Baillie Gifford’s flagship investment trust company, the £16 billion Scottish Mortgage fund, said on Tuesday its investment in SpaceX was valued at just under £3 billion on March 31, 2026, “representing an increase of around 19 times the original investment and accounting for 19.3 per cent of the portfolio.”
The Baillie Gifford fund said it valued SpaceX at $1.25 trillion as of March 31, below the $1.75 trillion figure reported in many news stories as it “values private companies using verifiable transactions rather than market commentary or press speculation.”
Scottish Mortgage said it has moved to address investor questions about SpaceX, the largest holding in its global equity growth portfolio, amid speculation over a potential IPO of SpaceX.
“Scottish Mortgage first invested in SpaceX in December 2018, deploying capital through to August 2021, with a total investment of £151 million (approximately USD $200 million at the time of purchase),” said the Baillie Gifford fund.
“No additional capital has been invested in the company over the past five years.
“As at 31 March 2026, the holding was valued at £2.98 billion (approximately $3.94 billion), representing an increase of around 19 times the original investment and accounting for 19.3 per cent of the portfolio. Overall private company exposure at that date was 41.6 per cent.
“SpaceX has been the Trust’s largest contributor to returns over one, three and five years, and the fifth‑largest contributor over ten years.”
Scottish Mortgage said it is holding SpaceX at a valuation of $1.25 trillion, “following a revaluation during the first quarter as secondary market transactions were rebased to reflect the merged valuation of SpaceX and xAI.”
The fund added: “This carrying value is below the $1.75 trillion figure reported in the press. Scottish Mortgage values private companies using verifiable transactions rather than market commentary or press speculation. Valuations are determined by Baillie Gifford’s valuations team alongside an independent third‑party provider, S&P Global …
“Scottish Mortgage’s investment team has met with SpaceX management in recent weeks. The publication of a full prospectus, including audited financial information and confirmed offering terms, will be the next key milestone in the IPO process …
“At this stage, lock‑up terms have not been disclosed. As is typical ahead of an IPO, the Trust does not yet know what restrictions may apply to existing shareholders post‑listing; the duration of any lock‑up period, or; whether Scottish Mortgage will be subject to the same terms as other pre‑IPO investors …
“Once listed, the holding converts from a private asset to a publicly traded security marked to market daily, which will introduce more visible movement into Scottish Mortgage’s NAV …
“Scottish Mortgage’s approach to managing the position will be consistent with how it has always operated. The managers will continue to assess concentration and portfolio construction as they would with any listed holding …”
Tom Slater, manager of Scottish Mortgage, said: “SpaceX is no longer best understood as a rocket company – it is becoming infrastructure for the global economy.
“Starlink already serves over 10 million subscribers across more than 160 countries, and we think that business is still in its infancy.
“The opportunity broadens materially when you consider mobile connectivity, defence, aviation and maritime, and broadens again when you consider what Starship makes possible: larger satellites, orbital compute, lunar logistics and markets that do not yet exist in any meaningful form.
“We have followed this company closely for many years, and our conviction in its long-term potential has only grown.”