The Saudi investment firm’s combined SpaceX stake could be worth more than USD 10 billion if Elon Musk’s company reaches its targeted valuation.

Saudi investors are getting a clearer picture of what a future SpaceX listing could mean for one of the Kingdom’s most closely watched investment companies.

Shares of Kingdom Holding surged to their highest level in more than a decade after the company disclosed new details about its exposure to Elon Musk’s SpaceX. The stock closed at SAR 13.58 on Sunday, rising by the maximum daily limit and reaching its highest level since early 2016.

Why You Should Care

The rally highlights how global technology investments are increasingly influencing valuations in Gulf capital markets. For investors, Kingdom Holding offers one of the few publicly traded routes into SpaceX, a company whose valuation has climbed rapidly as it expands its satellite and space transportation businesses.

The disclosure also provides rare visibility into one of Saudi Arabia’s largest private investments in the company ahead of a potential public listing.

Kingdom Holding revealed that its combined stake in SpaceX, together with the private office of Chairman Prince Alwaleed bin Talal, amounts to 0.63%.

Based on a SpaceX valuation of USD 1.25 trillion, that stake would be worth approximately USD 8.32 billion. According to Asharq, the group revealed that its combined stake with Prince Alwaleed bin Talal’s private office in SpaceX could exceed USD 10 billion in value.

If the company reaches a valuation of USD 1.75 trillion, the stake’s value would increase to around USD 10.55 billion.

The disclosure came as reports emerged that SpaceX is targeting a valuation of at least USD 1.8 trillion in a future IPO, according to Bloomberg. Earlier reports had suggested the company could pursue a valuation above USD 2 trillion.

Investor enthusiasm around those expectations helped push Kingdom Holding shares up 23% over the past five trading sessions. Over the past year, the stock has gained 53%.

The Ripple

The development underscores the growing connection between global private technology markets and publicly listed companies across the Gulf. As regional investment groups increase exposure to international technology firms, movements in private company valuations can increasingly influence local equity markets.

For Saudi investors, Kingdom Holding’s disclosure also offers a clearer view into the value of one of the Kingdom’s most prominent overseas technology investments.

What to Watch

The next major catalyst will be any formal steps toward a SpaceX public offering and whether the company can sustain valuations near the levels currently being discussed in the market.

If SpaceX moves forward with an IPO at or above its reported target valuation, investors will likely focus on how much of that value could ultimately be reflected in Kingdom Holding’s portfolio and future earnings.