Popular investment trust Scottish Mortgage (SMT) is the best share price total return performer in the Association of Investment Companies’ (AIC) Global sector over the past year. It is also the only trust in the sector trading a premium to net asset value (NAV).
One key reason for the global growth trust’s premium rating is the mounting excitement surrounding the launch of Elon Musk’s SpaceX onto the public markets.
Scottish Mortgage is one of the few ways retail investors can gain exposure to SpaceX ahead of an IPO later this year. The blockbuster flotation is expected to value the whole company at $1.75 trillion.
Astronomical demand
In a SpaceX pre-IPO briefing note issued this week, Scottish Mortgage defended its $1.25 trillion carrying value for its biggest holding. As of 31 March 2026, SpaceX spoke for 19.3% of Scottish Mortgage’s portfolio. This had reduced to 17.9% as of 30 April.
Scottish Mortgage’s valuation sits significantly below the $1.75 trillion valuation SpaceX is reportedly seeking in what should be the biggest IPO in history.
In the briefing note, Scottish Mortgage said its valuation followed SpaceX’s takeover of Musk’s xAI earlier this year and was built on ‘verifiable transactions, not press speculation’.
Demand for SpaceX shares is likely to be astronomical and should boost Scottish Mortgage’s NAV if the shares ‘pop’ post-IPO. However, managers Tom Slater and Lawrence Burns may not be able to take profits initially since existing shareholders may be subject to a lock-up period.
Up like a rocket
‘Scottish Mortgage first invested in December 2018, deploying capital until August 2021,’ explained the managers. ‘Total amount we have invested into SpaceX is £151 million. There has been no additional capital deployed in the last five years.’
Slater also confirmed that SpaceX has been the trust’s largest contributor to returns over one, three and five years. It is the fifth‑largest contributor over 10 years. SpaceX’s rocketing valuation means the holding has risen roughly 19-fold from the original investment.
| AIC Global Sector | 1-yr share price total return | Premium/discount to NAV |
| Scottish Mortgage | 44.8% | 3.5% |
| Monks | 28.7% | -2.5% |
| Bankers | 27.5% | -5.2% |
| F&C | 21.4% | -6% |
| AVI Global | 14.1% | -7.5% |
Source: The AIC/Morningstar
Elon Musk-founded SpaceX designs, makes and launches advanced reusable rockets and spacecraft and owns the Starlink satellite constellation. In 2025, SpaceX made $8 billion of EBITDA on just $16 billion of revenue, making it highly profitable.
Other investment trusts with holdings in SpaceX include Scottish Mortgage’s Baillie Gifford stablemates Edinburgh Worldwide (EWI), Monks (MNKS) and Baillie Gifford US Growth (USA).
Another trust with a stake is HarbourVest Global Private Equity (HVPE). SpaceX is Maggie Fanari-managed RIT Capital Partners’ (RCP) largest private direct investment.
‘We believe SpaceX is one of the world’s most innovative companies, revolutionising space technology, while Starlink is transforming the broadband and aviation industries,’ says Fanari.
‘Both businesses are category leaders, well positioned for continued global expansion and long-term growth. RIT gives investors access to private companies such as SpaceX that are otherwise not available in public markets.’
Learn more about Scottish Mortgage here: https://www.scottishmortgage.com/en/uk/individual-investors
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