Investing in SpaceX via Scottish Mortgage Investment Trust (SMT)

Instead of buying SpaceX, I invested in the Scottish Mortgage Investment Trust fund SMT.

My SMT holding bought mid-April 2026.

SMT had an approx. 20% stake in SpaceX as a private company before the SpaceX IPO.

SMT's Portfolio

The Baillie Gifford flagship trust currently holds roughly 63% in public equities and 37% to 41% in unlisted private companies. Its top ten holdings make up more than half of its total assets: [1, 2, 3]

• SpaceX: 21.0% (the trust’s largest position, valued at over £3.5 billion following its landmark June 2026 initial public offering).
• TSMC: 6.5%.
• NVIDIA: 5.6% (trimmed significantly by managers over valuation concerns).
• ByteDance: 4.8% (owner of TikTok).
• Amazon: 4.0%.
• Stripe: 3.7% (expected to IPO soon)
• MercadoLibre: 3.6%.
• Meta Platforms: 2.7%.
• ASML: 2.6%.
• Anthropic: 2.6% (generative AI startup - possible IPO soon). [1, 2, 3, 5]

It will hold the SpaceX holding for at least 6 months (180 days), and it also holds ASML and TSMC, as well as ByteDance, Stripe and Anthropic (which also have future IPOs).

So, SMT is a big gamble on big tech. 

The SpaceX Index fund inclusion timeline

Major index providers have modified their standard rulebooks specifically to fast-track SpaceX due to its historic scale as the largest IPO in history: [1, 2]. Large index funds buying SpaceX will probably cause the price to rise as retail investors buy ahead of the index funds (who must buy on the day).

• FTSE Russell & MSCI (late June 2026): FTSE Russell and MSCI have both fast-tracked SpaceX into their large-cap and global benchmarks, with effective inclusion scheduled for 29 June 2026. [1, 2]
• Nasdaq-100 (around 7 July 2026): Nasdaq amended its index rules to allow mega-caps to bypass traditional waiting periods. SpaceX will enter the Nasdaq-100 within 15 trading days of listing. [1, 2]
• S&P 500 (delayed Entry — 2027 or later): S&P Dow Jones Indices has strictly ruled out fast-tracking. SpaceX will have to wait at least a year and prove sustained corporate profitability before it can enter the S&P 500. [1, 2]

Key SMT Corporate Milestones (Next Few Months)

Because Scottish Mortgage is an investment trust, its immediate catalysts are regulatory corporate events and structural distributions rather than traditional earnings reports: [1]

• 10 July 2026 — Final Dividend Payment: SMT will distribute its final dividend of 2.97p per share to investors holding stock prior to the June ex-dividend date. [1, 2]
• Late July 2026 — Annual General Meeting (AGM): Shareholders will formally vote on the fund's management, buyback allocations, and the ongoing implementation of the "Additional Private Investment Capacity" framework. [1, 2]
• Mid-August 2026 — Q2 Private Asset Valuation Review: Baillie Gifford’s independent valuation committee (partnered with S&P Global) will issue their post-IPO audit. This will formally revalue SMT's remaining unlisted holdings (like ByteDance and Stripe), which may offset or compound SpaceX movement. [1, 2, 3, 4]
• October / November 2026 — Interim Financial Results: SMT will release its comprehensive half-year financial statement, detailing exact portfolio turnover and any changes to their long-term gearing strategies. [1]

I am holding SMT for a while. The price is expected to be volatile. It all depends on SpaceX which is a massive gamble. If the price of SMT peaks just before it's inclusion into the NASDAQ 100 in early July, I may sell for a quick profit - I'm not a committed fan.

SMT may not be for everyone, but if you believe in Elon Musk, chips and technology then let's spin the roulette wheel!

Note: This is not a tip or investment advice. SMT is a high-risk, high-reward fund.