Overview
Given the materiality of the SpaceX position within the Schiehallion portfolio, and in light of recent speculation and uncertainty surrounding a potential SpaceX IPO, this communication aims to provide shareholders with greater clarity and transparency.
Starship test flight mission © SpaceX
As with any investment, your capital is at risk.
Key points
Current valuation:
As of 31st March 2026, we are holding SpaceX at a valuation of $1.25tn. The position was marked up during Q1 2026 as we saw the secondary market recalibrate and rebase to the merged valuation of SpaceX/xAI.
Our current carrying value for SpaceX sits below the $1.75tn figure reported in the press – this is deliberate. Baillie Gifford Valuations Team, along with our independent third-party provider S&P Global, values private holdings based on verifiable transactions, not press speculation.
What has been reported?
According to media reports:
SpaceX lodged a confidential draft registration statement with the SEC on 1st April 2026, with the filing confirmed across multiple major outlets (Bloomberg, Reuters, CNBC).
The company is said to be targeting a valuation of approximately $1.75tn and aiming to raise between $50-75bn, which would make it the largest IPO in history – potentially more than double the size of Saudi Aramco’s 2019 offering.
A listing around June 2026 has been widely cited, though no date has been confirmed by the company.
SpaceX S-1 disclosed lock-up terms
- The SpaceX S-1 was officially filed with the SEC on 20th May 2026 which included more information on the terms of the lock-up structure.
- It will be a staggered, tiered system rather than a simple 180 day (6 month) hard lock-up.
- The S-1 laid out a series of release dates tied to both earnings milestones and fixed time intervals that allow most pre-existing shareholders to sell portions of their stock before the standard 180-day window closes.
Earnings releases-based tranches
Some shares will be released when SpaceX announces its quarterly results for the first time as a listed company. The first release includes an additional unlock if the share price is performing well.
- Q2 2026 results (estimated August/September 2026): pre-existing shareholders can sell up to 20 percent of their locked-up shares — or 30 percent (an additional 10 percent) if the stock is at least 30 percent above the IPO price at that point.
- Q3 2026 results (est. Oct/Nov 2026): a further 28 percent is released, regardless of the share price.
Time-based tranches
Shares are also released in five time-based instalments — at 70, 90, 105, 120 and 135 days after the IPO — with 7 percent unlocking at each stage, regardless of how the stock is performing.
Full release
Any shares still locked up after the above releases will be fully freed at the 6-month mark — Day 180, expected around mid to late December 2026.
What happens next
A public listing is rumoured to be targeting June 2026, though this remains subject to market conditions. Our approach to managing the position will be consistent with how we have always operated. We will continue to assess concentration and portfolio construction as we would with any listed holding.
We will share more as lock-up details and prospectus terms become clear.
Schiehallion: useful information
Data as of 31 March 2026
Key facts:
SpaceX represents a 13.1 percent position in the portfolio. Our overall private company exposure at this date was 90.8 percent.
The Schiehallion Fund Limited
Annual past performance to 31 March each year (%)
| 2022 | 2023 | 2024 | 2025 | 2026 | |
| Spare Price | 2.2 | -63.0 | 19.1 | 13.6 | 95.7 |
| Net Asset Value | 0.3 | -25.0 | 6.9 | 8.9 | 34.5 |
Source: Morningstar. Total return in USD. Ordinary shares.
Past performance is not a guide to future returns.
The base currency of the Trust is US Dollars. Where an investor holds shares priced in US Dollars, their return in any currency other than US Dollars will also be affected by exchange rate movements.
Important information
This communication was produced and approved in May 2026 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.
Private Company assets may be more difficult to buy or sell, so changes in their prices may be greater. There is no guarantee that private companies will become publicly traded companies in the future.
This communication does not constitute, and is not subject to the protections afforded to, independent research. Baillie Gifford and its staff may have dealt in the investments concerned. The views expressed are not statements of fact and should not be considered as advice or a recommendation to buy, sell or hold a particular investment. A Key Information Document is available at bailliegifford.com.
The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies and are not authorised or regulated by the Financial Conduct Authority. The value of their shares, and any income from them, can fall as well as rise and investors may not get back the amount invested.
Baillie Gifford & Co and Baillie Gifford & Co Limited is authorised and regulated by the Financial Conduct Authority (FCA).
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