Saudi Arabia's Kingdom Holding Co. announced that the value of its stake in SpaceX has surged to approximately $6.83 billion following the aerospace company's initial public offering on the Nasdaq stock exchange. The investment firm, controlled by Prince Alwaleed bin Talal, disclosed in a filing to the Saudi Exchange that SpaceX completed its IPO on June 12 at $135 per share and closed its first trading day at $160.95.
Stake Details and Valuation
Kingdom Holding owns 42.4 million shares of SpaceX Class A common stock, representing a 0.34 percent stake in the company. As of March 31, the holding was valued at $4.47 billion (SR16.76 billion) in the firm's financial statements. Based on the closing price on June 12, the stake is now worth approximately $6.83 billion (SR25.6 billion), implying an unrealized gain of about $2.36 billion from its carrying value.
IPO and Market Performance
The IPO price implied a SpaceX market capitalization of about $1.77 trillion, while the closing price pushed it to roughly $2.1 trillion. SpaceX raised $75 billion through the offering, which Nasdaq described as the largest IPO in Wall Street history. The company offered 555.6 million primary shares, with an additional 15 percent over-allotment option. Proceeds will support growth in artificial intelligence computing, launch infrastructure, and satellite constellation expansion.
Kingdom Holding's investment originated from its stake in Twitter in 2011 and later became part of SpaceX through transactions involving X and xAI, according to the filing. The shares are subject to a lock-up period of up to 180 days from listing, with early release provisions tied to earnings releases and share price performance thresholds.
The investment is classified as a non-current asset measured at fair value through other comprehensive income. Kingdom Holding noted that the public listing may allow reclassification from Level 3 to Level 1 under IFRS 13 fair-value hierarchy, as shares are now traded in an active market. The holding will be revalued using SpaceX's prevailing share price at each reporting date, with no costs associated with the latest development.
