Kingdom Holding Company, the Riyadh-listed investment vehicle chaired by Prince Alwaleed bin Talal, is positioned for one of the largest single-investor payouts in the Gulf this decade as SpaceX moves toward its planned Nasdaq listing. According to Abu Dhabi-based business publication AGBI, the combined SpaceX stake held by Kingdom Holding and the prince's private office now stands at roughly 0.63 percent of the company, valued at about 8.32 billion dollars at SpaceX's current 1.25 trillion dollar private valuation.
That figure could rise to 10.55 billion dollars if SpaceX prices its initial public offering at the targeted 1.75 trillion dollar valuation, AGBI reported. SpaceX has filed for a Nasdaq listing and is reportedly aiming to raise around 75 billion dollars, which would rank among the largest IPOs in market history.
The Saudi financial portal Argaam, citing disclosures and market data, confirmed the same stake size and valuation range, noting that the combined holding could top 10.6 billion dollars at the upper end of the IPO range. Regional outlet Semafor reported that Gulf investors, including Saudi and Emirati vehicles, are now among the most exposed non-U.S. backers of the launch company, with Kingdom Holding the single largest disclosed Gulf shareholder.
How the position was built is unusual. Prince Alwaleed's exposure traces back to a 300 million dollar stake in Twitter, which converted into shares in Elon Musk's wider corporate structure after the 2022 take-private deal and subsequent reorganisation of his holdings. Over time, parts of that position rolled into SpaceX equity through secondary share sales and structured transfers, giving Kingdom Holding a foothold in the launch business without participating in an early primary funding round.
The news has already moved the Saudi market. Asharq Al-Awsat reported that Kingdom Holding shares jumped 10 percent in a single session and climbed roughly 19 percent over the past week, leading gains on the Tadawul index as investors repriced the firm to reflect its SpaceX exposure. Analysts quoted in regional coverage said the rally reflects both the IPO premium and renewed interest in Kingdom Holding's broader technology portfolio, which also includes stakes in X, xAI, Lyft and Citigroup.
For Gulf markets, the timing matters. A successful SpaceX flotation would crystallise a paper gain into a liquid asset, giving Kingdom Holding firepower to redeploy into other frontier bets. It would also reinforce a pattern visible across the region, in which Gulf sovereign and private investors are concentrating capital in U.S. technology platforms - from xAI to OpenAI-adjacent infrastructure deals - rather than traditional energy assets.
SpaceX has not officially confirmed a pricing date, and the final valuation will depend on order book demand and market conditions at launch. But for Kingdom Holding and Prince Alwaleed, the direction of travel is clear: a position quietly assembled through a Twitter detour is now on course to become one of the most valuable single holdings on a Saudi-listed balance sheet.
Sources: AGBI (Abu Dhabi), Argaam, Semafor, Asharq Al-Awsat.
