Three of the firm’s disclosed holdings are preparing public listings that could rank among the largest on record. The firm’s own financials are not disclosed.
AlRaqmiya AlOula Holdings, a Kuwait City firm, provides investors in Kuwait and the GCC with access to private frontier-technology companies through thematic funds and deal-by-deal investments. Its disclosed portfolio concentrates in two categories: private artificial intelligence, including OpenAI, Anthropic, xAI, ElevenLabs, Magic.dev and Cognition, and blockchain infrastructure, including the Bitcoin-related protocols Stacks and Hiro, Dapper Labs, the crypto asset manager 21Shares and the investment platform Republic. The firm does not publish assets under management, fund sizes or deal values, and no financial disclosures for it are available on public record. This account is based on its stated model, its disclosed holdings and public data on the companies concerned.
The holdings and their scale
The companies AlRaqmiya lists are among the largest private technology firms in the world. Anthropic raised $65 billion in its Series H round in May 2026 at a $965 billion post-money valuation, on a reported $47 billion revenue run rate, and is preparing a public listing. OpenAI was valued at $852 billion in its March 2026 round and has been reported to be preparing a confidential IPO filing. SpaceX, which merged with xAI in February 2026, has filed for an IPO at a valuation reported at up to $2 trillion. Each would rank among the largest listings in market history if priced near current private levels.
Access to these companies at the private stage has been limited to institutional investors with direct allocations. In the Gulf that has meant sovereign funds and a small number of large family offices. Abu Dhabi’s MGX co-led Anthropic’s $30 billion round in February 2026, holds positions in OpenAI and xAI, and closed a $49 billion AI fund in July. The Qatar Investment Authority entered Anthropic in 2025. In June 2025 the Kuwait Investment Authority joined the AI Infrastructure Partnership, the vehicle formed by BlackRock, Global Infrastructure Partners, MGX, Microsoft and NVIDIA. Kuwaiti sovereign capital is therefore positioned in the sector. Kuwaiti private capital has had no comparable domestic channel to the same companies.
What the model provides
A deal-by-deal structure gives an investor exposure to a specific named company on a single-transaction basis. A thematic fund pools capital across a defined sector. Neither requires the investor to source the allocation, negotiate entry or meet the minimums that direct participation in a late-stage round would demand. For a Kuwaiti investor whose alternative is no private exposure, that is the function the firm performs.
The regional concentration the model responds to is measurable. MENA start-ups raised a record $3.8 billion across 688 deals in 2025 according to MAGNiTT, of which roughly 91 percent went to Saudi Arabia and the UAE. Kuwait shared the remainder with Qatar, Oman and Bahrain. Corporate venture data shows the same pattern, with Saudi Arabia and the UAE accounting for 86 percent of corporate-backed funding over the five years to 2025.
Access ahead of the listing
The position AlRaqmiya structures is entry to these companies while they are still private, before a public listing sets a market price. That is access the public market cannot currently offer: direct participation in the rounds is closed to all but the largest institutions, and listed proxies trade at their own valuations without conferring entry to the private names. The route exists because the firm assembles the allocation the individual investor cannot reach alone.
The scale of the opportunity is visible in the pricing. Anthropic moved from $183 billion in September 2025 to $380 billion in February 2026 to $965 billion in May 2026, and all three names are moving toward listings expected to rank among the largest on record. Entry at the private stage places the investor in these companies before that step to the public market occurs.
