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Humain, Saudi Arabia's state-backed AI company, invested $3 billion in Elon Musk's xAI, becoming a significant minority shareholder. This investment occurred shortly before Musk announced the merger of xAI with SpaceX, creating a combined valuation of around $1.25 trillion.

Following the merger, Humain's stake in xAI converted into shares of SpaceX, which is planning an IPO that could raise up to $50 billion. This deal supports Saudi Arabia's aim to diversify its economy and establish itself as a global AI hub, backed by initiatives to develop data centers and AI infrastructure in the region. The investment reflects a broader trend among Gulf nations to invest in emerging technologies.