❯ Saudi Sovereign Fund Opens SpaceX Position in Q2, $26.34B Becomes Its Largest US Holding

POSITIONINGSaudi Arabia’s Public Investment Fund (PIF) 13F filing shows it opened a new position in SpaceX in Q2, with a quarter-end market value of about $26.34 billion, making it one of the largest holdings on the disclosed list; it also held about $5.09 billion in Electronic Arts, $5.26 billion in Uber, $1.18 billion in Lucid, and approximately $43.7 million in Claritev.

SCALE JUMPThe sovereign fund, which manages over $900 billion in assets, has spent recent years shrinking its US equity exposure and rotating money back toward domestic projects; its entire US stock portfolio stood at only about $12 billion before — a single SpaceX position more than doubled that total.

ENTRYSpaceX’s listing gave the sovereign fund a one-shot public-market entry point to close its “AI + space” exposure, and Saudi Arabia bought it straight to the top weighting. Whether other sovereign funds follow into the same name will directly affect SpaceX’s valuation support — next quarter’s 13F will provide the answer.

▪ SIGNALSovereign funds are no longer routing their AI exposure through funds and startups; they are buying the largest names directly in public markets.