Gulf sovereign wealth funds, including Public Investment Fund and Kuwait Investment Authority, have each ordered between US$1 billion and US$5 billion of shares in SpaceX’s initial public offering, according to people familiar with the matter.

SpaceX shares are due to begin trading on June 12.

Qatar Investment Authority is also likely to make a large investment.

Global institutional demand has exceeded the shares on offer, and some bids have topped $10 billion, the people said.

SpaceX is offering 555.6 million shares at US$135 each to raise about US$75 billion, far above the US$29.4 billion raised by Saudi Aramco in 2019.

That would make the Elon Musk-led company’s listing the biggest IPO on record.

The listing could also give Gulf investors a public market benchmark for their existing holdings in SpaceX.

Gulf entities are already prominent SpaceX shareholders, though it was not immediately clear how much of the planned investment is meant to prevent dilution of their existing stakes after the listing.

🔗 Source: Bloomberg

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