Saudi Arabia’s Public Investment Fund has parked roughly $26.3 billion in SpaceX stock, according to a newly disclosed 13F filing with the SEC. The fund holds approximately 154.15 million Class A shares in the rocket and satellite company, a position so large it accounts for 69.5% of PIF’s total disclosed US equity holdings.
The numbers behind the bet
PIF’s SpaceX position, valued at roughly $26.3 billion as of June 30, 2026, makes the Saudi fund one of the company’s largest institutional shareholders. It trails major holders like Alphabet but sits comfortably in the upper tier of SpaceX’s investor base.
The filing lands a few months after SpaceX completed what was, by any measure, a landmark public offering. The company’s IPO in June 2026 raised a record $75 billion at a share price of $135, implying a total valuation near $1.77 trillion.
PIF wasn’t a newcomer to SpaceX’s cap table. Before the IPO, the fund held a pre-existing stake of less than 1%. It had also been in discussions about deploying as much as $5 billion as an anchor investment during the IPO process, a move designed to protect its existing position from dilution as new shares flooded the market.
Vision 2030 meets orbit
PIF is the engine behind Saudi Arabia’s Vision 2030 economic diversification plan, the kingdom’s long-running effort to wean its economy off oil revenue. Having nearly 70% of disclosed US equity holdings in a single company is unusual for a sovereign wealth fund. Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund, holds stakes in roughly 9,000 companies.
The rest of PIF’s Q2 portfolio includes positions in Electronic Arts, Uber, and Lucid Motors. Other Gulf investors also participated in SpaceX’s IPO orders, reflecting strong regional appetite for exposure to the aerospace and satellite communications sectors.
What this means for markets and SpaceX
The concentration risk is real. If SpaceX stumbles on execution, PIF’s disclosed portfolio takes a disproportionate hit. A 20% decline in SpaceX shares would wipe roughly $5 billion off this position alone.
The 13F filing contains no positions in digital assets or crypto-related equities. PIF’s Q2 holdings span aerospace, transportation, gaming, and automotive sectors.