SpaceX has made its long‑awaited Nasdaq debut in what is expected to be the biggest stock market float in history, with an estimated valuation of around $1.75 trillion.
The listing instantly propels Elon Musk’s rocket and satellite group into the ranks of America’s most valuable public companies and crystallises huge gains for early backers.
Edinburgh-based Baillie Gifford is among the biggest winners after years of backing SpaceX while it was still private.
Its Scottish Mortgage Investment Trust and other vehicles, including Schiehallion and US Growth, had already marked up their internal valuations several times this year as IPO expectations grew.
Ahead of the float, Scottish Mortgage alone had built a roughly 21% position in SpaceX, reflecting the manager’s high‑conviction approach.
Analysts estimate Baillie Gifford-managed funds could be in line for around £3.5 billion of gains if SpaceX sustains a valuation near the $1.75 trillion mark.
Early trading has added further momentum, with the shares jumping well above the IPO price and briefly pushing the company’s market value past $2 trillion.
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The upside comes with clear risks. SpaceX now represents a substantial single exposure for several Baillie Gifford trusts, bringing concentration and governance under sharper scrutiny after previous debates about their allocation to unlisted assets.
How the manager handles this outsized position will be closely watched by Scottish savers, institutional clients
