Scottish Mortgage’s Twin Engines: Nvidia’s AI Windfall and SpaceX’s IPO Reshape the Trust’s Premium Game
27.05.2026 - 15:54:42 | boerse-global.de
Scottish Mortgage Investment Trust is firing on all cylinders. The growth trust, which spent much of last year trading at a discount to its net asset value, now commands a consistent premium — and is issuing shares almost daily to meet surging demand. Two powerful catalysts are driving the shift: a blockbuster Nvidia quarter and the imminent public listing of SpaceX.
Nvidia’s Numbers Lift the Whole Portfolio
The chipmaker, a core holding in Scottish Mortgage’s portfolio, delivered results that growth investors dream about. In the first quarter of its fiscal 2027, Nvidia posted revenue of $81.6 billion, an 85% jump from a year earlier. The data centre business alone generated $75.2 billion, up 92%, fuelled by the ramp of Blackwell-300 products and robust demand for networking solutions.
Nvidia’s board also authorised an additional $80 billion share buyback programme and raised the quarterly dividend from a token $0.01 to $0.25 per share, payable on June 26, 2026. For Scottish Mortgage, the ripple effect is immediate: as Nvidia’s market value climbs, so does the trust’s own perceived worth. That dynamic has pushed the trust back into premium territory, giving management the green light to issue shares from Treasury rather than repurchasing them.
Daily Issuance Gathers Pace
On May 20, Scottish Mortgage placed 2.4 million shares from its Treasury stock at 1,466.46 pence each. Since May 13, the trust has been issuing shares on almost every trading day. Following the latest placement, the total number of shares in circulation (excluding Treasury) stood at 1,100,716,806 — roughly 1.1 billion.
Should investors sell immediately? Or is it worth buying Scottish Mortgage Investment?
The mechanism matters for existing shareholders. Issuing shares above net asset value strengthens the trust by bringing in new capital on favourable terms. It also signals that investor demand currently outstrips supply, reversing the discount dynamic that plagued the trust for much of 2025.
SpaceX: The Next Big Catalyst
Just as Nvidia’s momentum shows no sign of slowing, Scottish Mortgage is sitting on another powder keg: its stake in SpaceX. The rocket company filed its S-1 registration with the US Securities and Exchange Commission on May 20, with a listing date pencilled in for June 12, 2026.
Scottish Mortgage values its SpaceX holding based on an enterprise valuation of $1.25 trillion as of the end of March, after a first-quarter revaluation that combined SpaceX and xAI. The trust’s position is substantial enough that the IPO — the first public market test of the private company’s worth — is widely seen as a near-term price catalyst for the trust itself.
SpaceX added to the narrative on May 22, when its Starship V3 completed its 12th test flight, this time equipped with the new Raptor-3 engines. Despite a single engine failure during ascent, the spacecraft reached its planned trajectory and executed a controlled splashdown in the Indian Ocean, yielding valuable heat-shield data. The Super Heavy booster, however, experienced an early abort and fell hard into the water.
A ÂŁ250 Million Private Equity Mandate
Beyond the public-market holdings, Scottish Mortgage’s investor base just approved a significant expansion of its private-market firepower. At a shareholder vote, 99.72% of ballots cast backed a revised investment policy that grants the trust an additional £250 million in capacity for unlisted investments. This reserve kicks in when the private-equity portion of the portfolio exceeds 30% of total assets — a threshold that can be breached simply by market movements or share buybacks.
The extra headroom is subject to annual shareholder approval, striking a balance between flexibility and oversight. It comes as the trust’s private holdings — which include SpaceX, Anthropic and other high-growth names — have become an increasingly important driver of returns.
Performance and Demographics
Over the past decade, Scottish Mortgage has delivered an annualised NAV total return of 18.3%, well ahead of its All-World benchmark. In the AIC Global sector, the trust ranks first among nine funds over one, three and ten years. Total assets stand at ÂŁ16.425 billion, with net assets of ÂŁ15.199 billion.
A recent Invesco study underscores why demand for the trust may have room to grow: 55% of Britons aged 25 to 34 plan to invest in investment trusts, compared with just 9% of those over 65. Among 18-to-24?year?olds, the figure is 38%. That generational tilt bodes well for a vehicle that has long attracted growth-oriented investors.
Technicals and Near-Term Outlook
The trust’s shares closed at 1,520 pence on Tuesday, up roughly 1.5% and more than 29% higher on the year. At that level, the stock trades over 12% above its 50?day moving average and has more than doubled from its 52?week low of €11.87 (roughly 1,100p). The trailing P/E stands at 4.63 and the dividend yield at 0.29%, reflecting the trust’s low?payout growth profile.
Still, the relative strength index sits at 40.6 — a neutral to slightly weak reading that suggests the recent rally may pause for breath. The real test comes on June 12, when SpaceX’s public debut will put a hard price on the trust’s most closely watched private holding. Until then, Scottish Mortgage’s premium share issuance machine keeps humming, powered by Nvidia’s AI?fueled surge and the clockwork cadence of daily placements.
The annual general meeting is scheduled for July 2, 2026, in Edinburgh. Shareholders will also vote to formally elect Heather Manners as an independent non?executive director; she was appointed with effect from January 1, 2026, and brings roughly 35 years of experience in Asian investments. For now, the trust’s story is written by the tape: as long as Nvidia delivers and SpaceX’s valuation holds up, the premium is more than a technical detail — it is a strategic advantage.
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