SpaceX IPO Roadshow and MUFG’s Stake Upgrade Signal Twin Tailwinds for Scottish Mortgage

Scottish Mortgage swings to premium NAV, attracts Mitsubishi UFJ stake; SpaceX IPO looms as top holding drives 30% YTD share price gain.

The Scottish Mortgage Investment Trust has crossed a significant threshold in multiple senses. After years of trading at a discount to net asset value, the trust has swung to a premium — a shift that has not only enabled it to issue shares from its own treasury at a profit but also drawn fresh attention from institutional investors. Mitsubishi UFJ Financial Group, the Japanese banking giant, recently nudged its stake above the 3% reporting floor, a move that, while tiny in percentage terms, arrives at a pivotal moment.

A Symbolic Institutional Nod

On 28 May 2026, Mitsubishi UFJ Asset Management increased its holding from 2.99% to 3.02% of the trust’s voting rights, an uptick of just 0.03 percentage points. That equates to roughly 33.6 million shares and triggered a mandatory TR-1 disclosure to the UK regulator on 3 June. The increase is modest, but the crossing of the 3% threshold pushes the position into public view. It signals that a major Japanese financial conglomerate sees value in the trust’s strategy as the portfolio’s largest private holding prepares for its moment in the sun.

SpaceX Takes Centre Stage

That holding is, of course, SpaceX. Elon Musk’s aerospace company is set to launch its initial public offering roadshow next week, with the management of Scottish Mortgage — which has built its SpaceX weighting to nearly 20% of total assets — watching intently. The company is targeting a valuation of up to $2 trillion, with the IPO expected to raise around $75 billion under the ticker "SPCX" on the Nasdaq. For the trust, which has been gradually expanding its exposure to unlisted names, a successful debut would represent a transformational event.

The IPO buzz has reshaped the trust’s market position. On 2 June, Scottish Mortgage issued 3.85 million shares from its own inventory at 1,545.42 pence each — a premium to the trust’s underlying NAV. This is a stark reversal from the previous fiscal year, when the trust spent £1.31 billion on buybacks to support the share price. Those support purchases are now on hold, replaced by opportunistic capital raising when demand exceeds asset value.

Strong Performance Underpins the Shift

The share price has reflected the improving mood. Currently trading around £18.03 (€18.04), the stock has gained roughly 30% since the start of the year. It sits about 9% above its 50-day moving average of £16.51, a technical foothold that suggests no imminent reversal. The relative strength index of around 60 indicates the stock is not yet overbought, although annualised 30-day volatility of roughly 33% serves as a reminder that swings are part of the trust’s DNA.

That performance is backed by the trust’s latest annual report for the year to 31 March 2026. Scottish Mortgage delivered a NAV total return of 27.4%, comfortably outpacing the FTSE All-World Index’s 18.0%. The leverage ratio has fallen to 11% as the portfolio has grown, providing additional balance-sheet flexibility.

Room for More Private Firepower

Shareholders have given the board additional ammunition. At the annual general meeting in April, they approved a change to investment policy that allows up to £250 million of extra private-market commitments — above the existing 30% unlisted exposure limit — subject to annual renewal. The trust’s management now has capacity to add to its stable of private holdings without breaching regulatory constraints.

The next major date on the calendar is the annual shareholder meeting in Edinburgh on 2 July. By then, the SpaceX roadshow will be under way, and the trust’s premium issuance will likely be back on the table if demand remains robust. Mitsubishi UFJ’s latest move is a small but telling footnote to a larger story: Scottish Mortgage is no longer the discount-ridden vehicle it was a year ago.