Saudi, UAE backers consider investing in Elon Musk’s SpaceX

A unit of Saudi Arabia’s investment fund and an Abu Dhabi-based company are planning to invest in a multi-billion dollar funding round for Elon Musk-led SpaceX.

The Information reported the possible investment on Wednesday, citing people familiar with the discussions.

The funding round is expected to value the rocket maker at about $140 billion, the report added. SpaceX raised $2 billion in 2022 and $2.6 billion in 2020, according to venture capital firm Space Capital.

The company and Morgan Stanley’s representatives have told investors that Saudi Arabia’s Water and Electricity Holding Company, part of the country’s sovereign wealth fund, and 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 respond to a Reuters request for comment.