Funds run by Edinburgh asset management giant Baillie Gifford that are invested in SpaceX have seen their share prices rise this week amid a report by Bloomberg that the Elon Musk-led company is moving ahead with plans for a 2026 initial public offering (IPO) that would seek to raise significantly more than $30 billion.

Such a valuation could make SpaceX the biggest listing of all time.

Baillie Gifford manages assets of around £200 billion. The Edinburgh firm’s funds have long been major investors in Elon Musk’s businesses.

Bloomberg reported that SpaceX is targeting a valuation of about $1.5 trillion for the entire company, which would take SpaceX near the market value that Saudi Aramco established during its record 2019 listing. The oil major raised $29 billion at the time.

Baillie Gifford funds with big investments in SpaceX include its £15 billion Scottish Mortgage Investment Trust, $1.6 billion Schiehallion Fund, £880 million Baillie Gifford US Growth Trust and £850 million Edinburgh Worldwide Investment Trust.

The Scottish Mortgage share price has risen about 7% so far this week, with Schiehallion Fund up 16%, Baillie Gifford US Growth Trust up as much as 5% and Edinburgh Worldwide Investment Trust up as much as 5%.

Schiehallion Fund also moved its listing this week to the Close-Ended Investment Funds (CEIF) segment of the London Stock Exchange Main Market.

Bloomberg reported that SpaceX’s management and advisers are pursuing a listing as soon as mid-to-late 2026, but that the timing of the IPO could change based on the market and other factors.

“SpaceX has been cash-flow positive for many years and does periodic stock buybacks twice a year to provide liquidity for employees and investors,” Musk said in a post on December 6 on his social media platform X, formerly called Twitter.

“Valuation increments are a function of progress with Starship and Starlink and securing global direct-to-cell spectrum that greatly increases our addressable market.”

A Baillie Gifford spokesperson said: “Whilst we are aware of continued positive news flow around SpaceX, only confirmed transactional activity will feed into our fair value assessment.

“Press speculation is not one of the inputs in our valuation process.”