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- Democratized SpaceX IPO; Kalanick Pivots CloudKitchens to Robots; Bezos Eyes $100B From Gulf
Democratized SpaceX IPO; Kalanick Pivots CloudKitchens to Robots; Bezos Eyes $100B From Gulf
Saturday, March 28, 2026
Happy Saturday everyone!
The Middle East has become Silicon Valley's most coveted capital source. In a remarkable 48-hour span, Elon Musk unveiled plans to allocate up to 30% of SpaceX shares to retail investors—backed by Gulf sovereign wealth funds—while Travis Kalanick folded CloudKitchens into Atoms, his new robotics platform with deep Saudi ties, and Jeff Bezos pitched a $100 billion manufacturing automation fund to Abu Dhabi, Riyadh, and Doha. These aren't isolated deals. They reflect a seismic shift: Gulf sovereigns deployed 43% of global capital last year. When mega-founders need nine-figure capital, the flight path runs through the Middle East—and the competition for that capital is intensifying.
In the wake of developments in the region, we hope everyone stays safe. At this critical moment, it is essential to remain united and follow guidance issued by official authorities from your country.
Markets
EGX30 | 47,320.26 | Closed |
DFMGI | 5,510.99 | 0.124% |
ADX | 9,596.83 | 0.055% |
Tadawul | 11,089.55 | Close |
BEZOS PITCHES GULF SOVEREIGNS ON $100 BILLION MANUFACTURING AUTOMATION MEGAFUND
What Is It About?
Jeff Bezos is raising $100 billion for a manufacturing transformation fund that would acquire companies in chipmaking, defense, aerospace, and automotive sectors, then deploy AI automation to accelerate their operations. The fund would leverage technology from Project Prometheus, a Bezos co-founded startup that simulates physical-world behavior to optimize designs digitally. Bezos has traveled to Abu Dhabi, Riyadh, and Doha to pitch Gulf sovereign wealth funds directly, with talks currently at preliminary stages.
Why it Matters?
At $100 billion, the fund would rival SoftBank's Vision Fund as the largest private investment vehicle ever assembled—yet like SoftBank's success, it depends heavily on Gulf capital. Silicon Valley's elite—Sam Altman, Dario Amodei, Elon Musk—have all made pilgrimages to the Middle East seeking capital at unprecedented scale. In 2025 alone, Saudi Arabia's PIF deployed $36.2 billion in AI, while the seven largest Gulf funds represented 43% of global sovereign capital invested, making them indispensable to mega-scale ambitions.
What’s Next?
Bezos faces timing challenges amid Iranian strikes, market volatility, and regional geopolitical uncertainty that have dampened Gulf investor appetite. Whether sovereign funds commit at the $100 billion scale remains uncertain—SoftBank's success was exceptional and predecessors rare. Nonetheless, the past 18 months have demonstrated that when Silicon Valley needs nine-figure capital, the flight path runs directly through Abu Dhabi, Riyadh, and Doha.
Binance Scores Second US Legal Victory in Anti-Terrorism Act Case
Binance, the world’s largest cryptocurrency exchange, has secured a second major U.S. legal win in just two weeks, after a federal court in Alabama dismissed all claims against the company under the Anti-Terrorism Act. The court criticized the plaintiffs’ complaint as a “shotgun pleading,” citing its failure to clearly outline allegations or distinguish individual liability, and granted the plaintiffs until April 10, 2026, to amend the filing or risk dismissal.
This follows a similar victory in New York, reinforcing Binance’s defense against allegations of supporting terrorism. General Counsel Eleanor Hughes emphasized that the rulings reflect the need for legal rigour and evidence, and reiterated Binance’s commitment to compliance, transparency, and lawful operations. With these back-to-back wins, Binance strengthens its readiness to vigorously defend itself against unfounded claims.
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KALANICK ABSORBS CLOUDKITCHENS INTO ATOMS ROBOTICS VENTURE, COMPLICATING SHELVED IPO
What Is It About?
Travis Kalanick has rebranded his holding company City Storage Systems to Atoms, a robotics platform targeting food, mining, and transport industries. CloudKitchens, the ghost kitchen operator operating in 30 countries, is being absorbed into the new entity after eight years of stealth. Atoms will develop "gainfully employed robots"—specialized industrial machines for food assembly, mining operations, and autonomous transport. The rebrand follows Kalanick's acquisition of autonomous vehicle startup Pronto, founded by former Google engineer Anthony Levandowski.
