PIF’s Humain became a “significant” minority shareholder in xAI after investing USD 3 bn into the firm’s Series E round, according to a statement (pdf). The investment — part of a larger USD 20 bn capital raise — closed just before xAI was folded into SpaceX in early February.

A slice of a USD 1.25 tn pie: Humain’s holdings converted into a 0.24% equity stake in the combined USD 1.25 tn SpaceX-xAI entity following the merger, according to Bloomberg estimates.

Why it matters

Beyond a check, into the stack: Humain is shifting to a direct equity holder across the full Elon Musk stack of SpaceX, xAI, and Starlink. The move deepens its alignment with next-generation AI infrastructure and suggests the earlier 500 MW compute and Grok deployment plans in Saudi Arabia were an entry point rather than the end state.

IN CONTEXT- The move — following a November partnership with xAI to develop a data center network and deploy Grok models in the Kingdom — also deepens Musk’s ties with Saudi Arabia, giving xAI a major customer as it builds commercial reach for Grok (still trailing OpenAI’s ChatGPT) beyond contracts with SpaceX, Tesla, the Pentagon, and international deployments including El Salvador.

Humain’s 90-day blitzkrieg: Humain has made numerous AI-related moves in recent months, getting the ball rolling on the PIF’s strategic pivot away from capital-intensive real estate mega-projects toward high-velocity technology. This includes a USD 1.2 bn financing framework in January to support up to 250 MW of data center capacity and the recent acquisition of a controlling stake in UK-based sports tech firm AI.IO.

What’s next?

Keep an eye on the planned June 2026 IPO of the merged SpaceX-xAI entity AI. As a significant minority shareholder, Humain is positioned for a massive valuation lift-off if the listing meets the targeted “planetary alignment” debut on June 28.

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