Billionaire Elon Musk’s SpaceX has had discussions with Saudi Arabia’s Public Investment Fund about PIF potentially taking an anchor stake of around $5 billion in the ​space company’s IPO, according to two people familiar with the matter.

The investment ​would partly prevent dilution of PIF’s existing stake of just under ⁠1% in SpaceX, the sources said.

The rocket maker has been lining up anchor investors ​well ahead of its stock market debut, three other sources said.

The company aims ​to raise a record-breaking $75 billion, which would dwarf previous mega-IPOs such as Saudi Aramco in 2019 and Alibaba in 2014.

SpaceX is trying to gauge investor interest for a deal of this unprecedented ​scale, the sources said, requesting anonymity because the talks are confidential.

No final ​decision has been made, and any investment remains subject to change, the sources cautioned.

SpaceX did not ‌respond to ⁠a request for comment. PIF declined to comment.

Anchor investors are institutional buyers who typically commit to a fixed stake ahead of an IPO roadshow, signalling confidence and helping underpin demand for the offering.

While SpaceX courts big-ticket anchor investors, a significant ​portion of the allocation ​is expected to ⁠go to wealthy investors served by the underwriting banks, Reuters reported previously.

PIF deepened its ties with Musk’s business empire in November 2025, ​when its AI firm HUMAIN and xAI announced a collaboration ​to deploy ⁠500 megawatts of data centre capacity in Saudi Arabia.

PIF then invested $3 billion via HUMAIN ahead of xAI’s merger with the social media platform X in March 2025.

SpaceX, based ⁠in Starbase, ​Texas, submitted confidential IPO paperwork with the SEC recently ​and is targeting a market launch later this year.