Why It Matters?
The rebrand creates substantial uncertainty for CloudKitchens' Middle East operations, particularly KitchenPark, which operates across UAE, Saudi Arabia, Kuwait, and Bahrain. Previously shelved IPO plans for dual listings in Riyadh and Abu Dhabi now face fundamental complications. Folding a regional ghost kitchen operator into a Los Angeles-based robotics holding company fundamentally changes the investment proposition. Market headwinds—including Tadawul pressure, Talabat's 56% stock decline, and Iranian strikes triggering trading suspensions—have materially dampened Gulf tech listing appetite.
What’s Next?
The critical question is whether KitchenPark can retain standalone identity to support a future listing, or whether the Atoms rebrand subsumes it into an inseparable structure. Kalanick's $1.25 billion Gulf investment push and recent Saudi citizenship suggest continued regional ambitions, but their form under Atoms remains unclear. Listing prospects depend on market stabilization and whether Kalanick can carve out KitchenPark's separate public market viability.
GULF-BACKED MUSK TO ALLOCATE MASSIVE SPACEX SHARES TO RETAIL INVESTORS
What Is It About?
Elon Musk is allocating up to 30% of SpaceX's initial public offering to individual investors—three times the typical retail slice. This unconventional approach pairs the oversized retail allocation with a hand-picked banker structure. Bank of America handles domestic high-net-worth individuals, Morgan Stanley covers smaller retail investors via E*Trade, while international roles go to UBS and Citi, with regional banks assigned specific markets.
Why It Matters?
Backed by major Gulf sovereign wealth funds including OIA, QIA, Saudi Arabia's KHC, and UAE's MGX, SpaceX is seeking to stabilize its stock post-listing by leaning on Musk's devoted fan base. Unlike traditional IPOs allocating just 5–10% to retail, this unprecedented 30% slice targets investors who've followed the company for years in private markets and are less likely to engage in "pop-and-dump" trading, creating long-term investor stability.
What’s Next?
SpaceX has not yet finalized the offering's size or timing, which could test investor appetite for potentially one of the largest IPOs in history—rivaling Saudi Aramco's record $29 billion raise in 2019. The spaceflight company's valuation could reach $1.75 trillion, marking a defining moment for Musk's push to reshape space exploration and advance his interplanetary ambitions on the public markets.
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👨💻From Smashi Business’ Desk
UAE is spending nearly $1 million to intercept one Iranian missile or drone
Abu dhabi’s MGX-backed OpenAI sees ChatGPT app uninstalls jump 295% in the US
UAE Successfully Intercepts Iranian Missiles, Naguib Sawiris Voices Support
CEO Mudassir Sheikha says the company’s top priority is the “safety of our captains”
Khalaf Al Habtoor: “Dubai Remains One of the Safest Destinations on Earth”
'Cancel ChatGPT': Sam Altman Under Fire for Pentagon Deal as US Attacks Iran
🔍In other news…
🦄 World of Startups
Stake Raises $31M Series B Led by Emirates NBD, Total Funding Hits $58M
US-based Luma AI is planting its flag in Riyadh — opening a regional headquater
Singapore's Ascentium continues its aggressive expansion, acquiring UAE legaltech pioneer Clara in a strategic Middle East play
Abu Dhabi is quietly becoming one of the most influential financiers of the global AI race, with its latest participation in Anthropic’s massive $30B funding round
Safqah Capital has just closed one of Saudi Arabia’s largest-ever seed rounds, raising $15.2 million in a deal that was four times oversubscribed
🗓️ Plan Your Events (March-April 2026)
UAE
31 March - 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.
26-28 March (Thursday-Saturday): Social Capital Conference, Dubai.
7-9 April (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.
13-15 April (Monday-Wednesday): AIM Congress, Dubai World Trade Center.
14-16 April: (Tuesday-Thursday): the International Property Show, Dubai World Trade Center.
Saudi Arabia
13-16 April (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.
20-22 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh
Egypt
30 March – 1 April (Monday-Wednesday): Egypt International Energy Conference and Exhibition (EGYPES).
