Scottish Mortgage Investment Trust PLC (LSE:SMT) and other investors in Elon Musk's SpaceX have significantly raised the valuation of their holdings.
FTSE 100-listed Scottish Mortgage nearly doubled the stake’s share of its total assets after a “trigger event” prompted a reappraisal by its manager, Baillie Gifford.
In an RNS issued on Tuesday, the trust confirmed that its net asset value (NAV) stood at 1,297.23p per share as of 15 December 2025, up over 6% from the 1221.43p at the end of November.
That figure includes an upwards revaluation of SpaceX, which now makes up 15.3% of Scottish Mortgage’s total assets, up from 8.2% just two weeks earlier.
The adjustment follows mounting speculation that Musk’s rocket company is gearing up for a record-breaking IPO in 2026, potentially valuing the group at up to $1.5 trillion.
SpaceX is said to be planning a $30 billion fundraising ahead of the float, with major growth expected from its Starlink satellite internet division.
Edinburgh Worldwide Investment, also managed by Baillie Gifford, also hiked its SpaceX valuation and hence its net asset value, to 228.21p.
The proportion of its assets made up by SpaceX stands at 15.9%, compared with 8.5% at the end of November.
And a second FTSE 250-listed trust, Baillie Gifford US Growth Trust, also managed by Baillie GIfford, issued an almost identical announcement, with its NAV lifted to 308.89p, with SpaceX representing 11.4%, compared with 6.0% at the end of November.
The Schiehallion Fund Limited, the smallest of the four hiked itd NAV to 171.72 US cents, with SpaceX making up 14.0%, compared with 7.5% on 30 November.
Shares in the funds exposed to SpaceX had all rallied on the IPO reports last week.
** UPDATE: Adds details of other Baillie Gifford-managed trusts **