Kingdom Holding's SpaceX stake jumps nearly 53% to $6.8bn after IPO

15/06/2026 03:11 AST

Saudi Arabia's Kingdom Holding Co. said the value of its stake in SpaceX has risen to about $6.83 billion following the aerospace and technology company's debut on the Nasdaq stock exchange.

The investment firm, controlled by Prince Alwaleed bin Talal, said in a filing to the Saudi Exchange that SpaceX completed its initial public offering on June 12 at $135 per share and ended its first trading day at $160.95.

Kingdom Holding owns 42.4 million shares of SpaceX Class A common stock, representing a 0.34 percent stake in the company. The holding was carried at $4.47 billion, or SR16.76 billion, in Kingdom Holding's financial statements as of March 31.

Based on SpaceX's closing share price on June 12, the stake is now valued at approximately $6.83 billion, equivalent to SR25.6 billion, implying an unrealized gain of about $2.36 billion from its carrying value.

Kingdom Holding's investment began with its stake in Twitter in 2011 and later became part of SpaceX through a series of transactions involving X and xAI, according to the filing.

In a bourse filing, Kingdom Holding stated: "In accordance with the terms of the IPO, the SpaceX shares held by KHC are subject to a lock-up period of up to 180 days from the date of listing, with certain early release provisions, subject to conditions including SpaceX's earnings releases and share price performance thresholds."

The closing price implied a SpaceX market capitalization of about $2.1 trillion, compared with an approximately $1.77 trillion valuation at the IPO price.

SpaceX raised $75 billion through the offering, which Nasdaq described as the largest IPO in Wall Street history. Its shares trade under the ticker SPCX.

SpaceX offered 555.6 million primary shares, with an additional 15 percent over-allotment option. The company said the proceeds would support its growth strategy, including investment in artificial intelligence computing capacity, launch infrastructure and vehicles, and the expansion of its satellite constellations.

The latest valuation exceeded an illustrative estimate provided by Kingdom Holding before the IPO. In its June 4 announcement, the company said its SpaceX investment would have been worth about SR21.26 billion if the aerospace group achieved a valuation of $1.75 trillion.

The investment is classified as a non-current asset measured at fair value through other comprehensive income.

Kingdom Holding said SpaceX's public listing could result in the asset being reclassified from Level 3 to Level 1 under the International Financial Reporting Standard 13 fair-value hierarchy because the shares are now traded in an active market.

The company said the holding would be revalued using SpaceX's prevailing share price at each reporting date and that no costs were associated with the latest development.

Arab News