Scottish Mortgage holds current SpaceX valuation as awaits IPO details

(Alliance News) - Scottish Mortgage Investment Trust PLC on Tuesday said the value of its investment in Space Exploration Technologies Corp is just shy of GBP3 billion, although it could be worth more should an initial public offer reach reported valuations.

Edinburgh-based investment company SMIT first invested in SpaceX in December 2018, and has deployed GBP151 million of capital. There has been no additional capital deployed in the last five years.

As of March 31, the fair value of that stake was GBP2.98 billion, equating to a 19.3% position in the portfolio.

This valuation is based on a total SpaceX valuation of USD1.25 trillion. The position was marked up during the first three months of 2026 as the secondary market recalibrated and rebased to the merged valuation of SpaceX/xAI.

However, in April Bloomberg reported Elon Musk-owned a SpaceX IPO would be the largest in history, with a valuation of over USD1.75 trillion.

On Tuesday, SMIT said its current carrying value for SpaceX sits below the USD1.75 trillion figure reported in the press and that this is "deliberate".

"Baillie Gifford Valuations Team, along with our independent third-party provider S&P Global, values private holdings based on verifiable transactions, not press speculation," it explained.

SMIT noted the full S-1 prospectus, expected in May or June, will be the first time the audited financials will be publicly available, the precise use of proceeds, and the detailed terms of the offering.

Until then, the USD1.75 trillion valuation and potential raise figure circulating in the press are based on "speculation and unverifiable reporting and should be treated accordingly".

In addition, SMIT said it does not yet know what restrictions will apply to existing shareholders post-listing, how long any lock-up period will last, or whether Scottish Mortgage will be subject to the same terms as other pre-IPO investors.

"Based on our experience with other private companies that have listed, a lock-up of around six months post-listing is typical," the firm noted.

Shares in SMIT were down 0.5% at 1,420.00 pence each in London on Tuesday.

By Jeremy Cutler, Alliance News reporter

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