Kuwait’s top telecom operator is sitting on sizeable gains from an early bet on Elon Musk’s SpaceX, as the rocket maker’s valuation soared following its merger with artificial intelligence venture xAI.
Zain Group said its venture capital arm invested about $50 million in SpaceX about four to five years ago through Valor Equity Partners, according to a transcript of the company’s analysts call.
Chief Financial Officer Ossama Matta said Zain is referencing a latest SpaceX valuation of roughly $800 billion. Based on that mark, the company recorded about $80 million in unrealized gains on its original investment in the fourth quarter.
Zain is among a cohort of early Middle Eastern backers that placed bets on SpaceX before its rapid ascent. In 2022, Abu Dhabi-listed International Holding Company and Alpha Dhabi Holding each invested $25 million in the firm.
SpaceX’s valuation has climbed sharply after its combination with xAI, bringing the merged entity closer to the $1 trillion threshold and reinforcing Musk’s push to integrate space technology and artificial intelligence under a broader corporate umbrella.
And then there is another cohort who are riding the SpaceX wave via xAi: Abu Dhabi’s MGX, Qatar Investment Authority and Saudi AI investor Humain. They all invested in Musk’s AI startup.
📌 Why it matters:
Gulf corporates and sovereign-linked investors are capturing outsized gains from early exposure to Musk’s ecosystem, reinforcing the region’s growing influence in global technology investing — particularly in AI and space infrastructure.
📌 Bottom line:
Zain’s $50 million wager on SpaceX has already delivered an $80 million paper gain, showcasing how early-stage bets on Musk-led ventures are reshaping balance sheets far beyond Silicon Valley.
