Scottish Mortgage Ditches Tesla, Doubles Down on SpaceX as Lock-Up Looms
Published on 07/29/2026 at 00:10 | Redaktion boerse-global.de
The investment trust that helped pioneer retail access to unlisted tech giants is undergoing its most significant portfolio shake-up in years â just as its largest holding faces a critical test. Scottish Mortgage Investment Trust has exited Tesla entirely, redeploying capital into artificial intelligence infrastructure and SpaceX, the Elon Musk-controlled rocket company that now accounts for more than a quarter of the portfolio.
The repositioning comes at a turbulent moment. SpaceX shares have lost roughly 14% in recent weeks, dragging the trustâs performance along with them. The stock closed at $113.50, roughly half its June peak of $225.64, after declining in 13 of 16 trading sessions. The market value wiped out since the high exceeds $1.2 trillion, according to reports.
The sell-off has multiple catalysts. A failed booster landing during the 13th Starship test flight last Thursday â three of 13 engines malfunctioned â rattled sentiment, even though 20 third-generation Starlink satellites were successfully deployed. More structurally, the approaching expiration of a lock-up period in early August looms large: insiders could offload up to 911.5 million shares, a wall of supply that has investors on edge. SpaceX is also scheduled to report its first quarterly results on August 4 after the bell.
Not everyone is running for the exits. Cathie Woodâs ARK Invest has been buying into every dip, arguing that the successful Starship water landing has not yet been priced in. Morgan Stanley analyst Adam Jonas maintains a buy rating with a $300 price target, contending that SpaceXâs core space business alone justifies the current share price.
Should investors sell immediately? Or is it worth buying Scottish Mortgage Investment?
Portfolio Pivot: Out With Tesla, In With the âAgentic Eraâ
Fondsmanager Tom Slater and investment specialist ChloĂ© Darling-Stewart unveiled the new strategy in July, framing it around what they call the âAgentic Eraâ of artificial intelligence â the physical and digital infrastructure required for autonomous AI systems. The long-standing Tesla position, held for more than a decade, has been sold down to zero.
The rationale: capital is being redirected toward AI-driven electricity demand and satellite-based connectivity, particularly following SpaceXâs widely watched public listing this summer. Scottish Mortgage is increasingly betting on private and recently listed market leaders in these fields, rather than the electric-vehicle pioneer that once defined its growth thesis.
The trustâs exposure to SpaceX now stands at 25.7% of the portfolio, making the rocket company by far its largest single position. That concentration amplifies every wobble in SpaceXâs stock price â and every debate about whether Scottish Mortgageâs own valuation reflects the underlying risk.
Discount Persists Despite Buyback Blitz
Scottish Mortgageâs shares closed at âŹ15.38 on July 27, down 2.1% on the day and 21.1% below the 52-week high of âŹ19.50 reached in May. The discount to net asset value has widened to roughly 8.8%, according to the most recent data, though a Seeking Alpha analysis puts the figure at 11%. Either way, the gap between the trustâs market price and its underlying value remains stubbornly wide.
Management has been fighting back with buybacks. On July 27 alone, the trust purchased 500,000 ordinary shares for its own account at 1,333.1 pence each, bringing the total treasury stock to 411,558,993 shares. The buyback campaign has been aggressive but has so far failed to close the discount entirely.
The technical picture is equally challenging. The stock trades 8.85% below its 50-day moving average of âŹ16.88, while the 14-day relative strength index sits at 35.3 â a level some traders interpret as oversold. A final dividend of 2.97 pence was paid in July, though the trust remains firmly focused on capital appreciation rather than income.
Short-Term Pain, Long-Term Wager
On a year-to-date basis, Scottish Mortgage has still gained 14.24%, a reminder that the long-term trajectory remains positive even as short-term volatility bites. The trustâs 30-day decline of 5.7% reflects the broader nervousness around its tech-heavy portfolio, but the underlying thesis â that disruptive growth stocks will deliver outsized returns over five- to ten-year cycles â has not changed.
The coming weeks will be decisive. SpaceXâs quarterly results on August 4 and the subsequent lock-up expiration are the next major hurdles for the trustâs largest holding. Analysts see the fundamental risk less in the current price weakness than in the structural challenges facing high-tech valuations and rising capital expenditure in the AI space â issues that affect the entire portfolio, not just SpaceX.
For now, Scottish Mortgage is placing its biggest bet yet on the idea that the next technology wave belongs to autonomous systems and space-based infrastructure. Whether that wager pays off will take years to determine, but the immediate test arrives in August.
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