Kingdom Holding’s SpaceX Stake Could Reach $5.7 Billion as Tadawul Disclosure Meets a $1.77 Trillion IPO
Kingdom Holding Company’s shares extended a powerful run on the Saudi Exchange on Thursday, rising as much as 6 percent intraday before paring gains, after the company’s official disclosure detailing its stake in SpaceX met mounting evidence of historic demand for the rocket maker’s imminent listing.
In a statement to Tadawul, Kingdom Holding disclosed that it owns 0.34 percent of SpaceX, with the stake carried at a book value of SR16.76 billion ($4.47 billion) in its first quarter financial statements. Based on the company’s disclosed scenarios, the holding would be worth about $4.47 billion at a $1.25 trillion SpaceX valuation, and up to about $5.66 billion if the valuation reaches $1.75 trillion.
The IPO Behind the Repricing
SpaceX filed with the US Securities and Exchange Commission on 3 June for a Nasdaq listing at a fixed price of $135 per share, implying a valuation of about $1.77 trillion, which would rank among the largest public offerings in history. Reporting this week indicated retail investor orders alone have exceeded $100 billion, an oversubscription dynamic that has fed directly into the shares of disclosed pre-IPO holders.
Kingdom Holding’s stock has gained more than 20 percent over recent sessions on the listing momentum, touching levels around SR14.83, its highest since January 2016, earlier this week before Thursday’s partial retracement. The move has repriced a stake that sat quietly on the balance sheet for years, originating in Kingdom Holding’s early participation in SpaceX funding rounds alongside its long-standing technology portfolio.
A Test Case for Saudi Cross-Border Equity Stories
The episode is instructive beyond one company. It shows how Tadawul-listed vehicles with credible disclosed exposure to global growth assets can become conduits for international themes inside the Saudi market, with the disclosure itself, made through official exchange channels, converting speculation into a quantified investment case.
It also arrives as international houses position constructively on Saudi equities. Nomura Asset Management said this week that near-term pullbacks in the Saudi market represent attractive entry points for long-term investors, citing the depth of the reform programme and the market’s full opening to foreign investors earlier this year.
Valuation Discipline Still Applies
The arithmetic cuts both ways. Kingdom Holding’s SpaceX stake, even at the upper scenario, represents a defined portion of a diversified portfolio spanning hotels, financial services, and technology. The share price gains of recent sessions have at points added multiples of the stake’s incremental value to the company’s market capitalisation, a gap Thursday’s paring partially corrected. The post-listing performance of SpaceX itself will determine how durable the repricing proves.
The listing’s completion and first trades on Nasdaq now become the event that converts disclosed scenarios into marked positions. A successful debut would validate the channel; a volatile one would test how quickly enthusiasm retraces.
Sources: Kingdom Holding Company disclosure to Tadawul; SpaceX SEC filing, 3 June 2026; Tadawul market data; Bloomberg and Reuters reporting.
