<\/p>\n
Elon Musk: record flotation<\/p>\n
Investment manager Baillie Gifford is poised to reap a \u00a33.5 billion return on its early bet on SpaceX, as Elon Musk\u2019s rocket company prepares for what is expected to be the largest public listing in stock market history.<\/p>\n
Analysis of Baillie Gifford\u2019s four flagship investment trusts found that the Edinburgh-headquartered asset manager could book an average return of 18 times its initial investment, should SpaceX achieve its rumoured $1.75 trillion (\u00a31.3 trillion) IPO valuation,\u00a0City AM\u00a0reports.<\/p>\n
SpaceX submitted confidential paperwork to the US Securities and Exchange Commission (SEC) this month and is sounding out potential investors ahead of a market launch later this year,.<\/p>\n
Musk hopes to raise $75bn (c. \u00a356bn) to fund an ambitious rocket programme and space-based artificial intelligence ventures.<\/p>\n
Baillie Gifford\u2019s fund managers were among SpaceX\u2019s earliest institutional backers, first taking a stake in 2018 when the company was valued at $31bn (c. \u00a323bn). The total value of the firm\u2019s holdings across its trusts is now estimated at \u00a33.9bn based on recent London Stock Exchange filings.<\/p>\n
The lion\u2019s share of that gain is set to flow through Scottish Mortgage, the UK\u2019s largest investment trust, which holds more than 20% of its portfolio in Musk\u2019s space firm. Its stake, originally acquired for around $200 million (c. \u00a3150m), is expected to be worth \u00a33bn at the point of listing.<\/p>\n
The forthcoming flotation will also deliver meaningful gains for Baillie Gifford\u2019s smaller vehicles. Edinburgh Worldwide Investment Trust is on course for a 21.9 times return, with its stake growing from an initial \u00a38.5m to an estimated \u00a3186m, whilst USA Growth Trust\u2019s holding is set to rise from \u00a36.5m to \u00a3125m.\u00a0<\/p>\n
Both trusts, alongside the FTSE 250-listed Schiehallion fund, trimmed some of their SpaceX exposure during a funding round late last year to reduce portfolio concentration.<\/p>\n
\t #Baillie #Gifford #poised #3.5bn #SpaceX #windfall #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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