comments Scottish Mortgage has said its holding in SpaceX is worth nearly £3billion ahead of the highly anticipated IPO this summer. The investment trust, which holds £15billion in assets, invested £151million in Elon Musk's rocket firm from December 2018 until August 2021. SpaceX has since become the trust's largest holding, accounting for 19.3 per cent of the portfolio, as its valuation soared. It now values the holding at £2.92billion based on its own valuation of SpaceX at $1.25trillion, an increase of around 19 times the original investment. That could increase if the listing reaches the widely-reported $1.75trillion, while avoiding a writedown if the valuation proves to be too ambitious. Scottish Mortgage said its lower carrying value was '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,' it said. Scottish Mortgage values its SpaceX holding, which accounts for 19.3% of the portfolio, at £3bn The full prospectus is expected in May or June, which will lay out detailed terms, but until then, the valuation is based on 'speculation and unverifiable reporting and should be treated accordingly.' Fund manager Tom Slater said the opportunity for SpaceX has grown since the trust's initial investment. 'SpaceX is no longer understood as a rocket company – it is becoming infrastructure for the global economy. 'Starlink already serves over 10 million subscribers across more than 160 countries, and we think that business is still in its infancy. 'The opportunity broadens materially when you consider mobile connectivity, defence, aviation and maritime, and broadens again when you consider what Starship makes possible: larger satellites, orbital compute, lunar logistics and markets that do not yet exist in any meaningful form.'