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Abu Dhabi firms invest $25m each in Elon Musk’s SpaceX

Person, Human, Face REUTERS/Mike Blake
SpaceX founder Elon Musk after the SpaceX Falcon 9 rocket lifted off from the Kennedy Space Center in Cape Canaveral, Florida, in 2019

Two Abu Dhabi-listed firms have invested $25 million each in California-based rocket manufacturer SpaceX, which was founded by Elon Musk, the world’s richest man.

International Holding Company first invested in SpaceX in 2020 through private equity fund Falcon CI IV and yesterday confirmed it had put in an additional $25 million.

“We are pleased to announce that IHC has decided to increase the investment in SpaceX through IHC West Investment — sole proprietorship (a subsidiary of the company) for a value of $25 million,” IHC said in a statement posted to the Abu Dhabi Securities Exchange (ADX).

Abu Dhabi-based conglomerate Alpha Dhabi Holding also revealed it had invested $25 million in SpaceX.

“We are pleased to announce that the Company has decided to invest in SpaceX through Alpha Dhabi Partners Holding LLC – a subsidiary of the Company for a value of USE25 million,” it said in a separate ADX filing.

“The management is currently working on the completion of all necessary procedures, subject to obtaining the regulatory approvals.”

Founded by Musk in 2002, SpaceX designs, manufactures and launches rockets and is also aiming to set up a base on planet Mars.

In June, it announced it had raised $1.68 billion through equity financing.

The company’s Starlink satellite unit has launched around 2,600 satellites to space since 2019, as it aims to provide broadband internet worldwide, Reuters reported earlier this month.