Two of Abu Dhabi’s top investment companies are putting their money where their mouth is in regards to Elon Musk’s SpaceX company. International Holding Company and Alpha Dhabi, both of which trade publicly on the Abu Dhabi Securities Exchange (ADX), will each invest $25m into the venture.
International Holding Company already has invested $25m in SpaceX, which it first acquired in 2020 through a private equity fund, Falcon CI IV.
Early last year, SpaceX completed an equity funding round of $850m, which increased its valuation to roughly $74b. The aerospace company is competing with Richard Branson’s Virgin Galactic (SPCE, $6.58) and Jeff Bezos’ Blue Origin to dominate outer space, and they’re not going to wait around for government funding to do it.
Why it matters
While the deal is still pending regulatory approval, it is another clear demonstration of International Holding Company's commitment to supporting innovation. At the end of last February, the investment company was comprised of 30 different entities and 323 subsidiaries.
