Scottish Mortgage Investment Trust’s share price has climbed from a July low of 1,297p to about 1,500p, and is now testing a crucial resistance level at 1,511p. The rebound has been driven by recovering portfolio companies and growing anticipation around the upcoming Anthropic IPO.
SpaceX, the largest holding in the trust, has risen to around $153, its highest level since July and about 47% above its post-IPO low. The rally has lifted Elon Musk’s net worth above $938 billion. SpaceX reported that all business lines were performing well, with its AI operations generating billions of dollars monthly and Starlink surpassing 12 million active subscribers, although capital expenditures remain a key challenge.
Other top Scottish Mortgage positions have also gained. Taiwan Semiconductor reached $440 on Tuesday, its highest since July 9, supported by rising semiconductor demand. Nvidia has recovered from a low of $189 to $225, with analysts describing the company as the “central bank” of the AI industry because of its investments in OpenAI and Anthropic. Amazon, MercadoLibre and TSML also contributed positively.
The Anthropic IPO is a major catalyst for Scottish Mortgage because the trust, managed by Baillie Gifford, invested at a valuation of $183 billion and Anthropic now accounts for about 2.8% of the fund. Reports suggest Anthropic may seek a valuation of around $2 trillion. Its annualized revenue run rate has exceeded $65 billion, higher than OpenAI, and it has reached some profitability metrics. Scottish Mortgage also holds a large stake in Stripe, which could go public in 2027.
From a technical perspective, SMT shares are above the 50-day moving average and the Relative Strength Index has crossed above 50. The stock is at the Ultimate Resistance level of Murrey Math Lines, and a break above 1,511p would open the path to the next target near 1,562p.
Separately, SpaceX remains in focus as Wells Fargo analyst Steven Cahall said the company may target only about 2% of the U.S. wireless market rather than directly challenging T-Mobile, AT&T and Verizon. Cahall sees SpaceX combining its satellite constellation and spectrum with terrestrial infrastructure, potentially including wireless towers and Wi-Fi offload arrangements with cable providers. He said: “Telcos just facing another competitor, a three-player market going to a much smaller fourth player, that’s still a net negative, for sure.”
Analyst ratings on SPCX stock have been mixed. Pivotal Research upgraded the stock to Strong Buy with a $220 price target. Wells Fargo maintained Overweight but trimmed its target from $215 to $212, while Oppenheimer raised its target to $280 on September 2. The consensus remains Moderate Buy with an average target of $221.06 across 47 analysts, but DZ Bank initiated coverage with a Sell and a $100 target, UBS cut its target to $75, and Seaport Research Partners downgraded the stock to Neutral in August.
Institutional interest has been notable. Virginia Retirement Systems bought 50,000 SPCX shares worth about $8.54 million in the second quarter, Hyperion Asset Management initiated a position valued at roughly $201 million, and Wedbush Securities added about $5 million.
On the financial side, SpaceX posted second-quarter revenue of $7.81 billion, up 91.9% year over year, while EPS of -$0.09 beat the consensus estimate of -$0.26. JPMorgan estimates that a potential Nasdaq-100 rebalance could generate around $15.5 billion in passive buying demand for SPCX. However, about 319 million additional shares became eligible for sale on September 9, marking the third unlock event that markets are watching closely for potential selling pressure. SPCX traded around $153.06 in Wednesday’s premarket session, down about 0.27%, with a market capitalization near $2.01 trillion.
