SpaceX and Nvidia Deliver a One-Two Punch for Scottish Mortgage
22.05.2026 - 01:03:55 | boerse-global.de
Scottish Mortgage Investment Trust found itself at the centre of two powerful currents this week as Nvidia’s record-breaking earnings coincided with the publication of SpaceX’s first detailed prospectus ahead of a landmark June IPO. The dual catalysts sent the trust’s shares up 1.73% on Thursday to 1,496.50 pence, while the broader FTSE 100 struggled for direction. By the time the dust settled, the stock had eased slightly to €17.44, a 0.5% slip from the prior session as investors weighed the implications.
Nvidia’s Rebound Lifts a Key Holding
The immediate spark came from the semiconductor giant Nvidia, one of Scottish Mortgage’s largest listed positions. First-quarter revenue surged 85% year-on-year to $81.6 billion, a new all-time high. The company also announced a multi-billion-dollar share buyback programme and a sharply higher dividend, reinforcing the market’s confidence in the AI-driven demand cycle. Because Scottish Mortgage holds Nvidia directly, such results feed straight into the trust’s net asset value, providing a reliable tailwind.
SpaceX Financials: A Tale of Two Businesses
Yet the bigger story for Scottish Mortgage is SpaceX, the space-and-AI conglomerate that accounts for 19.3% of the portfolio — its largest single holding. The prospectus, filed on 20 May ahead of a Nasdaq listing scheduled for 12 June under the ticker “SPCX”, reveals a company in the middle of a capital-intensive transformation. SpaceX posted a net loss of $4.28 billion in the first quarter of 2026 on revenue of $4.69 billion, and a full-year net loss of $4.94 billion in 2025 on sales of $18.67 billion — up 33% from the prior year.
The red ink is driven by two enormous spending programmes: $7.72 billion ploughed into AI infrastructure during Q1 alone, plus ongoing development costs for the Starship rocket. Cumulative losses have reached $41.31 billion. The group carries $60.6 billion in debt, though cash reserves of $15.85 billion provide a buffer.
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Against this capital drain stands Starlink, the satellite internet division that is SpaceX’s only profitable unit. It generated roughly 70% of total 2025 revenue — $11.38 billion — and ended March with 10.3 million subscribers. In the first quarter of 2026, Starlink contributed an operating profit of $1.19 billion, offering a stable earnings base while the rest of the group burns cash.
The Valuation Gap That Could Reshape the Trust
Scottish Mortgage currently values its SpaceX stake using a private-market valuation of around $1.25 trillion. The IPO prospectus targets a market capitalisation between $1.75 trillion and $2 trillion, a premium of up to 60% over that internal mark. If the offering prices anywhere near the top of that range, the trust’s net asset value would receive a substantial upward revision — a direct boost to shareholder equity.
The company aims to raise between $50 billion and $75 billion in what would be the largest initial public offering in history. The roadshow kicks off on 4 June, with final pricing set for 11 June. SpaceX has estimated its total addressable market at a staggering $28.5 trillion, underpinning the ambitious valuation.
Market Euphoria Meets Cautious Portfolio Moves
The IPO news sparked a broad rally across European space and satellite stocks on 21 May, with several names jumping by double digits. Scottish Mortgage itself took advantage of the momentum by selling approximately 1.7 million of its own shares from treasury on 18 May, a tactical move that suggests management is locking in a premium while demand is high.
Control of SpaceX will remain firmly in Elon Musk’s hands: even after the IPO, he is expected to hold 85.1% of voting rights. The company’s strategic direction — Starship development and orbital AI data centres — remains unchanged, and Starlink’s recurring revenue provides a solid financial floor for the venture.
For Scottish Mortgage, whose shares have gained roughly 26% year-to-date and sit just a whisker below their 52-week high, the 12 June listing represents a pivotal moment. All eyes are now on the final IPO price — and whether the market will reward the audacious $2 trillion target with the same enthusiasm that greeted Nvidia’s latest earnings.
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