SpaceX, Anthropic IPOs Lift Scottish Mortgage Stock

Scottish Mortgage shares rose to a high of 1,533p, breaking a key resistance level, as investors looked ahead to the planned SpaceX IPO next week and Anthropic’s intention to list. The trust’s stock is up more than 154% from its 2024 low.

Scottish Mortgage is a London-listed investment trust with a concentrated portfolio of technology companies valued at over £16 billion ($22 billion). Its largest public holdings include Amazon, NVIDIA, Taiwan Semiconductor, Meta Platforms and ASML. The trust also holds stakes in private companies such as SpaceX and Anthropic; Anthropic represents roughly 2.6% of the portfolio.

SpaceX is scheduled to go public next week with plans to raise about $75 billion. Some market participants have priced post-listing valuations as high as $2 trillion. Morningstar’s estimate of fair value for SpaceX is near $975 billion. SpaceX reported a sizable loss last year and revenue growth has not matched levels some investors expect for very high valuations.

Anthropic has said it intends to list this year. Private funding rounds placed its valuation near $350 billion in an earlier round and about $900 billion in a more recent round. Market attention has focused on whether public-market pricing will match those private-round figures.

Investors are aware that large IPO debuts can be followed by profit-taking. Recent examples show some newly listed companies spiking on debut and then retreating: one stock rose above $50 then fell to about $34, another jumped to $16 then dropped to about $11, and a third lost more than 70% from its peak last year.

Technical indicators for Scottish Mortgage are positive on a weekly view. The 50-week moving average has crossed above the 200-week moving average, creating a golden cross. The price chart has formed a multi-year cup-and-handle pattern, with the cup appearing complete and a potential multimonth handle or consolidation to follow. Some traders are targeting a longer-term resistance level near 2,473p.

The SpaceX listing next week and Anthropic’s path to market are expected to have immediate effects on Scottish Mortgage’s portfolio weighting and headline valuation exposure. Market participants are also watching whether profit-taking in AI and other technology stocks affects the trust’s recent gains.