Saudi Arabia's Humain AI, a subsidiary of the Public Investment Fund (PIF), has invested $3 billion in xAI, the artificial intelligence company founded by Elon Musk. The investment is part of a funding round focused on "leading global technology platforms," according to a statement released by Humain AI.

The Saudi investment firm now holds a minority stake in the U.S. company, a stake that was subsequently converted into shares in Musk's SpaceX, the statement said, establishing a foundation for Humain AI to capitalize on long-term capital returns.

The investment follows a previously announced partnership between Humain AI and xAI, unveiled at the Saudi-U.S. Investment Forum. During that forum, the companies committed to developing over 500 megawatts of next-generation data centers and advanced computing infrastructure for AI, as well as deploying xAI's Grok models in Saudi Arabia.

Humain AI aims to deliver an integrated ecosystem of AI capabilities, including next-generation data centers, high-performance infrastructure, cloud computing platforms, advanced AI models, and transformative AI solutions, according to the statement.

The American company secured $20 billion during the funding round, which concluded shortly before SpaceX's acquisition.

Humain AI has also invested in Luma AI, a startup specializing in AI-driven video generation, and established a joint venture with chip manufacturer AMD and Cisco Systems to expand data center capacity in Saudi Arabia.