Four big funds run by Edinburgh investment giant Baillie Gifford have announced a major “upwards adjustment in the valuation” of their holdings in Elon Musk’s SpaceX.

Last week, Bloomberg reported that SpaceX 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 stock market listing of all time.

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

The £15 billion Scottish Mortgage Investment Trust, Baillie Gifford’s flagship fund, said on Tuesday: “Today, the board has been advised by the manager of a trigger event that requires an upwards adjustment in the valuation of the company’s holding in SpaceX in line with its policy for valuing private company investments.

“This has been reflected in the Net Asset Value of the company which as at close of business on 15 December 2025 stands at 1,297.23p.

“Following that adjustment in valuation the proportion of the company’s total assets made up by SpaceX stands at 15.3% at close of business on 15 December 2025, compared with 8.2% on 30 November 2025.”

The $1.6 billion Schiehallion Fund said: “Today, the board has been advised by the manager of a trigger event that requires an upwards adjustment in the valuation of the company’s holding in SpaceX in line with its policy for valuing private company investments.

“This has been reflected in the Net Asset Value of the company which as at close of business on 15 December 2025 stands at 171.72 cents.

“Following that adjustment in valuation the proportion of the company’s total assets made up by SpaceX stands at 14.0% at close of business on 15 December 2025, compared with 7.5% on 30 November 2025.”

The £880 million Baillie Gifford US Growth Trust said: “Today, the board has been advised by the manager of a trigger event that requires an upwards adjustment in the valuation of the company’s holding in SpaceX in line with its policy for valuing private company investments.

“This has been reflected in the Net Asset Value of the company which as at close of business on 15 December 2025 stands at 308.89p.

“Following that adjustment in valuation the proportion of the company’s total assets made up by SpaceX stands at 11.4% at close of business on 15 December 2025, compared with 6.0% on 30 November 2025.”

The £850 million Edinburgh Worldwide Investment Trust said: “Today, the board has been advised by the manager of a trigger event that requires an upwards adjustment in the valuation of the company’s holding in SpaceX in line with its policy for valuing private company investments.

“This has been reflected in the Net Asset Value of the company which as at close of business on 15 December 2025 stands at 228.21p.

“Following that adjustment in valuation the proportion of the company’s total assets made up by SpaceX stands at 15.9% at close of business on 15 December 2025, compared with 8.5% on 30 November 2025.”