Saudi billionaire Prince Alwaleed bin Talal has emerged as one of the major beneficiaries of SpaceX's blockbuster stock market debut, with the value of his investment firm's holding in the company approaching $7 billion.
Shares of Kingdom Holding Co. climbed at the start of trading on Sunday after SpaceX’s strong first-day performance increased the value of the Saudi firm’s stake in Elon Musk's space and satellite company. Kingdom Holding said it owns 42.4 million SpaceX shares, valued at about $6.8 billion based on the stock's closing price.
The rally also lifted Kingdom Holding's market value to around 56 billion riyals ($14.9 billion), with the SpaceX investment now accounting for a substantial portion of the company's valuation.
SpaceX began trading on Friday following what has been described as the largest stock market listing on record. The stock ended its first trading session 19% higher at $160.95 after raising $75 billion through the offering.
The gains have further strengthened Prince Alwaleed's personal fortune. Earlier this month, Kingdom Holding said its stake represented roughly 0.34% of SpaceX, while the prince's direct exposure to the company stood at about 0.29%. The holdings have helped lift his net worth to more than $27 billion, its highest level in a decade.
Prince Alwaleed deepened his association with Musk in 2022 during the acquisition of Twitter, now known as X, when he retained his investment alongside other backers.
The SpaceX listing is also expected to benefit other Saudi investors. The country's Public Investment Fund, which owns a stake in Kingdom Holding, stands to gain indirectly from the surge in value. The development comes as Saudi Arabia continues to expand investments in artificial intelligence and advanced technology as part of efforts to diversify its economy.
Humain, an artificial intelligence company backed by the Public Investment Fund, invested $3 billion in Musk's xAI earlier this year as part of a $20 billion funding round. The investment gave Humain a minority stake in xAI, with holdings expected to convert into SpaceX shares.
Across the Gulf region, investors have increasingly built positions in leading artificial intelligence companies. Abu Dhabi-based MGX has invested in Anthropic, OpenAI and xAI, while Qatar has also backed Anthropic and xAI. Several Gulf investors had entered the space and technology sector years before the recent artificial intelligence boom, including investments in SpaceX and other space ventures.
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First Published on June 14, 2026, 17:16:02 IST
