Humane Saudi Arabia is preparing to offer its shares by forming a specialized team for the public offering

The Saudi Humane Company, owned by the Public Investment Fund, has begun practical steps to prepare for offering its shares for public offering, with its CEO, Tariq Amin, announcing the recruitment of a specialized team to participate in preparing for the offering, in a step that indicates the company’s listing plans have moved from the stage of announcing ambition, to building the necessary capabilities to implement it.

Amin announced, through his account on the LinkedIn platform, that he is looking for “a small group of exceptional individuals” to join the team preparing for the initial public offering, explaining that those required must have high-level experience in management consulting companies, in addition to strong experience in the financial and strategic aspects, preparing for IPOs, and working on strategies directed at investors.

The CEO explained that team members will have to understand complex business and financial data, test the company's strategy, build a convincing investment story for investors, as well as prepare content and presentations that Humane will use in the process of introducing the company to investors.

Amin’s announcement did not specify a date for the offering, its size, or the stock exchanges that would host it, but the step comes less than a year after he revealed to Asharq Al-Awsat that “Human” aims to list its shares in the Saudi market, alongside a global stock exchange, within a period ranging between 3 and 4 years.

From declaring ambition to preparing for the launch

Amin had revealed in October 2025 that the company was considering listing on the Saudi Stock Exchange (Tadawul) alongside the New York Stock Exchange, as part of a plan aimed at implementing the offering within 3 to 4 years.

The current announcement of the formation of a specialized team represents the first public indication that the internal structure necessary to prepare for the offering has begun, and does not in itself mean that the subscription date has become set, or that the official offering procedures have begun with the regulatory authorities.

However, Amin’s choice to focus the recruitment process on strategic expertise, financing, investment stories, and offers presented to investors reflects the importance of building a cohesive investment narrative for the company, in light of the rapid expansion of its business and its diversification between artificial intelligence infrastructure, data centers, computing, and investments in technology companies, in addition to developing its own products and models.

The Saudi Crown Prince, Prince Mohammed bin Salman, launched “Humane” in May 2025. With the aim of building an integrated artificial intelligence system in the Kingdom, including data centers, infrastructure, cloud computing, models and applications.

A global fund that could exceed $10 billion

Preparing for the offering comes at a time when Humane is expanding on more than one path, as the company plans to launch a global venture capital fund this year, the size of which may exceed $10 billion, according to what Amin said in an interview with Semaphore.

Amin said that the fund’s ambitions have expanded since the announcement of its initial plan of $10 billion, driven by what he described as the early success of Humane’s $3 billion investment in XAI, before its merger with SpaceX and its initial public offering.

The fund is scheduled to have a presence in the United States and Saudi Arabia, in addition to France and the United Kingdom. With the aim of accelerating the pace of investment in artificial intelligence companies.

Humane's strategy is not limited to financial investment, as Amin told Semaphore that the company does not follow the "passive investments" approach, but rather will link its investments to expanding artificial intelligence activity within the Kingdom.

According to Amin, Humane will support companies that commit to using Saudi data centers for part of their computing operations, or transfer employees to the Kingdom, making foreign investment a tool to attract more economic and technical activity to Saudi Arabia.

The company also intends to launch another investment arm under the name “Human Limitless” that will focus on investing in artificial intelligence companies within the Kingdom and supporting their growth.

$2.5 billion for Saudi data centers

In parallel with the Global Fund, Humane is working to create a separate funding mechanism focused on local AI infrastructure.

According to what Bloomberg reported, citing informed sources, the company plans to raise $2.5 billion initially from local and international investors for a fund that will invest in data centers inside Saudi Arabia.

The fund aims to finance 250 megawatts of computing power developed by Humane in cooperation with Al-Muammar Information Systems (MIS), with the possibility of expanding the capacity to about 1 gigawatt.

BSF Capital is expected to manage the fund, and it will begin attracting investors after obtaining the approval of the Capital Market Authority, which is expected within two to three months, according to the sources.

