Abu Dhabi-based International Holding Company (IHC) and its subsidiary Alpha Dhabi will together invest $50 million in billionaire Elon Musk’s aerospace firm SpaceX.
IHC, which already has a stake in SpaceX, will invest another $25 million in the company, it said in a statement to the Abu Dhabi Securities Exchange (ADX).
Alpha Dhabi will pump in an equal amount into the aerospace company. This will be the first time Alpha Dhabi itself will be investing into SpaceX. It will invest via Alpha Dhabi Partners Holding, it said in a statement on the ADX.
Musk, who also founded electric automobile company Tesla, has recently been in the news for attempting to buy social media company Twitter and take it private.
IHC first indirectly bought into SpaceX in 2020 via private equity fund Falcon CI IV. It acquired a 94% stake in the Cayman Islands-based PE fund, which has in turn backed SpaceX.
IHC invests across sectors such as emerging technologies, real estate and healthcare in. Its empire includes more than 30 companies and 323 subsidiaries.
In June, it acquired a 25% stake in Dubai-based trading company Invictus. The month before, it completed a deal to invest $1.94 billion into Indian conglomerate Adani Group.
SpaceX develops, designs, makes and launches advanced spacecraft and rockets. It competes directly with Richard Branson’s Virgin Galactic and Jeff Bezos’ Blue Origin.
Apart from the space travel business, it also operates a global satellite constellation service Starlink, which provides high-speed and low-latency broadband internet services across several countries.
In February 2021, the company had raised $850 million. The funding had valued it at $74 billion.