Scottish Mortgage Stages Rare Premium Issuance as SpaceX Stake Swells to 19% of Assets
30.05.2026 - 16:54:19 | boerse-global.de
Scottish Mortgage Investment Trust has shifted gear from buybacks to outright share issuance, a move that underscores surging investor appetite for concentrated growth exposure. The Edinburgh-based trust placed 2.85 million shares from its treasury on 29 May at 1,521.59 pence each — a price that commands a 6.3% premium over the net asset value (NAV). In a sector where the average discount has widened to roughly 9.7%, achieving any premium is a notable exception.
The funds raised — around £43 million at the issue price — reflect a deliberate pivot: rather than returning capital to shareholders, Scottish Mortgage is tapping demand to grow its float. After the transaction, 1.11 billion shares now trade in the market, with a further 371.9 million units still held in-house, offering a ready source for future placements if enthusiasm persists.
Behind this buying frenzy lies a portfolio dominated by a single name: SpaceX. The private rocket company has ballooned from 7.8% of total assets to 19% over the past year, powered by a 179% valuation surge. What started as a £151 million bet is now worth roughly £3 billion, making Scottish Mortgage the most accessible vehicle for investors who want a piece of Elon Musk’s space venture before its anticipated initial public offering on 12 June. Analysts expect the IPO — at a valuation between $1.75 trillion and $1.85 trillion — could add another 7% to the trust’s NAV.
Should investors sell immediately? Or is it worth buying Scottish Mortgage Investment?
SpaceX’s ascent was far from the only contributor to a stellar financial year. The trust’s NAV climbed 27.4% in the twelve months to March 2026, driven by a handful of core holdings: TSMC more than doubled, ASML gained 94%, and Nvidia advanced 57%. Over a decade, the cumulative NAV return stands at 435%, nearly doubling the FTSE All-World’s 234% — a performance that has kept long-term investors loyal despite periodic volatility.
The share price itself closed at 1,520.50 pence on Friday, up 0.86% on the day, and has risen roughly 30% in 2026 in euro terms to €18.07. That puts it within striking distance of the 52-week high of €18.85 touched just days earlier, a far cry from the €11.87 nadir seen last November.
Investors should note a dividend milestone: the ex-dividend date falls on 11 June, for a payout raised 4.3% to 4.57 pence per share. With the SpaceX IPO just a day later, the week ahead packs two potential catalysts into a tight window. Should the listing go ahead at the expected valuations, Scottish Mortgage’s ability to issue shares at a premium could give it further firepower to deploy into its next generation of private-market bets.
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