAI was included. The deal went ahead anyway.
That episode illustrated the increasingly tangled web of Musk's commercial relationships with the Gulf: xAI investor, SpaceX shareholder, Starlink service provider, competitor to Gulf-backed AI infrastructure projects, and now, through the IPO, a company whose public valuation will be partially underwritten by the same sovereign funds he has alternately courted and challenged.