This fund differs from the Global Venture Capital Fund in terms of the nature of the investment. The first focuses on companies and technologies, while the second aims to finance the infrastructure assets necessary to operate the artificial intelligence system in Saudi Arabia.

Financing expansion from data center usage contracts

In financing its expansion in data centers, Humane relies on a model based on future purchase or use contracts with major international technology companies.

Amin told Semaphore that these agreements, or what are known as “off-tech” contracts, provided a bankable basis and enabled the company to accelerate obtaining debt to finance its expansion.

This comes at a time when the Kingdom is witnessing a re-prioritization of capital spending and the rescheduling of some giant projects, while Humane continues to implement its plans in artificial intelligence, based on the expected demand from global technology companies.

Humane also entered into a $3 billion partnership with Blackstone to help finance data center deals.

Amin believes that demand from major international technology companies has not declined, even in light of the war, noting that the cost of computing through Humain data centers is about 30 percent lower than its levels in other regions of the world.

6 GW of data centers by 2034

The launch and expansion plan is based on a huge investment program in artificial intelligence infrastructure.

Humane plans to establish data centers with a total capacity of up to 6 gigawatts in Saudi Arabia by 2034, while it has received a commitment to provide 16 gigawatts of energy from the Saudi Ministry of Energy.

The company has also concluded agreements with a number of international technology companies, including xAI, Grok, NVIDIA, and Qualcomm, in addition to its investments in emerging companies in the field of artificial intelligence.

Last February, Humane announced an investment of $3 billion in xAI, in a deal that Amin later described as a “huge success,” as the company expanded its presence in the global artificial intelligence ecosystem.

Energy is a challenge in the artificial intelligence race

Despite the magnitude of the investment plans, Amin believes that the biggest challenge facing the global artificial intelligence industry may not be financing or chips, but rather the availability of energy.

He told Semaphore that the world currently does not have sufficient power generation capacity to keep up with the expected demand for data and computing centers for artificial intelligence.

Humane has obtained a Saudi commitment to provide 16 gigawatts of energy, but the Kingdom’s ability to convert these commitments into actual supplies in conjunction with the growth in demand for computing will be a major factor in determining the company’s speed of expansion.

This also points to a challenge associated with the financing model based on futures contracts; The higher the demand for data centers, the more energy and financing a company needs to expand its capacity, making the availability of electricity a critical factor in continuing the investment cycle.

Data centers are turning into strategic infrastructure

The US-Iranian war also affected the way Humane dealt with its infrastructure, without, according to Amin, leading to a decline in demand from artificial intelligence companies.

He said that the company is working to strengthen security fortifications around the data centers it is building in Saudi Arabia, after the war showed that artificial intelligence infrastructure in other parts of the Gulf was exposed to security risks.

He added that data centers have become treated as “vital national infrastructure,” noting that Humane distributes its centers in different regions of the Kingdom, and is working to enhance its security infrastructure and operational flexibility.

In this aspect, the company benefits from the expertise developed by Aramco in protecting its energy infrastructure, as Aramco is one of Humin’s shareholders.

American chips open the way for expansion

Regarding chips, Amin said that the US-Saudi strategic partnership in the field of artificial intelligence gives Humin access to the semiconductors it needs to implement its plans, adding that he does not see any obstacles to the company obtaining the necessary computing power from the chips.

Under the framework associated with the partnership with the United States, Humane will not allow advanced Chinese artificial intelligence models to be trained on their computing capabilities, but it will allow the use of open source Chinese models in inference processes, according to Amin.

These arrangements come at a time when Saudi Arabia seeks to build an integrated artificial intelligence system that combines investment in companies and technologies, with the development of a huge computing infrastructure within the Kingdom.

The start of attracting a specialized team to prepare for the offering adds a new dimension to this strategy, as “Human” is preparing at the same time to expand its investment base globally, build billions of dollars in data centers, develop its own products, and prepare the company for an investment narrative targeting investors in the Saudi market and global markets.