Kingdom Holding’s SpaceX stake is now worth USD 6.8 bn

Kingdom Holding’s SpaceX stake has jumped to SAR 25.6 bn (USD 6.8 bn) after shares debuted on the Nasdaq on Friday, up from an initial carrying value of SAR 16.76 bn (USD 4.47 bn), according to a Tadawul disclosure. The company holds over 42.4 mn shares in Elon Musk’s firm; they will stay locked up for up to 180 days.

ICYMI- SpaceX raised USD 75 bn in the largest IPO in history — surpassing Saudi Aramco — and ended its first trading day up 19% at USD 160.95, pushing its valuation past USD 2 tn. PIF and other GCC sovereigns also bought into the IPO.

The KHC trade: KHC’s stock closed at SAR 13.50 — down 6.38% on the day but up 68.75% YTD. The intraday drop continues a gradual pullback from a 3 June peak of SAR 15.94; the market had been running ahead of the SpaceX listing for weeks.

Bin Talal adds to his fortune: Prince Alwaleed bin Talal’s net worth has climbed to just over USD 27 bn — a decade high — according to Bloomberg’s B’nair Index. His direct stake in SpaceX amounts to around USD 6.1 bn, excluding the indirect slice held by KHC, Forbes reports.

Why it matters: For regional investors who couldn’t get direct SpaceX allocation, KHC just became the closest thing to it — a listed vehicle with a USD 6.8 bn anchor position in the world’s most valuable company.