Elon Musk’s SpaceX is in talks with the funds of Saudi Arabia and the United Arab Emirates to obtain new financing
A unit of a Saudi Arabian investment fund and an Abu Dhabi-based company plan to invest in a multibillion-dollar funding round for Elon Musk-led SpaceX, The Information reported Wednesday, citing people familiar with the discussions.
According to the report, the funding round is expected to value the rocket maker at around $140 billion.
SpaceX raised $2 billion in 2022 and $2.6 billion in 2020, according to private equity firm Space Capital.
The company and Morgan Stanley representatives have told investors that Saudi Arabia’s Water and Electricity Holding Company, part of the country’s sovereign wealth fund, and the United Arab Emirates’ Alpha Dhabi are part of the funding round, according to the report.
SpaceX, Saudi Arabia’s public investment fund and Alpha Dhabi did not immediately respond to Reuters’ request for comment.
Read all the Latest Tech News here.
