Scottish Mortgage cuts SpaceX stake and exits Tesla after 13 years

Baillie Gifford's flagship trust banks profits from two of its biggest wins while leaning further into AI names like Anthropic Scottish Mortgage Investment Trust has sold the last of its Tesla shares. It has also sharply reduced its stake in SpaceX, cashing in on two of the most successful long-term bets in its history. The trust is managed by Baillie Gifford and was one of the early institutional backers of both Elon Musk companies. The numbers behind the exit The Tesla position lasted 13 years. Scottish Mortgage fully exited in the second quarter of 2026. It had put approximately $470 million into the electric carmaker and walked away with approximately $6.2 billion in realized profits, roughly a 13x multiple. SpaceX held its initial public offering on June 12, 2026. Scottish Mortgage had first invested around $200 million in 2018, and that stake grew to roughly $5 billion by the time of the listing. Earlier in 2026, SpaceX made up more than 25% of the trust’s assets. By the end of September, that figure was 15%. By early November, it had fallen to 11.1%. The trust sold shares as lock-up periods expired following the IPO. Even after the trimming, SpaceX remains Scottish Mortgage’...