RIYADH: Saudi Arabia’s Kingdom Holding Co. has revealed that it currently owns 0.34 percent of SpaceX’s shares, which has filed for an initial public offering and aims to list on the Nasdaq stock exchange.
KHC clarified in a statement on Tadawul that the book value of its current stake amounts to SR16.76 billion ($4.47 billion) based on its financial statements at the end of the first quarter, where it is classified under investments at fair value through other comprehensive income.
The company noted that the final IPO share price or the resulting valuation of SpaceX has not yet been officially announced. Various market estimates and media reports have pointed to multiple ranges of potential valuations; however, Kingdom Holding is not in a position to confirm any specific valuation at this stage.
The company reviewed the estimated illustrative impact on the fair value of its investment at two different valuation levels: Kingdom Holding's stake would be worth SR16.76 billion if SpaceX is valued at $1.25 trillion, and SR21.26 billion if valued at $1.75 trillion.
Kingdom Holding disclosed that Prince Al-Waleed bin Talal, the principal shareholder and chairman of the board of Kingdom Holding, personally owns, independently and separately from the company, 0.29 percent of SpaceX’s shares.
SpaceX announced in a disclosure submitted to the US Securities and Exchange Commission on June 3 that it plans to set a fixed price of $135 per share for its IPO, placing its valuation at $1.77 trillion, assuming the completion of the spectrum deals it has entered into with EchoStar and Cursor, which would make it the seventh-largest company in America by market capitalization, surpassing Tesla.
