Photo: SpaceX
The Information has exclusively reported that Badeel, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), and Alpha Dhabi, an investment firm based in Abu Dhabi, are gearing up to participate in a multibillion-dollar funding round for Elon Musk’s SpaceX. Sources familiar with the investor discussions have revealed this development.
SpaceX and Morgan Stanley, the bank overseeing the ongoing funding effort, have informed investors about the involvement of both Badeel—Saudi Arabia’s Water and Electricity Holding Company—and the United Arab Emirates’ Alpha Dhabi in this financing round, according to two individuals with knowledge of the matter.
The Saudi investment in SpaceX is particularly significant given the previous disagreement between Musk and Yasir Al-Rumayyan, the governor of Saudi Arabia’s Public Investment Fund. The conflict centered around Tesla, Musk’s electric vehicle company, when Musk claimed in 2018 that he had secured funding to take Tesla private. During a January trial, Musk accused Al-Rumayyan of reneging on his commitment to support the deal, which ultimately fell through.
Despite the past tensions, this new investment indicates that the relationship between Musk’s ventures and the Saudi fund may be on the mend, with both parties potentially benefitting from the collaboration.
SpaceX appears to be planning its first Starship orbital launch next month, with Musk noting it could take place on April 20.
