• Announcement follows DAMAC’s recent investment in June 2024 into the Artificial intelligence sector with xAI, Mistral and Anthropic

Dubai, UAE – DAMAC Capital, the investment arm of the globally renowned DAMAC Group, has announced strong ROI its strategic investments in SpaceX and Stripe.

The investments underscore DAMAC Capital's continued commitment to pioneering advancements in technology and innovation at a global scale, propelling its portfolio into sectors with significant growth potential.

DAMAC has been active in the space tech industry since the COVID-19 pandemic period. SpaceX founded by Elon Musk, is at the forefront of space exploration and technology, revolutionising space travel and connectivity. Meanwhile the Group welcomed a positive ROI on Stripe within a year into its the investment. A leading online payment processing platform, Stripe enables businesses worldwide to conduct seamless online transactions.

These investments follow the Group’s recent announcement of investing in the rapidly evolving Artificial Intelligence (AI) sector. Notable prior investments include $50 million in the AI startup Anthropic, making it one of the top investors from the cryptocurrency exchange, FTX. Additionally, the Group has invested in xAI, an American AI startup founded by Elon Musk, and Mistral, a France-based AI company recognised for its European large-language model open-source capabilities.

DAMAC Group Founder, Hussain Sajwani, said: “Our investments in SpaceX and Stripe signify a strategic alignment with companies that are at the cutting edge of technological advancement and innovation,” said Hussain Sajwani, Chairman of DAMAC Group. “These investments are a testament to DAMAC Capital's commitment to diversifying our portfolio and in supporting enterprises that have the potential to create transformative impacts on a global scale.”

DAMAC Capital's investment in SpaceX aligns with its vision to support groundbreaking ventures that redefine industries. With projects like Starship and Starlink, SpaceX aims to make space more accessible and improve global internet coverage, directly contributing to technological advancements and economic development.

Since 2015, over $47 billion of private capital has been invested in the global space sector, growing on average 21% per year. The space economy is expected to reach $1.8 trillion by 2035 as space-enabled technologies advance. A new report from the World Economic Forum, "Space: The $1.8 Trillion Opportunity for Global Economic Growth," developed in collaboration with McKinsey & Company, outlines key developments that will shape space and adjacent industries throughout the next decade.

DAMAC Capital's investment in Stripe reflects its strategic focus on fintech innovations that transform financial services. By investing in Stripe, DAMAC Capital supports the acceleration of digital commerce and financial inclusion, fostering a more connected and efficient global economy.

DAMAC Capital's investment strategies are driven by a vision to identify and support high-growth companies that are poised to lead in their respective industries ultimately contributing to a more dynamic and progressive global economy.