SpaceX IPO Draws Billions in Orders From Middle East Funds (1)

Gulf wealth funds have put in orders for shares worth several billions of dollars in SpaceX’s initial public offering, according to people familiar with the matter, the latest indication of the region’s ambitions to continue playing a lead role in bankrolling the global artificial intelligence buildout.

Saudi Arabia’s Public Investment Fund and Kuwait Investment Authority have each placed orders for shares worth $1 billion to $5 billion, the people said, asking not to be identified discussing confidential information. The $580 billion Qatar Investment Authority is also likely to make a significant commitment, the people said.

Entities based in the region ...