Saudi Arabia’s Kingdom Holding Co. has disclosed that it owns 0.34% of SpaceX, which is preparing for an initial public offering and intends to list on the Nasdaq stock exchange.

In a statement published on Tadawul, the company said the book value of its stake stood at $4.47 billion as of the end of the first quarter. The investment is classified under investments measured at fair value through other comprehensive income.

Kingdom Holding added that the final IPO share price and resulting valuation of SpaceX have not yet been officially announced. While market estimates and media reports have suggested a range of potential valuations, the company said it is not in a position to confirm any specific valuation.

The company provided an illustrative assessment of how different valuation levels could affect the fair value of its investment. It said its stake would be worth $4.47 billion if SpaceX were valued at $1.25 trillion, and $5.66 billion if the valuation reached $1.75 trillion.

Kingdom Holding also stated that Prince Al-Waleed bin Talal, the company’s principal shareholder and chairman, personally owns a separate 0.29% stake in SpaceX independent of the company’s holdings.

According to a filing submitted by SpaceX to the US Securities and Exchange Commission on June 3, the company plans to set a fixed IPO price of $135 per share. 

Based on that price, and assuming completion of spectrum-related transactions with EchoStar and Cursor, SpaceX would be valued at approximately $1.77 trillion. The filing indicated that such a valuation would make SpaceX the seventh-largest company in the United States by market capitalization, ahead of Tesla.