In Saudi Arabia, Prince Alwaleed bin Talal's investment firm, Kingdom Holding Co., experienced a significant surge following the first day of trading for SpaceX, formally known as Space Exploration Technologies. On June 14, 2026, the value of Kingdom Holding's stake in SpaceX rose to nearly $7 billion, which accounts for approximately half of the firm's market capitalization. This increase was driven by SpaceX's stock closing up 19% at $160.95 after its initial public offering, which raised a record $75 billion, marking the largest listing in history. Kingdom Holding reported that it holds 42.4 million shares in SpaceX, valued at $6.8 billion based on the closing price. The surge in Kingdom Holding's shares, which rose as much as 5%, brought the company's valuation to 56 billion riyals, equivalent to $14.9 billion. The listing not only benefited Prince Alwaleed but also had broader implications for other investors in Saudi Arabia, including the $1 trillion Public Investment Fund, which has a stake in Kingdom Holding. The investment landscape in Saudi Arabia has been evolving, with a focus on diversifying the economy away from oil. The Public Investment Fund has been actively investing in transformative technologies, including artificial intelligence. Earlier this year, Humain, an AI firm backed by the PIF, invested $3 billion into Elon Musk's xAI as part of a larger funding round. This investment is expected to convert into SpaceX shares, further enhancing the financial ties between Saudi investors and Musk's ventures. The SpaceX listing has also attracted attention from other regional investors. For instance, Abu Dhabi's MGX has stakes in several prominent AI firms, including Anthropic PBC, OpenAI, and xAI. Similarly, Qatar has pursued investments in both Anthropic and xAI, indicating a regional trend towards investing in cutting-edge technologies. This shift towards technology investments has been ongoing for years, with Gulf investors like Abu Dhabi's IHC investing in SpaceX as early as 2020. The recent surge in interest in AI and space technologies reflects a broader strategy among Gulf nations to position themselves as leaders in these transformative sectors.