In March 2023, reports said Saudi- and UAE-linked investors were prospective participants in a planned multibillion-dollar SpaceX funding round. The proposed valuation was about $140 billion—not a $14 billion raise. SpaceX had not announced a completed deal, and Elon Musk denied the report two days later.
What the March 2023 report said
The Information reported that Morgan Stanley was organizing a SpaceX financing and that representatives of SpaceX and the bank had told investors Saudi Arabia’s Water and Electricity Holding Company, known as Badeel, and Abu Dhabi-based Alpha Dhabi were involved. Reuters summarized the report on March 22, 2023. These were claims about prospective participation in an ongoing financing, not a public announcement by SpaceX. The Information’s account and Reuters’ report syndicated by Investing.com describe the proposed round.
What did the $140 billion figure mean?
The $140 billion figure was the reported expected valuation of SpaceX in connection with the financing—not the amount of money the company planned to raise. The original report cited an anticipated share price of $74 to $79, implying a valuation of about $140 billion, compared with a reported valuation of about $127 billion in June 2022.
| Figure | What it referred to |
|---|---|
| About $140 billion | Reported expected company valuation, not new funding raised. |
| Multibillion-dollar | The reported description of the planned capital raise; no precise total was established in the cited reports. |
| $14 billion | Not supported as the round’s size by the Reuters account. It appears in some secondary coverage, but confuses the reported valuation with the amount to be raised. |
For comparison, Reuters cited Space Capital data saying SpaceX raised about $2 billion in 2022 and $2.6 billion in 2020. Those historical fundraising figures do not establish the size of the proposed 2023 round.
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Who were the reported investors?
Badeel and Saudi Arabia
Badeel was identified as Saudi Arabia’s Water and Electricity Holding Company and linked to the Public Investment Fund (PIF). The report described a PIF-linked company as a prospective participant; it does not establish that the PIF itself made a direct investment or that any investment was completed.
Alpha Dhabi and the UAE
Alpha Dhabi is an Abu Dhabi-based investment company. The Information also reported that Alpha Dhabi and International Holding Company (IHC) had invested a combined $50 million in SpaceX in June 2022, alongside an earlier IHC investment. That reported prior exposure is separate from the disputed 2023 financing plan and should not be mistaken for proof of participation in it.
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What did Musk say, and was the round completed?
On March 24, 2023, Musk denied the report, replying “not true” to the claim that Saudi and UAE investors planned to invest. Reuters reported his response. The denial was reported by Reuters via Investing.com.
The original account said the round was ongoing and had not been completed. The cited reporting does not establish that the proposed financing later closed. Taken together, the investor discussions attributed to sources familiar with the matter and Musk’s public denial leave the transaction unverified. The denial does not, by itself, show whether any discussions took place or whether a signed deal was canceled.
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Why the reported financing drew attention
SpaceX was investing in capital-intensive work, including Starship development and Starlink expansion. A financing at the reported valuation would have been significant for a private company, while potential Gulf participation would have drawn attention to regional investment in space and technology. Exposure to launch services, satellite communications and other space infrastructure are possible reasons investors might find SpaceX attractive, but the cited reporting gives no on-the-record rationale from Badeel, Alpha Dhabi, PIF or SpaceX. It also does not say the proposed proceeds were earmarked for a particular program.
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What is and is not established
- Reported: A March 2023 account identified Badeel and Alpha Dhabi as prospective participants in a planned multibillion-dollar financing, with an expected SpaceX valuation of about $140 billion.
- Not established: The exact amount SpaceX intended to raise, what either investor would contribute, any ownership terms, or a final valuation.
- Not confirmed: That the round closed or that Saudi or UAE entities invested through this specific financing.
- Publicly disputed: Musk denied the reported Saudi- and UAE-linked participation on March 24, 2023.
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