Breaking

Humain Begins IPO Groundwork as G42 Weighs U.S. Majority Sale

September 7, 2026 at 08:41 EDT

Funding & M&A
Infra & Chips
Policy & Regulation

Humain, the artificial intelligence company owned by Saudi Arabia’s Public Investment Fund, has started hiring an IPO preparation team, while Abu Dhabi’s G42 has held exploratory talks on selling a majority stake to American companies to keep buying advanced chips after April 2027 — even as Gulf states keep building gigawatt-scale AI campuses through a regional war.

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Humain is hiring an IPO team and raising a $2.5 billion data-center fund. G42 is exploring a U.S. majority sale to keep advanced chips after April 2027, as Gulf campuses keep building through the war.

Fund scale · 250 MW vs 1 GW

The first Humain fund slice is 250 MW. People familiar with the plan say it could grow four times, to 1 GW.

250 MW

First fund

1 GW

Potential scale (4×)

Each block = 250 MW. Taller stack is the upside case, not a completed campus.

$2.5B

Initial Humain data-center fund

6 GW

Humain capacity target by 2034

5 GW

Planned UAE-U.S. AI campus

Apr 2027

G42 license-free chip window

Humain listing path

Hire IPO team

Investor strategy and pitch materials

→

Raise project capital

$2.5B fund; Goldman advising larger package

→

Dual listing window

Saudi exchange and Nasdaq, 2028–2029

Demand holding

Khazna says the first 200 MW of the Abu Dhabi campus is still due in the fourth quarter, with no slowdown in customer demand. Local investors remain largely undeterred.

War and listing risk

AWS sites in the UAE and Bahrain were damaged and regional service is degraded. Some international investors are waiting. An IPO team is not an imminent listing.

G42 chip access

U.S. ownership is the option on the table after April 2027

Microsoft already holds a $1.5 billion minority stake. Talks now concern majority control or a new U.S. vehicle. No final decision has been made.

Option A — bring in a U.S. company as majority shareholder
Option B — set up an entirely new U.S.-domiciled vehicle
Constraint — license-free chip purchases currently run to around April 2027

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