The potential IPO of Elon Musk’s SpaceX is expected to attract strong participation from investors across the UAE and GCC, including sovereign wealth funds (SWFs), family-owned businesses, and high-net-worth individuals, analysts say.

The US-based space company has reportedly filed confidentially for an initial public offering (IPO), setting the stage for what could become the largest stock market listing in history – and potentially making Musk the world’s first trillionaire.

SpaceX, which launches more rockets into space than any other company, offers investors exposure to long-term themes such as space infrastructure, satellite communications, and ambitions to return humans to the Moon and eventually colonise Mars.

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A potential listing at a valuation exceeding $1.75 trillion would follow SpaceX’s merger with Musk’s artificial intelligence startup xAI. The deal reportedly valued SpaceX at $1 trillion and xAI – the developer of chatbot Grok – at $250 billion.

Analysts say the IPO could surpass Saudi Aramco’s $29.4 billion listing in 2019 to become the largest ever.

Neal Keane, head of global sales trading at ADSS, said UAE investors such as Alpha Dhabi Holding and Abu Dhabi’s International Holding Company (IHC) have previously backed SpaceX and are likely to participate again, alongside sovereign wealth funds, family offices, and large institutional investors.

Neal Keane

Sam North, market analyst at eToro, said demand from the Gulf region is expected to be strong.

“There is already precedent, with entities such as Saudi Arabia’s PIF and Abu Dhabi-based Alpha Dhabi linked to earlier funding rounds. For sovereign wealth funds, SpaceX is more than a space company — it is increasingly seen as a strategic infrastructure and AI-driven investment, especially following its alignment with xAI,” he said.

Sam North

“Regional family offices, which are shifting towards high-growth and venture-style investments, are also likely to view SpaceX as a rare generational opportunity.”

Vijay Valecha, chief investment officer at Century Financial, said the scale of the IPO makes strong GCC participation almost certain.

“It is safe to say that SWFs, family-owned businesses, and institutional investors across the GCC will show significant interest,” he said.

Vijay Valecha

Institutional demand likely to dominate

Hamza Dweik, head of trading (Mena) at Saxo Bank, said interest is likely to come primarily from sovereign funds, large family offices, and institutional investors with long-term investment horizons and an appetite for deep-tech exposure.

“The region has consistently shown a willingness to invest in transformational sectors – from semiconductors and AI to energy transition and aerospace – and SpaceX sits at the intersection of these themes,” he said.

Hamza Dweik

However, he noted that participation may be skewed towards institutional allocations rather than retail investors, given the company’s complexity and valuation.

“For Middle Eastern investors, the appeal is not just financial returns but strategic relevance. Space infrastructure, communications resilience, and technological sovereignty are becoming increasingly important globally,” he added.

Dweik also cautioned that the IPO structure could be more selective than typical tech listings due to SpaceX’s strategic importance and ties to US government contracts.

Analysts say the IPO is likely to be open to international investors, including those from the UAE and GCC, depending on the final listing structure and regulatory framework.

However, access to the primary offering may be limited.

“Foreign institutions such as mutual funds, banks, and investment firms can participate as Qualified Institutional Buyers (QIBs),” said Valecha.

Retail investors outside the US are unlikely to receive primary allocations but may gain exposure once the stock begins trading on the secondary market.

Keane added that retail participation could still be possible through global brokerage platforms that provide access to US IPOs.

While US listings are typically domestically focused, SpaceX’s global profile may encourage broader international participation.

North noted that the company has reportedly assembled a bank syndicate aimed at expanding access beyond the US, potentially enabling UAE and GCC investors to participate through international and locally partnered platforms.