SpaceX Stock Reaches 25.7% of Scottish Mortgage Assets

TLDR

• SpaceX stock accounts for 25.7% of Scottish Mortgage Investment Trust’s total assets.
• Scottish Mortgage first invested in SpaceX in 2018, and the stake has increased sharply in value.
• The FTSE 100 trust cannot sell SpaceX shares until the company reports second-quarter results in August.
• Scottish Mortgage may initially sell 20% of its holding under the current restrictions.
• The sale limit could rise to 30% if SpaceX trades 30% above its $135 offering price.

Scottish Mortgage Investment Trust now holds 25.7% of its assets in SpaceX stock, creating significant portfolio concentration. The FTSE 100 trust has benefited from SpaceX’s rising valuation since its initial investment during 2018. However, current sale restrictions prevent the trust from reducing its position until SpaceX reports second-quarter results in August.

SpaceX Position Drives Scottish Mortgage Performance

Scottish Mortgage has gained strongly since late 2023, while its share price has more than doubled. SpaceX stock contributed heavily to that performance because the trust’s early investment increased sharply in value. The position became the trust’s largest holding and reached 25.7% of total assets by late June.

The trust cannot currently sell shares because SpaceX imposed restrictions before releasing its second-quarter financial results. After the results, Scottish Mortgage may sell 20% of its holding under the current arrangement. That limit could rise to 30% if SpaceX stock trades 30% above its $135 initial public offering price.

SpaceX currently trades only slightly above that offering price, so the higher sale allowance remains unavailable. Scottish Mortgage can sell its entire position by mid-December, according to the stated lockup schedule. Until then, daily movements in SpaceX stock will affect the trust’s net asset value and market performance.

Managers Defend SpaceX’s Strategic Role

Scottish Mortgage manager Tom Slater described SpaceX as a powerful operator in launches and global connectivity. He said Starlink provides recurring revenue through infrastructure that competitors cannot easily reproduce. His comments indicated that the trust still considers SpaceX stock a core long-term holding.

“SpaceX is…a dual monopoly in launch and global connectivity,” Slater said in his July 2026 commentary. He added that Starlink builds “highly profitable, recurring revenue” through assets placed in orbit. Slater also linked future Starship reusability with lower costs for placing artificial intelligence infrastructure in space.

SpaceX carries a reported $1.8 trillion market value and trades near 47 times forecast annual sales. The company expects no profit until 2028 because heavy artificial intelligence spending continues to absorb capital. Therefore, the trust’s exposure to SpaceX stock remains significant while SpaceX funds expansion and new infrastructure.

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Wider Portfolio Supports Trust Valuation

Other Scottish Mortgage holdings continue expanding across digital finance, semiconductors, and cloud infrastructure. MercadoLibre, Nu, Revolut, and Stripe are building payment platforms and wider financial services. These businesses give the trust growth exposure beyond SpaceX stock and reduce reliance on one industry.

Anthropic’s annualised revenue run rate rose from $1 billion in early 2025 to more than $47 billion. TSMC, SK Hynix, Nvidia, and ASML support artificial intelligence infrastructure through chips and manufacturing equipment. Meanwhile, Cloudflare develops tools that help websites manage automated agents and charge for content access.

Scottish Mortgage currently trades at a 7% discount to its reported net asset value. The trust remains unable to complete a full SpaceX stock sale before the mid-December window opens. SpaceX stock therefore remains the main factor shaping portfolio concentration and near-term trust performance.