Saudi Arabian AI company Humain is preparing for an initial public offering (IPO) and aims to raise a $2.5 billion fund to support its expansion plans, according to fortune.com. The IPO is expected to be a dual listing in Saudi Arabia and New York by 2029. The fund will finance a new wave of data center development across the kingdom.
Humain CEO Tareq Amin announced the IPO plans last October and recently sought individuals with top-tier management consulting experience and investor-facing strategy expertise to join the company as it prepares for the public offering. The $2.5 billion fund will back data center capacity of 250 megawatts currently being developed in partnership with Al Moammar Information Systems, one of Saudi Arabia's largest IT firms, with potential expansion up to one gigawatt, fortune.com reported.
The move comes as Saudi Arabia plans over $15 billion in tech investments showcased at the LEAP event, underscoring the kingdom's push to become a regional technology hub. Humain's fundraise and IPO plans align with broader trends of increased tech funding in the Middle East, where startup funding doubled in August, driven by major deals. The data center expansion supports growing demand for cloud and AI infrastructure in the region.
Humain's CEO Tareq Amin posted on LinkedIn seeking exceptional talent to support the IPO process and fund management. The company’s partnership with Al Moammar Information Systems aims to develop 250 megawatts of data center capacity initially, with plans to scale to one gigawatt, according to fortune.com.