Sovereign wealth funds from the Gulf states have submitted bids to purchase shares in Elon Musk's aerospace company SpaceX as part of a multi-billion-dollar IPO, Bloomberg reports, citing informed sources.
According to the sources, Saudi Arabia's Public Investment Fund (PIF) and Kuwait's Kuwait Investment Authority have placed bids to purchase shares worth between $1 billion and $5 billion. The Qatar Investment Authority is also expected to place a large bid for SpaceX shares as part of the IPO.
Middle Eastern sovereign wealth funds are already significant investors in SpaceX, the sources note. Buying the company's shares during the IPO should help them avoid dilution of their stakes.
SpaceX plans to offer shares during its IPO next week at a price of $135 per share.
Reuters reports, citing its sources, that demand for SpaceX shares has already exceeded $250 billion.
The company's shares will begin trading on the Nasdaq exchange on June 12 under the ticker symbol SPCX.
The size of SpaceX's IPO will surpass the previous record of $29 billion set by Saudi Aramco in 2019.
