Scottish Mortgage’s Premium Bet: Share Issuance Returns as SpaceX and Nvidia Fuel a Reawakening
22.05.2026 - 01:03:55 | boerse-global.de
Scottish Mortgage Investment Trust has flipped the script. After months of trading at a stubborn discount to its net asset value, the UK growth trust now commands a premium — and management has responded by dusting off the share issuance programme it once sidelined in favour of buybacks. The move, executed almost daily since 13 May, is a clear signal that demand is outpacing supply, driven by two powerful catalysts: a looming SpaceX initial public offering and blowout earnings from Nvidia.
Shares in the trust rose 1.9% on Thursday to 1,497.75 pence, placing them at a 5.2% premium over the estimated net asset value of 1,397.78 pence. Year?to?date, the stock has advanced roughly 26% and sits just shy of its 52?week high. The shift from discount to premium has been swift and decisive, opening a window for the trust to issue new shares without diluting existing holders.
The most potent catalyst comes from SpaceX. Elon Musk’s space company has filed detailed financials with the US Securities and Exchange Commission, widely seen as a precursor to a Nasdaq listing under the ticker “SPCX” on 12 June. The target valuation is as high as $1.75 trillion — a figure that towers over the $1.25 trillion at which Scottish Mortgage currently marks its stake. The trust’s holding in SpaceX is its largest single position, representing about 19.3% of the portfolio, or roughly £3 billion at end?March.
SpaceX’s numbers paint a dual picture. Revenue hit $18.7 billion in 2025, while operating losses of $2.6 billion reflected heavy investment in next?generation rockets and artificial?intelligence infrastructure. More recent data from the first quarter of 2026 show a net loss of $4.28 billion on revenue of $4.69 billion, with cumulative losses now at $41.31 billion. Yet the Starlink satellite?internet division offers a bright spot: it generated $11.38 billion in revenue in 2025, and in the first quarter of 2026 contributed $1.19 billion in operating profit — the only profitable unit within the SpaceX group. A cash pile of $15.85 billion provides runway for further capital?intensive expansion.
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Nvidia, another cornerstone holding of Scottish Mortgage, has also delivered powerful tailwinds. The chipmaker reported first?quarter revenue of $81.6 billion, an 85% surge that set a new record, and announced an aggressive share?buyback programme alongside a significantly higher dividend. Given Nvidia’s status as one of the trust’s largest listed positions, such results feed directly into the trust’s valuation and investor sentiment.
Management has moved quickly to capitalise on the renewed appetite. On 20 May alone, the trust placed 2.4 million shares at 1,466.46 pence — comfortably above the prevailing net asset value. Since 13 May, it has issued shares on virtually every trading day, bringing the total number of shares in circulation to around 1.1 billion. The strategy marks a complete reversal from the buyback programme that characterised the discount era.
The board has also secured additional flexibility. In April, it pushed through a change to the trust’s articles, allowing up to £250 million of extra investment in private companies even if the unquoted exposure breaches the usual 30% ceiling. The move provides headroom for follow?on funding in growth businesses — SpaceX included.
Investors will have a chance to vote on a final dividend of 2.79 pence per share at the annual general meeting scheduled for 2 July. The ex?dividend date is 15 June, and the total payout implies a yield of just 0.32%, underscoring the trust’s identity as a growth vehicle rather than an income play. For now, the market’s attention is fixed firmly on 12 June and the question of whether SpaceX’s IPO can deliver the valuation uplift that would make the current premium look cheap.
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