UPDATE- What we know so far about the SpaceX IPO

The SpaceX picture has firmed up since we reported that a handful of Saudi investors were sitting on a windfall. SpaceX’s amended SEC filing now puts the USD 75 bn price tag in black and white, a fresh mega-deal has bolstered the AI story underpinning the valuation, and Kingdom Holding's (KHC) share-price tear has already started to wobble.

The official numbers

KHC disclosed on Thursday that it holds a 0.34% direct stake in SpaceX, carried at SAR 16.76 bn (USD 4.47 bn) on its books as of end-March. Should the listing value SpaceX at USD 1.75 tn, that stake would be worth about SAR 21.26 bn (USD 5.67 bn) — a SAR 4.5 bn (USD 1.2 bn) increase from current book value. The filing also confirmed Prince Alwaleed bin Talal personally holds a further 0.29%.

The man at the center: Bin Talal’s net worth now sits at a decade high of some USD 24.5 bn on the Bloomberg B’naire Index. Bloomberg values his personal SpaceX slice at roughly USD 3.2 bn (after a 5% liquidity discount), though the prince himself puts it closer to USD 4 bn — more than seven times what he originally committed.

BUT- The windfall is already proving bumpy, as the KHC tear has cooled. The stock shed about 5% to SAR 14.6 in Thursday’s session. It doesn’t help that the SpaceX listing is landing into jittery tape as the Nasdaq fell 4% on Friday in a chip-led tech sell-off, logging its worst day since April 2025.

On the IPO

The investor roadshow is expected to run this week, with pricing penciled in for 11 June and trading kicking off 12 June on the Nasdaq and Nasdaq Texas under the ticker SPCX. SpaceX still hasn't confirmed the timeline publicly.

Underwriters also hold an option on up to 83.3 mn extra shares, which could push the total raised to USD 86 bn.

PLUS- One governance flag for new holders: A dual-class structure leaves Elon Musk with 82.4% of the voting power, making SpaceX a “controlled company” able to skip some Nasdaq governance rules.

ALSO- The AI thesis just got a USD 920 mn-a-month boost. SpaceX signed Google up on Friday to rent its compute capacity for USD 920 mn a month over 32 months, from October through June 2029, covering roughly 110k Nvidia GPUs. It follows a similar arrangement inked with Anthropic in May for the Colossus 1 data center in Memphis.

Why it matters: The USD-tn tag is an AI valuation at heart. Musk has spent the run-up to listing stitching together revenue deals to show the AI build-out is starting to pay its way. Remember, xAI lost USD 2.5 bn on just USD 818 mn of revenue in 1Q.