Key Highlights
- The SpaceX position within Scottish Mortgage Investment Trust has reached 25.7% of total portfolio assets.
- The trust established its SpaceX position in 2018, experiencing substantial valuation growth since then.
- Sale restrictions prevent Scottish Mortgage from divesting SpaceX shares until August, following second-quarter earnings.
- Current terms allow Scottish Mortgage to sell up to 20% of its SpaceX position initially.
- The permitted sale percentage could expand to 30% when SpaceX trading exceeds its $135 offer price by 30%.
The SpaceX holding within Scottish Mortgage Investment Trust has reached 25.7% of total portfolio assets, representing substantial concentration in a single company. Since making its first investment in 2018, the FTSE 100 trust has watched SpaceX’s valuation climb substantially. Selling restrictions currently block any reduction in the position until August, when SpaceX releases second-quarter financial data.
SpaceX Holding Shapes Scottish Mortgage Returns
Scottish Mortgage has delivered impressive gains beginning in late 2023, with share prices more than doubling over that period. The SpaceX investment played a major role in driving that performance as the trust’s early stake appreciated significantly. This position has grown to become the trust’s dominant holding, comprising 25.7% of total assets as of late June.
Current restrictions block share sales until SpaceX publishes second-quarter results. Following that disclosure, Scottish Mortgage may divest up to 20% of its SpaceX shares under existing terms. The allowable sale percentage could increase to 30% when SpaceX shares trade at least 30% above the $135 offering price.
SpaceX shares currently hover just above that offering threshold, keeping the expanded sale option out of reach. Scottish Mortgage faces lockup terms that extend through mid-December, when complete divestment becomes possible. Meanwhile, SpaceX share price fluctuations directly influence the trust’s net asset value and overall market performance.
Portfolio Managers Emphasize SpaceX’s Competitive Position
Tom Slater, who manages Scottish Mortgage, characterized SpaceX as a dominant force in both launch services and worldwide connectivity. He emphasized that Starlink generates recurring income through infrastructure that rivals struggle to replicate. His statements reflect the trust’s view of SpaceX as a fundamental long-term portfolio component.
“SpaceX is…a dual monopoly in launch and global connectivity,” Slater noted in commentary dated July 2026. He highlighted how Starlink creates “highly profitable, recurring revenue” through orbital assets. Slater also connected future Starship reusability with decreased costs for deploying artificial intelligence infrastructure beyond Earth.
SpaceX carries an estimated $1.8 trillion market capitalization and trades around 47 times projected annual revenues. The company anticipates no profitability until 2028 as extensive artificial intelligence investments continue consuming capital. Consequently, Scottish Mortgage maintains substantial SpaceX exposure while the company finances expansion and infrastructure development.
Diversified Holdings Complement Core Position
Scottish Mortgage’s remaining investments span digital payments, semiconductor manufacturing, and cloud services. MercadoLibre, Nu, Revolut, and Stripe are developing payment systems and expanded financial offerings. These companies provide the trust with growth opportunities beyond SpaceX and diversify industry exposure.
Anthropic’s annualized revenue rate jumped from $1 billion in early 2025 to over $47 billion. TSMC, SK Hynix, Nvidia, and ASML enable artificial intelligence systems through semiconductor production and fabrication equipment. Additionally, Cloudflare creates solutions helping websites manage automated agents and monetize content delivery.
Scottish Mortgage presently trades at a 7% discount relative to reported net asset value. The trust cannot execute a complete SpaceX divestment before the mid-December lockup expires. SpaceX holdings therefore continue driving portfolio concentration and immediate trust performance.
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