RIYADH: Saudi Arabia’s Kingdom Holding Co. said the value of its stake in SpaceX has risen to about $6.83 billion following the aerospace and technology company’s debut on the Nasdaq stock exchange.
The investment firm, controlled by Prince Alwaleed bin Talal, said in a filing to the Saudi Exchange that SpaceX completed its initial public offering on June 12 at $135 per share and ended its first trading day at $160.95.
Kingdom Holding owns 42.4 million shares of SpaceX Class A common stock, representing a 0.34 percent stake in the company. The holding was carried at $4.47 billion, or SR16.76 billion, in Kingdom Holding’s financial statements as of March 31.
Based on SpaceX’s closing share price on June 12, the stake is now valued at approximately $6.83 billion, equivalent to SR25.6 billion, implying an unrealized gain of about $2.36 billion from its carrying value.
Kingdom Holding’s investment began with its stake in Twitter in 2011 and later became part of SpaceX through a series of transactions involving X and xAI, according to the filing.
