16th Dec 2025 15:10
(Alliance News) - Four large London-listed growth stock investment trusts on Tuesday said their net asset values got a boost from a raised valuation for Elon Musk's Space Exploration Technologies Corp.
Scottish Mortgage Investment Trust PLC, a FTSE 100 index constituent, together with FTSE 250 constituents Edinburgh Worldwide Investment Trust PLC and Baillie Gifford US Growth Trust PLC, as well as Schiehallion Fund Ltd, said a trigger event has required an upwards adjustment in the valuation of their holdings in SpaceX.
SpaceX is moving ahead with plans for an initial public offering that would seek to raise significantly more than USD30 billion, in a transaction that would make it the biggest listing of all time, Bloomberg reported on Tuesday last week.
SpaceX, which designs and manufactures rockets and spacecraft and is pioneering the idea of reusable rockets, is targeting a valuation of about USD1.5 trillion for the entire company, according to Bloomberg sources. SpaceX's management and advisers are pursuing a listing as soon as mid-to-late 2026, Bloomberg said, although the timing could change based on market conditions.
Scottish Mortgage said the new valuation for SpaceX raised its NAV per share to 1,297.23 pence on Monday from the 1,205.12p it had reported for Friday last week. SpaceX now makes up 15.3% of its portfolio by value, up from 8.2% at the end of November.
Edinburgh Worldwide said its NAV per share was 228.21p on Monday, up from the 212.03p it reported for Friday. SpaceX is 15.9% of its portfolio, up from 8.5% on November 30.
Baillie Gifford US Growth said its NAV per share was 308.89p on Monday, up from the 294.80p it reported for Friday. SpaceX is now 11.4% of its portfolio, up from 6.0% in November.
Schiehallion Fund said its NAV per share was 171.72 US cents, up from 160.88 US cents on November 28, when it last reported its NAV. Space X is now 14.0% of its portfolio, up from 7.5% in November.
Scottish Mortgage shares were up 1.0% to 1,157.00p in London on Tuesday afternoon. Edinburgh Worldwide was up 3.1% to 216.50p. Baillie Gifford US Growth was up 1.4% to 290.40p. Schiehallion Fund was up 2.7% to USD1.33.
By Tom Waite, Alliance News editor
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Related Shares:
Baillie Gifford US Growth TrustScottish MortgageEdinburgh Worldwide Investment TrustThe Schiehalli.