Saudi Kingdom Holding Discloses $4.47 Billion Stake in SpaceX Ahead of Planned Nasdaq IPO

Saudi Arabia’s Kingdom Holding Co. has confirmed that it holds a 0.34 percent stake in SpaceX, as the US aerospace company prepares for a landmark initial public offering on the Nasdaq stock exchange.

In a statement to the Saudi stock exchange Tadawul, Kingdom Holding said the book value of its investment stands at SR16.76 billion, equivalent to approximately $4.47 billion, based on its financial statements for the first quarter. The stake is currently recorded under investments measured at fair value through other comprehensive income.

The company emphasised that the final IPO pricing and resulting valuation of SpaceX have not yet been formally confirmed. While market speculation has suggested a wide range of possible valuations for the private space firm, Kingdom Holding said it is not in a position to verify any of those estimates at this stage.

To provide context for investors, the group outlined illustrative scenarios showing how its stake could be valued under different SpaceX market capitalisations. At a valuation of $1.25 trillion, Kingdom Holding’s shareholding would remain at SR16.76 billion. If SpaceX is valued at $1.75 trillion, the stake’s estimated value would rise to about SR21.26 billion.

The company also disclosed that its chairman and principal shareholder, Prince Al-Waleed bin Talal, holds an additional 0.29 percent stake in SpaceX independently of Kingdom Holding. That personal investment is separate from the company’s corporate exposure and is not included in its consolidated financial reporting.

SpaceX formally announced in a filing with the US Securities and Exchange Commission on June 3 that it intends to price its IPO at $135 per share. Based on that figure, the company would reach a valuation of approximately $1.77 trillion, assuming completion of certain spectrum-related agreements involving EchoStar and Cursor. If realised, this would place SpaceX among the largest publicly listed companies in the United States, ranking seventh by market capitalisation and surpassing Tesla in valuation.

The disclosure from Kingdom Holding highlights the growing international exposure to SpaceX ahead of its expected market debut, which is being closely watched by global investors due to its scale and implications for the wider technology and space sectors.

Market analysts note that the IPO could represent one of the most significant listings in recent years, reflecting strong investor interest in aerospace innovation, satellite communications, and private-sector space exploration. However, they also caution that final valuations remain subject to market conditions at the time of listing.

For now, Kingdom Holding’s statement underscores both the scale of its investment and the uncertainty surrounding final pricing, as SpaceX moves closer to one of the most anticipated public offerings in global financial markets.