Kingdom Holding updates shareholders on SpaceX investment

Logo of Kingdom Holding Co. (KHC)

Kingdom Holding Co. (KHC) said it currently holds a 0.34% stake in SpaceX with a carrying value of SAR 16.76 billion ($4.47 billion) as of March 31, classified as an investment at fair value through other comprehensive income (FVOCI).

In a statement to Tadawul, KHC said SpaceX has filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC) for a listing on Nasdaq, according to publicly available filings.

The company said the final IPO price and the resulting valuation of SpaceX have not yet been officially confirmed.

KHC added that various market estimates and media reports have cited a range of potential valuations, but it is not in a position to confirm any specific valuation at this stage.

To provide shareholders with additional information, KHC outlined the estimated impact on the fair value of its SpaceX investment under two valuation scenarios, noting that the actual impact will depend on the final IPO pricing.

Under a SpaceX valuation of $1.25 trillion, which reflects the basis of KHC's carrying value as of March 31, 2026, the company's stake would remain valued at SAR 16.76 billion ($4.47 billion).

If SpaceX's valuation rises to $1.75 trillion, the estimated value of KHC's stake would increase to about SAR 21.26 billion ($5.67 billion), representing an uplift of SAR 4.5 billion ($1.2 billion) from the current carrying value.

KHC said all figures are illustrative and subject to change once the final IPO price is determined.

The company also disclosed that Prince Alwaleed Bin Talal, KHC's chairman and largest shareholder, separately owns about 0.29% of SpaceX in his personal capacity. KHC said this holding is independent of and distinct from the company's investment.

According to Argaam data, SpaceX plans to price its IPO at $135 per share, according to a filing submitted to the SEC on Wednesday.

At the proposed share price, SpaceX would be valued at approximately $1.77 trillion, assuming completion of its spectrum-related agreements with EchoStar and Cursor. That valuation would make it the seventh-largest US company by market capitalization, ahead of Tesla.