Humain invested $3bn in xAI before merger with SpaceX

Humain, the Saudi Public Investment Fund artificial intelligence company, said it invested $3 billion in Elon Musk’s xAI during its Series E funding round shortly before xAI was acquired by SpaceX.

The deal makes Humain a “significant” minority shareholder, with its xAI holdings converted into SpaceX shares, the company said in a statement.

The investment follows a partnership announced at the US-Saudi Investment Forum in November 2025. Humain and xAI have committed to jointly develop more than 500 megawatts of next-generation AI data centre and compute infrastructure, as well as to deploy xAI’s Grok models in Saudi Arabia. 

In January, xAI raised $20 billion in an upsized series E funding round, exceeding the $15 billion target. The financing is set to accelerate its infrastructure buildout, enable the rapid development and deployment of transformative AI products and fuel research, xAI said in a statement.

A month later, SpaceX acquired xAI, combining Musk’s AI startup and his space business.

Humain said it plans to make additional investments in AI, frontier technologies and critical infrastructure.

Saudi Arabia’s National Infrastructure Fund and Humain signed a financing agreement last month of up to $1.2 billion to support the expansion of AI and digital infrastructure in the kingdom.

The AI startup was established last year and is fully owned by PIF. It has secured several agreements, including deals with xAI and Blackstone-backed AirTrunk for data centre projects in the country and is targeting a capacity of about 6 gigawatts by 2034.

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