Scottish Mortgage gains after SpaceX IPO; Anthropic in focus

Scottish Mortgage Trust shares rose on Friday after SpaceX’s initial public offering increased the valuation of the trust’s largest holding. The stock reached an intraday high of 1,497p and closed at 1,450p, recovering some losses from earlier in the week. The trust is managed by Baillie Gifford.

SpaceX’s IPO raised $75 billion and the company was assigned a market valuation of about $2.1 trillion in trading tied to the offering. Baillie Gifford first invested roughly £315 million in SpaceX in 2018 when the company’s valuation was below $100 billion.

Data on recent listings shows more than 90% of companies that went public since January 2025 recorded an initial price surge on debut followed by significant pullbacks in the weeks after listing. Examples include Figma, which rose from $33 to $142 before falling below $20; Circle, which moved to $300 and later traded near $49; and Medline, which climbed to $50 and later fell to about $36.

Several large public holdings in Scottish Mortgage’s portfolio have trended lower this year. Meta Platforms has traded about 30% below its peak from last year and Amazon has been roughly 14% below its year-to-date high. Those moves have reduced some gains from private-market holdings.

Anthropic is part of the trust’s private holdings and accounts for about 2.7% of assets. Baillie Gifford began investing in Anthropic in 2021. Anthropic has recently raised capital at a reported $900 billion valuation and has filed for an initial public offering; some market participants have discussed higher potential valuations on listing.

Other private assets held by the trust include Stripe, with a valuation above $150 billion, and ByteDance. Both companies have been identified by market participants as candidates for eventual public listings.

On technical charts, Scottish Mortgage’s share price retreated from a mid-month high near 1,565p to about 1,395p before the recent rise to 1,450p. The daily chart showed a doji candlestick pattern. Some technical analyses have outlined scenarios in which the share price could move toward roughly 1,300p under continued selling pressure.

Market participants said they will watch SpaceX trading after the IPO and the reception to Anthropic’s filing for signals on the near-term direction of the trust.