Saudi Arabia’s Kingdom Holding Co. has reported a sharp increase in the value of its investment in SpaceX, with its stake now estimated at around $6.83 billion following the aerospace company’s recent listing on the Nasdaq stock exchange.
In a filing to the Saudi Exchange, the investment firm controlled by Prince Alwaleed bin Talal said SpaceX completed its initial public offering on June 12 at a price of $135 per share. The stock ended its first trading session at $160.95, pushing the company’s market valuation higher on debut.
Kingdom Holding owns 42.4 million shares of SpaceX Class A common stock, representing a 0.34% stake in the company. Prior to the listing, the investment was recorded at $4.47 billion, or approximately SR16.76 billion, in the company’s financial statements as of March 31.
Following the IPO’s closing price, the value of the stake has risen to about $6.83 billion, equivalent to SR25.6 billion, resulting in an unrealised gain of approximately $2.36 billion compared with its previous carrying value.
According to the filing, Kingdom Holding’s exposure to SpaceX stems from a long-running investment history that began with its stake in Twitter in 2011. That position later evolved into holdings connected to SpaceX through transactions involving X and xAI.
The company noted that, under the terms of the IPO, its SpaceX shares are subject to a lock-up period of up to 180 days after listing, although certain early release conditions may apply depending on performance thresholds and earnings announcements.
SpaceX’s first-day closing price implied a market capitalisation of about $2.1 trillion, higher than its IPO valuation of roughly $1.77 trillion. The company raised approximately $75 billion through the offering, which Nasdaq described as the largest initial public offering in its history. Shares now trade under the ticker SPCX.
The IPO involved the sale of 555.6 million primary shares, with an additional 15% over-allotment option. Proceeds are expected to support SpaceX’s expansion plans, including investment in artificial intelligence infrastructure, launch systems, spacecraft development, and satellite network growth.
Kingdom Holding had previously estimated that its stake would be worth about SR21.26 billion if SpaceX reached a valuation of $1.75 trillion, meaning the final listing exceeded earlier projections.
The investment is classified as a non-current financial asset measured at fair value through other comprehensive income. Kingdom Holding also said that, following the IPO, the stake may be reclassified under International Financial Reporting Standard 13 from Level 3 to Level 1, reflecting its listing on an active public market.
The company added that the holding will now be revalued at each reporting period based on SpaceX’s market price, with no additional costs associated with the reclassification or valuation update.
