Gulf Wealth Funds Pile Into SpaceX's $75 Billion IPO as PIF Weighs $5 Billion Anchor Ahead of June 12 Nasdaq Debut
SpaceX entered the final stretch of the largest IPO on record with its fixed $135-per-share offering set, CNBC reported June 9, as Gulf sovereign wealth funds placed multibillion-dollar orders ahead of the planned June 1.
At a glance
- SpaceX IPO priced at a fixed $135 per share, selling 555.6 million shares to raise about $75 billion at a roughly $1.77 trillion valuation
- Nasdaq listing planned for June 12, 2026 under ticker SPCX
- Underwriters hold an option on 83.33 million additional shares worth $11.2 billion
- Retail allocation targeted at 30% of the offering versus the typical 5-10%
- Saudi PIF negotiating an anchor commitment of up to $5 billion; MGX and Mubadala stakes valued at $15-17 billion at IPO pricing
VERDICT — CONFIRMED
SpaceX entered the final stretch of the largest IPO on record with its fixed $135-per-share offering set, CNBC reported June 9, as Gulf sovereign wealth funds placed multibillion-dollar orders ahead of the planned June 12 Nasdaq debut under ticker SPCX. The company is selling 555.6 million shares to raise about $75 billion at a valuation of roughly $1.77 trillion, with underwriters Bank of America, Citigroup, Goldman Sachs, JPMorgan and Morgan Stanley holding an option on a further 83.33 million shares worth $11.2 billion.
CNBC reported the price is fixed but the retail allocation, targeted at 30% of the offering versus the typical 5-10% in US IPOs, remained unresolved three days before listing. On the sovereign side, Saudi Arabia's Public Investment Fund has been negotiating an anchor commitment of up to $5 billion, while Abu Dhabi's MGX and Mubadala hold combined stakes valued at $15-17 billion at IPO pricing; Qatar Investment Authority and Oman Investment Authority also hold positions, and Kingdom Holding's stake was valued at $4.5 billion as of March 2026.
Elon Musk will retain more than 82% voting control after the offering. A $75 billion raise would dwarf Saudi Aramco's 2019 record $25.6 billion listing.
Why it matters
Gulf state capital anchoring the largest flotation in history confirms sovereign wealth funds' evolution from passive allocators into kingmakers of strategic US space and defense-adjacent assets, deepening the Washington-Gulf capital nexus.
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Key facts on file
- SpaceX IPO priced at a fixed $135 per share, selling 555.6 million shares to raise about $75 billion at a roughly $1.77 trillion valuation
- Nasdaq listing planned for June 12, 2026 under ticker SPCX
- Underwriters hold an option on 83.33 million additional shares worth $11.2 billion
- Retail allocation targeted at 30% of the offering versus the typical 5-10%
- Saudi PIF negotiating an anchor commitment of up to $5 billion; MGX and Mubadala stakes valued at $15-17 billion at IPO pricing
- Elon Musk to retain more than 82% voting control after the offering
- A $75 billion raise would surpass Saudi Aramco's 2019 record $25.6 billion IPO
