Shares of Saudi Arabia’s Kingdom Holding on Sunday surged by 10% to 13.58 Saudi riyals, hitting their highest closing price in a decade. The trading volume was driven by the company's disclosure of a combined stake in Elon Musk's rocket and satellite maker SpaceX, which is expected to launch one of the largest IPOs in Wall Street history, listing its shares on the Nasdaq as early as June 12. Kingdom Holding has revealed that its combined stake, along with that of Prince Alwaleed bin Talal's private office, in SpaceX amounts to 0.63%. At a valuation of $1.25 trillion, this stake is worth approximately $8.32 billion, rising to $10.55 billion if SpaceX reaches a valuation of $1.75 trillion.
