Scottish Mortgage Hits Record as Mitsubishi UFJ Raises Stake and IPO Catalysts Mount

Scottish Mortgage Investment Trust soars to all-time high driven by Anthropic's confidential IPO and SpaceX listing rumors, while Mitsubishi UFJ lifts stake to 3.02%.

The Scottish Mortgage Investment Trust has stormed to an all-time high, propelled by a confidential IPO filing from AI star Anthropic and persistent chatter about a SpaceX listing — while a Japanese asset manager has simultaneously increased its footprint in the shareholder register.

Mitsubishi UFJ Asset Management disclosed on 3 June that it had crossed the 3% voting rights threshold on 28 May, lifting its holding to 3.02% from 2.99%. The move, representing 33,578,558 voting rights, handed the Japanese wealth manager a formal stake notification and signalled institutional appetite for the trust’s unique exposure to private growth companies.

Record Print on AI and Space Tailwinds

The trust closed the previous session at 1,545.00 pence on 2 June — a 1.18% daily gain and the third consecutive rise — pushing the year-to-date advance to around 32%. Market capitalisation now sits at roughly £17 billion.

The catalyst was Anthropic, the developer of the Claude chatbot. On 1 June the company filed a confidential IPO with the SEC. Scottish Mortgage’s position in Anthropic accounts for approximately 2.6% of the portfolio, with a book value of about £400 million. Anthropic completed a Series H funding round in May 2026 that raised $65 billion and valued the business at $965 billion, with annualised revenue hitting $47 billion — up from just $1 billion the prior year. The second quarter alone generated $10.9 billion in revenue and the company was reportedly operationally profitable.

SpaceX adds further fuel. The Elon Musk-led rocket builder represents 19.3% of Scottish Mortgage’s total assets, making it the trust’s largest single holding. Market rumours point to a potential IPO as early as 12 June, at a valuation of around $1.75 trillion. Any public listing would force a revaluation of the stake, amplifying the trust’s NAV uplift.

Premium Placements Gather Pace

The trust wasted little time capitalising on the elevated share price. On 2 June it issued 3.85 million treasury shares for cash at 1,545.42 pence each, a premium of roughly 7.9% over the estimated NAV of 1,432.51 pence. That followed a 2.35 million share placement on 1 June at 1,516.50 pence per share.

Issuing new equity above net asset value is a hallmark of a well?functioning investment trust. It bolsters the asset base without diluting existing holders at a discount — and it signals that demand is outstripping supply. The two tranches were the first of their kind after a prolonged period when the trust traded at a discount and instead spent billions on buybacks.

Technically, the RSI has climbed to 87, a level many analysts would consider overbought. Yet retail platforms continue to show strong demand, suggesting investors are pricing the trust on upcoming catalysts rather than short?term momentum.

Governance Tweaks to Accommodate Private Giants

The surge in SpaceX’s valuation has created an uncomfortable structural issue. Under Scottish Mortgage’s investment policy, it cannot buy new private companies if their combined share of total assets at purchase exceeds 30%. Powerful re?ratings at SpaceX pushed that ratio temporarily above the ceiling.

Shareholders voted on 10 April 2026 to grant the board up to £250 million in additional capacity for private investments, even if the existing private allocation is already above the limit. The flexibility is constrained — it is tied to governance controls and must be renewed annually at the AGM.

That AGM falls on 2 July 2026. On the agenda: the board’s request for continued leeway on private exposure, and an assessment of how to manage the trust’s growing dependence on unquoted winners like SpaceX and Anthropic.

Dividend and What’s Next

On 11 June, the trust goes ex?dividend for a payment of 2.97 pence per share — just a day before the rumoured SpaceX IPO date. The juxtaposition of a steady income event with a potential portfolio?shattering catalyst neatly captures the dual nature of Scottish Mortgage today: a conventional listed trust with an increasingly powerful collection of private?market engines beneath the bonnet.

Meanwhile, Mitsubishi UFJ’s decision to nudge its stake higher suggests that institutional investors, too, see the value in riding those engines — even as the governance guardrails are quietly redesigned to keep them within safe limits.