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SpaceX in Talks with Saudi Fund for $5B IPO Investment

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SpaceX is reportedly in discussions with Public Investment Fund (PIF) over a potential $5 billion anchor investment ahead of its anticipated initial public offering.

The investment would help secure a cornerstone position for PIF in the IPO while limiting dilution of its existing stake, which is currently just under 1%. The talks are part of SpaceX’s broader effort to line up major institutional investors before launching what could become one of the largest IPOs in history.

The company is targeting a fundraising total of around $75 billion, a scale that would surpass previous landmark listings such as Saudi Aramco and Alibaba.

Led by Elon Musk, SpaceX has been actively gauging investor demand as it prepares for its market debut later this year. Anchor investors are expected to play a key role in stabilizing the offering and signaling confidence to broader markets.

The potential deal would further deepen ties between Musk’s business ecosystem and Saudi Arabia’s investment arm, which has already committed significant capital to related AI and technology initiatives.

While discussions are ongoing, sources indicate that no final agreement has been reached and terms remain subject to change.

SpaceX Joins Pentagon Drone AI Contest

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Elon Musk’s SpaceX and its subsidiary xAI are reportedly competing in a classified Pentagon challenge focused on developing voice-controlled autonomous drone swarm technology.

According to Bloomberg, the initiative is part of a $100 million prize competition launched in January that seeks to create systems capable of translating voice commands into digital instructions for managing multiple drones simultaneously.

The project aligns with the U.S. Defense Department’s broader strategy to accelerate domestic drone innovation and streamline development processes. The technology under consideration could play a role in future security applications, including protecting major events and critical infrastructure.

SpaceX’s participation follows its recent acquisition of xAI, combining aerospace engineering with advanced artificial intelligence capabilities ahead of the company’s planned IPO.

Major AI firms including OpenAI, Google, Anthropic and xAI previously secured Pentagon contracts worth up to $200 million each to advance AI adoption in defense systems.

Musk Says xAI Reorganized, Resulting in Layoffs

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Elon Musk said xAI has undergone a reorganization that resulted in layoffs, as the artificial intelligence company moves to streamline operations during a period of rapid expansion. In a post on X, Musk said the restructuring was aimed at improving execution speed but required “parting ways with some people.”

The changes come shortly after SpaceX announced plans to acquire xAI in a deal that would create a combined entity valued at approximately $1.25 trillion, with ambitions to pursue a public listing later this year. The merger is expected to support Musk’s broader strategy, including plans to deploy large-scale data centers in space.

Leadership shifts have also followed the restructuring. xAI co-founders Tony Wu and Jimmy Ba confirmed their resignations this week, bringing the number of original founders who have left the company to half of its initial twelve.

The reorganization signals a pivotal moment for xAI, which has been scaling its AI models and infrastructure amid intense global competition. The company’s next phase will likely focus on integrating operations with SpaceX while maintaining momentum in the fast-moving AI sector.