<div id="readability-page-1"> <time datetime="2026-04-22T05:00:00+01:00"> Wednesday 22 April 2026 5:00 am </time> | Updated: <time datetime="2026-04-21T18:19:37+01:00"> Tuesday 21 April 2026 6:19 pm </time> <div> Add as a preferred source on Google </div> <figure> <div> </div> <img width="742" height="495" src="https://imageproxy.pbkrs.com/https://www.cityam.com/wp-content/uploads/2025/05/GettyImages-2171007333-e1748433884552.jpg/query-dz03NDI?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://www.cityam.com/wp-content/uploads/2025/05/GettyImages-2171007333-e1748433884552.jpg/query-dz03NDI"/> <figcaption>Scottish Mortgage Investment Trust holds a significant stake in SpaceX</figcaption> </figure> Scottish investment juggernaut Baillie Gifford is in line to net a bumper £3.5bn return on its historic bet on Space X when the rocket maker floats on the stock market later this year, in what is believed to be one of the largest windfalls from a single debut in UK investment history.A City AM analysis found that across its four flagship investment trusts, the Edinburgh-headquartered asset manager can expect to book an average return of 18x their initial investment, assuming Space X fetches its rumoured $1.75 trillion (£1.3 trillion) IPO valuation.Elon Musk’s cosmic tech firm is gearing up for what is set to be the largest public listing in stock market history later this year, with the Tesla boss hoping to raise roughly $75bn from investors to fund an expansive rocket rollout and space-based artificial intelligence investment.The start-up submitted confidential IPO paperwork with the US Securities and Exchange Commission earlier this month, and along with its army of advisers is currently sounding out potential investors ahead of a market launch later this year.The market debut would constitute a momentous opportunity for Baillie Gifford to crystallise what is likely to be a mammoth return from its bumper bet on the space exploration firm. Fund managers at Baillie Gifford, which manages London-listed trusts like Scottish Mortgage and Schiehallion, were among Space X’s earliest institutional backers, first investing in the Musk-run firm in 2018 when it was worth as little as $31bn.Based on recent London Stock Exchange filings, the sum total of Baillie Gifford’s holding in Space X will be worth an estimated £3.9bn should it achieve the $1.75 trillion valuation believed to be at the upper end of its possible market capitalisation by analysts.<figure><img height="649" width="960" src="https://imageproxy.pbkrs.com/https://www.cityam.com/wp-content/uploads/2026/04/Elon-Musks-SpaceX-has-filed-for-a-bumper-listing.jpg/query-dz05NjA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://www.cityam.com/wp-content/uploads/2026/04/Elon-Musks-SpaceX-has-filed-for-a-bumper-listing.jpg/query-dz05NjA"/><figcaption>Elon Musk has claimed Space X could be worth north of $2 trillion</figcaption></figure><h2 id="h-space-x-ipo-a-substantial-liquidity-event-for-baillie-gifford-trusts">Space X IPO a ‘substantial liquidity event’ for Baillie Gifford trusts </h2>Over 20 per cent of the Baillie Gifford-run Scottish Mortgage, the UK’s largest investment trust, is held in Musk’s space firm, lining the FTSE-100 trust up for a particularly large windfall. According to the City AM analysis, its stake in Space X will be worth £3bn alone come the space firm’s public debut, a holding which has ballooned from the firm’s initial $200m investment five years ago. “Space X can perhaps be considered a poster child Baillie Gifford investment, as they entered this private, founder-led company well before Spacetech interest was mainstream,” said Shavar Halberstadt, a research analyst at Winterflood Securities. “It has generated exponential returns since that investment in 2018, and will now cross over into public markets and deliver a substantial liquidity event for several of the trusts.”Musk’s firm has also been a significant contributor to net asset value (NAV) returns for Baillie Gifford’s smaller trusts. Edinburgh Worldwide Investment Trust (Ewit) and USA Growth Trust boast significant holdings Space X along with the FTSE 250-listed private megacap trust Schiehallion. Unlike Scottish Mortgage, the trio of closed-end funds used a funding round late last year to trim some of their exposure to the space firm in a move their fund managers said would help dilute their portfolio’s concentration. Under USA Growth Trust’s mandate, the maximum direct investment in any one company is capped at 10 per cent of its total assets.Edinburgh Worldwide is poised to notch up a 21.9x return, according to City AM estimates, with its stake booming to £186m from an initial £8.5m investment, while USA Growth’s stake is set to grow from £6.5m to £125m.Chris Beauchamp, market analyst at IG, said the trusts were “one of the simpler routes” retail investors could get a stake in the record-breaking IPO.“Buying shares in these trusts offers indirect exposure to SpaceX, alongside a broader portfolio of innovative companies,” he said. The trade-off is that SpaceX is just one component, so its impact on returns is diluted.”Baillie Gifford declined to comment. </div>

苏格兰投资公司 Baillie Gifford 有望从其对 SpaceX 的投资中获得 35 亿英镑的收益，该公司即将进行英国历史上规模最大的首次公开募股（IPO），估值为 1.75 万亿美元。Baillie Gifford 在 SpaceX 的股份最初价值为 2 亿美元，预计将带来 18 倍的回报。该公司是 SpaceX 的早期投资者，其在多个信托中的持股将显著提升其净资产值。此次 IPO 预计将为 Baillie Gifford 的投资信托提供可观的流动性，包括苏格兰抵押贷款信托、爱丁堡全球信托和美国增长信托

Scottish Mortgage manager Baillie Gifford eyes £3bn return on historic Space X bet

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Scottish Mortgage Investment Trust Plc

苏格兰抵押贷款管理公司 Baillie Gifford 期待从其对 Space X 的历史性投资中获得 30 亿英镑的回报