Kingdom Holding and Prince Alwaleed set for SpaceX windfall

The value of Kingdom Holding Company’s stakes in Elon Musk’s SpaceX is set to rise significantly following its listing on Nasdaq.

Saudi-listed Kingdom Holding, owned by Prince Alwaleed bin Talal, told Asharq Business that its combined stake of 0.63 percent in SpaceX is valued at $8.3 billion at a $1.25 trillion valuation.

This value is likely to rise to $10.6 billion should SpaceX be valued at $1.75 trillion, Asharq said.

Earlier this month SpaceX filed for an initial public offering, targeting a valuation of $1.75 trillion in a planned flotation expected to raise $75 billion, according to Reuters.

Kingdom Holding shares closed 8.3 percent higher at SAR12.35 on May 21, the last day of trading before the Eid Al-Adha holidays, and are up 53 percent so far this year. The market will now open on May 31.

Prince Alwaleed bin Talal’s net worth currently stands at $22 billion, according to the Bloomberg Billionaires Index.

Analysis of the SpaceX IPO prospectus showed that Elon Musk’s xAI consumed 60 percent of all the the company’s capital spending last year, as Gulf investors deepen their exposure to the company ahead of what could become the world’s largest IPO.

Further reading:

• SpaceX ‘holds talks’ with PIF over $5bn stake in IPO
• Gulf funds balance SpaceX potential against AI cash burn
• Kingdom Holding proposes $265m dividend for 2025