Scottish Mortgage Caps Private Holding Revaluation with Premium Share Sale; SpaceX IPO Adds to the Mix

A sharp upward revision to one of Scottish Mortgage Investment Trust’s unlisted holdings set the stage for a strategically timed equity placement this week. The trust placed 3.85 million treasury shares at a price of roughly 1,545 pence each, comfortably above the latest net asset value of about 1,500 pence. That premium issuance came after the fund disclosed that its largest private portfolio company — widely understood to be SpaceX — now accounts for 21% of total assets, up from 18% at the end of April.

The revaluation was driven by mounting anticipation around SpaceX’s initial public offering, scheduled for June 12 on the Nasdaq under the ticker “SPCX”. The deal is expected to be the largest in history, with a potential valuation of up to $1.8 trillion. In the past 48 hours, fresh catalysts piled up: Google signed a blockbuster contract to pay $920 million per month from October 2026 for access to 110,000 Nvidia graphics processors housed in SpaceX data centres, powering the Gemini Enterprise AI platform. Meanwhile, Japanese institutional investors pushed their allocation from $2 billion to $2.5 billion, and the IPO’s fixed price was set at $135 per share. The total amount SpaceX aims to raise is roughly $75 billion.

Despite the flurry of positive headlines, Scottish Mortgage’s own shares ended the week in the red. The stock closed at €17.10 on German exchanges on Friday, a daily loss of 3.88%. Over the full week, the decline reached 5.39%, with the broader technology sector sell-off cited as the trigger. Retail investors took the opportunity to buy the dip — on major trading platforms, buy orders accounted for nearly 60% of activity on Friday morning.

Should investors sell immediately? Or is it worth buying Scottish Mortgage Investment?

The week’s retreat leaves the trust still nursing a year-to-date gain of 23.11%, and the technical picture remains intact. The 50-day moving average of €16.57 provides a solid floor, while the 14-day relative strength index sits at 47.4, pointing to a neutral reading after the recent pullback. The premium that investors had been paying for the portfolio — recently around 6.3% above NAV — is now under pressure. Should the share price continue to slip toward the moving averages, that premium could quickly turn into a discount.

Beyond SpaceX, Scottish Mortgage’s portfolio includes other heavyweights in artificial intelligence and semiconductors: Nvidia, ASML, and Anthropic. The trust’s long-term record is formidable. Its net asset value has delivered a total return of 435.2% over the past decade, and the dividend has risen for 43 consecutive years, most recently to 4.57 pence per share.

All eyes now turn to the final pricing of SpaceX on June 11 and its debut the following day. The outcome will determine whether the trust’s revaluation holds and whether the premium over NAV can be sustained — or whether the market’s current caution signals the start of a deeper discount.

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Scottish Mortgage Investment Stock: New Analysis - 6 June

Fresh Scottish Mortgage Investment information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.

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