Saudi investors could emerge as key winners from SpaceX’s historic IPO
A new disclosure from Saudi Arabia's Kingdom Holding ahead of SpaceX’s Nasdaq debut shows just how valuable Elon Musk's relationship with Gulf investors has become.
Fifteen years ago, Saudi billionaire Prince Alwaleed bin Talal invested $300 million in Twitter. At the time, no one could have predicted that the bet would eventually evolve into a multibillion-dollar stake in Elon Musk’s SpaceX — and a front-row seat to what is poised to become the largest IPO in history.
A new disclosure from Alwaleed’s Kingdom Holding ahead of SpaceX’s Nasdaq debut shows just how valuable that investment journey has become. It also highlights how Saudi Arabia, once at odds with Musk after a failed Tesla deal, could now cement ties to his sprawling business empire.
What happened: Kingdom Holding said Thursday that it currently owns a 0.34% stake in SpaceX with a carrying value of $4.47 billion, while Prince Alwaleed separately holds another 0.29% stake in his personal capacity, worth around $4 billion.
The disclosure came after SpaceX filed to list on Nasdaq under the ticker SPCX. The company has set an IPO price of $135 per share and plans to sell 555.6 million shares in a deal expected to raise roughly $75 billion, making it the largest stock market debut ever and more than double the size of Saudi Aramco’s record-breaking offering in 2019.
