Riyadh - Mubasher: HUMAIN, a Public Investment Fund (PIF) company, invested $3 billion in Elon Musk’s xAI as a part of its Series E round prior to its acquisition by SpaceX, according to a press release.

Following the transaction, the PIF-based company became a significant minority shareholder, with its xAI holdings converted into SpaceX shares.

The investment comes as part of the country’s multibillion-dollar push to diversify its economy and pursue its ambitions to become a global AI hub.

Tareq Amin, the CEO of HUMAIN, stated: “This investment reflects HUMAIN’s conviction in transformational AI and our ability to deploy meaningful capital behind exceptional opportunities where long-term vision, technical excellence, and execution converge.”

This acquisition expands HUMAIN’s previously announced partnership with xAI to develop over 500 megawatts (MW) of next-generation AI data centers and compute infrastructure in Saudi Arabia.

The cooperation also includes deploying xAI’s advanced AI technologies locally.

Last October, Saudi Arabian Oil Company (Aramco) inked a non-binding term sheet with the PIF to takeover a minority stake in HUMAIN.