SpaceX founder Elon Musk denied reports that the company was pursuing a funding round from investment funds in Saudi Arabia and UAE.
The Information report said that part of Saudi Arabia's Public Investment Fund and an Abu Dhabi-based company were planning to invest in a multi-billion dollar funding round for SpaceX.According to Reuters, the new investments would put the value of the pioneering commercial space firm at $140 billion.
While the reports might not be true, per Musk, it is also possible that Musk is simply trying to tamp down speculation about SpaceX's financial situation. SpaceX is a private company, so it does not need to publically report revenue to shareholders.round for SpaceX in 2023, and it's not known if these reports are tied to that funding effort. According to The Information's reporting, the investment bank Morgan Stanley is involved in the two countries' investment plans.
Musk also has a somewhat controversial history of funding announcements, including the 2018 announcement on Twitter that he had secured funding to take Tesla private at $420 a share. Perhaps coincidentally, that announcement drew the ire of investors and regulators when it failed to materialize, leading to a trial this year where Musk revealed that the PIF governor, Yasir Al-Rumayyan, has initially backed that plan to take Tesla private and there was some acrimony when the deal failed to come to fruition.
That could definitely lead PIF to be a bit skittish around funding Musk's efforts, at least so publicly, but it remains to be seen if these reports pan out.
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