Scottish Mortgage Investment Trust (SMT) extended its rally to 1,453p on Thursday, the highest since July 10 and about 12% above its monthly low, as investors reacted to AI sector momentum and a report that Anthropic could pursue a $2 trillion initial public offering. The trust has meaningful exposure to both SpaceX and Anthropic, with SpaceX accounting for more than 17% of its portfolio and Anthropic around 2.8%.
SpaceX shares have rebounded from roughly $104 earlier this month to nearly $150, supported by a 72% revenue jump in the second quarter and analyst projections of $44 billion in annual revenue this year and $95 billion next year. Morgan Stanley set a $300 12-month target, citing the AI boom, while investors also bought the dip after last week's employee lockup expiration. The Financial Times reported Anthropic could file for the largest IPO ever at a $2 trillion valuation, far above its recent $900 billion valuation.
In a separate but related development, SpaceX launched Grok 4.6, pricing it at $2 per million input tokens and $6 per million output tokens. That undercuts Anthropic's Claude Opus 5 at $5/$25 and OpenAI's GPT-5.6 Sol at $5/$30. Artificial Analysis said Grok is now at the intelligence frontier alongside OpenAI, behind only Anthropic. SpaceX stock pulled back 0.3% to $145.65 in premarket trading, still above its $135 IPO price. Other Scottish Mortgage holdings including Nvidia, Taiwan Semiconductor, Amazon, MercadoLibre, Ferrari and ASML have also strengthened, while SMT's chart has formed a bullish flag pattern with a potential move toward 1,562p.
