Kingdom Holding Says SpaceX Stake Rises to $6.83 Billion Following Historic Nasdaq Debut

Riyadh – EcoPulse24

Saudi Arabia’s Kingdom Holding Company (KHC) said the fair value of its investment in SpaceX has risen to approximately SAR 25.6 billion ($6.83 billion) following the company's record-breaking initial public offering and Nasdaq listing.

In a filing published on Tadawul, KHC said SpaceX completed its IPO and began trading on Nasdaq on June 12, 2026, at an offering price of $135 per share, before closing its first trading session at $160.95 per share.

Kingdom Holding Owns More Than 42 Million Shares

The company disclosed that it currently holds 42,408,860 Class A common shares of SpaceX.

As of March 31, 2026, the investment carried a book value of approximately $4.47 billion (SAR 16.76 billion). Based on SpaceX's first-day closing price, the fair value of the stake has increased to approximately $6.83 billion (SAR 25.60 billion).

The revaluation implies a gain of more than SAR 8.8 billion compared with the carrying value reported at the end of the first quarter.

Long-Term Investor in Elon Musk's Ecosystem

Kingdom Holding described itself as a long-term investor in Elon Musk's business ecosystem.

The company traced its exposure back to its early investment in Twitter in 2011, which later became X, as well as its investment in xAI before the company's subsequent integration with X and eventual merger into SpaceX.

KHC said it continues to maintain a positive long-term outlook on SpaceX and its future growth prospects.

Potential IFRS Reclassification

The company noted that SpaceX's successful public listing could result in the investment being reclassified from a Level 3 to a Level 1 fair-value asset under IFRS 13.

Since SpaceX shares are now traded in an active public market, future valuations will be based directly on observable market prices rather than valuation models or private-market assumptions.

The investment remains classified as a Fair Value Through Other Comprehensive Income (FVOCI) asset within Kingdom Holding's non-current investment portfolio.

Lock-Up Period in Place

Under the IPO terms, Kingdom Holding's SpaceX shares are subject to a 180-day lock-up period beginning from the date of listing.

The filing noted that certain provisions may allow for an earlier release depending on SpaceX's financial disclosures and stock-price performance.

Exposure to One of the World's Most Valuable Technology Companies

The announcement highlights Kingdom Holding's growing exposure to one of the world's most valuable technology and infrastructure platforms.

Following its historic $75 billion IPO, SpaceX has emerged as a unique combination of space transportation, satellite communications, artificial intelligence, and digital infrastructure businesses.

The company surpassed a $2 trillion market capitalization shortly after its market debut, making it one of the largest publicly traded companies globally.