CAIRO, June 14 (Reuters) - Saudi Arabia's Kingdom Holding Company said on Sunday it currently owns 42.4 million shares in U.S. SpaceX, in a disclosure to the market to update its shareholders and the market on the latest developments related to its investment.

Shares of SpaceX began trading on the Nasdaq on Friday after investors poured $75 billion into the world's largest initial public offering, betting on Elon Musk's big ambitions in space, communications and artificial intelligence.

Kingdom Holding stated in the disclosure that it currently owns 42.4 million shares of SpaceX Class A ordinary shares, with a book value of $4.47 billion (SAR 16.76 billion) according to the company’s financial statements as of March 31, 2026.

She added that the value was calculated based on Friday's closing price of $160.95 per share, meaning that "the fair value of the company's stake is approximately $6.83 billion."

The company indicated in the disclosure that the terms of the initial public offering subjected "the shares owned by Kingdom Holding Company in SpaceX to a trading blackout period of up to 180 days from the date of listing."

The disclosure stated, "The investment will be valued in the future at fair value based on the prevailing share price in each financial reporting period."

The company said that this initial public offering "may lead to a reclassification of its investment in SpaceX from Tier 3 to Tier 1 within the fair value hierarchy... given that the shares are now trading in an active market."

Saudi billionaire Prince Alwaleed bin Talal owns a 78 percent majority stake in the company, while the Public Investment Fund, Saudi Arabia’s sovereign wealth fund, owns about 17 percent.

Kingdom Holding has a decades-long track record of betting on early-stage, world-leading technology companies.

Its past and present investments include Twitter before Musk acquired and renamed it X, Careem before Uber acquired it, Lyft, the ride-hailing service, and Musk’s artificial intelligence startup, XAI.