Baillie Gifford, the manager of Scottish Mortgage, has increased its valuation of SpaceX for the third time in six months, ahead of the company's anticipated initial public offering (IPO). This adjustment raises the valuation to $1.6 trillion and boosts Scottish Mortgage's holding to a highly concentrated 21% of the trust's assets, with the investment now valued at approximately £3.5 billion.
The upward revaluation was a response to SpaceX setting its IPO share price at $135 per share for its flotation scheduled for June 12. This significant increase in the SpaceX position has been a primary driver of Scottish Mortgage's 42% rise in market value over the past six months. Analysts note that the high IPO valuation places the spotlight on whether the market will sustain that price post-listing.