Amna Assem

As Elon Musk’s American rocket, satellite communications and artificial intelligence company SpaceX prepares for an initial public offering, Saudi Arabia’s Kingdom Holding Company, owned by Saudi Prince Alwaleed bin Talal, has revealed its estimates for the size of its investment in SpaceX.

SpaceX plans to raise $75 billion in its initial public offering by selling 555.6 million shares at a target price of $135 per share, Reuters reported Wednesday, citing a source.

The Kingdom said in a statement to the Saudi Stock Exchange on Thursday that it owns a 0.34% stake in SpaceX, while Alwaleed bin Talal – the main shareholder and chairman of Kingdom Holding Company – owns approximately 0.29% of SpaceX shares, which is an independent and separate investment from the Kingdom.

According to the statement, if SpaceX is valued at $1.25 trillion, the current value of Kingdom Holding Company’s stake in SpaceX is SAR 16.76 billion ($4.47 billion).

Kingdom Holding's stake could be worth up to 21.26 billion Saudi riyals if SpaceX's $1.75 trillion valuation is adopted, according to the statement.

Kingdom Holding Company's activity dates back to 1980, and it was listed on the Saudi Stock Exchange in 2007. It is an investment company operating in several sectors, including hotels, real estate, financial services, aviation, energy and mining, among others. Prince Alwaleed bin Talal bin Abdulaziz Al Saud owns a 78.1% stake in its shares, and the Public Investment Fund owns about 16.9%.

(Prepared by: Omnia Assem, Edited by: Shaimaa Hefzy, Contact: zawya.arabic@lseg.com )

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