HomeMarketsSpaceX sell-off drags Scottish Mortgage Trust shares lower

SpaceX sell-off drags Scottish Mortgage Trust shares lower

Posted: 24 June 2026, 08:02 CET | Updated: 24 June 2026, 08:10 CET 2 min read

Scottish Mortgage Trust fell to 1,357p after SpaceX, 17.1% of the fund, plunged; other large holdings including Meta, Nvidia and Amazon also weakened.

Scottish Mortgage Trust shares fell to 1,357p after a sharp retreat in SpaceX, which represents 17.1% of the fund. The trust hit its lowest level since April 14 and is about 13% below its highest point this year. The trust’s decline began in early June and accelerated this week.

SpaceX stock peaked near $225.50 last week and has since dropped to about $156. The company’s market value eased from roughly $2.66 trillion to about $2 trillion over the same period. Investors cited profit-taking after the IPO, concerns over valuation, SpaceX’s approximately $60 billion purchase of Cursor and a recently announced $25 billion bond sale as factors behind the pullback.

Scottish Mortgage’s large holding in SpaceX magnified the effect of that company’s share-price swing on the trust. SMT shares rose ahead of the SpaceX listing and have surrendered a portion of those gains as the SpaceX position weakened.

Other major holdings in the trust declined this month. Meta Platforms traded near $562, down from last year’s high of about $795. Nvidia’s shares are more than 15% below their peak this year. Amazon fell to roughly $234 from a year-to-date high near $278. MercadoLibre is about 40% below its high from last year. Shopify, Cloudflare, Spotify, Ferrari, PDD Holdings and Affirm have also retreated from recent peaks.

Technical indicators cited by market observers show a head-and-shoulders-like pattern on SMT’s daily chart. The Relative Strength Index has moved below the neutral 50 level and the MACD lines have crossed below the zero line. Some chart analysts have identified a potential support area near 1,000p.

Investors will watch upcoming corporate reporting and listings for fresh catalysts. SpaceX’s next financial results are expected in the coming months. Separately, Anthropic has raised funds at a $900 billion valuation after earlier fundraising at about $300 billion, and its IPO prospects have been discussed as a future event that could affect funds with large AI-related holdings.