A bold bet on SpaceX has paid off handsomely for RIT Capital Partners after the value of its stake in Elon Musk’s rocket and satellite business rose to over £100 million by the end of last year.
The Rothschild-backed investment trust said its stake in the US aerospace group had risen to £102.3 million, making it the eighth-largest position in its portfolio. Just six months earlier, the stake was worth £31.4m, underlining the dramatic increase driven by both additional investment and a rapid revaluation of SpaceX itself.
SpaceX’s valuation has accelerated at a pace rarely seen even in the tech sector. A second stock sale in December brought the company’s value to about $800 billion, double the $400 billion in July. The figure has since risen again to an estimated $1.25 trillion after SpaceX acquired Musk’s artificial intelligence company xAI in a groundbreaking deal.
The surge has made SpaceX the world’s most valuable private company and increased speculation about a possible IPO. Market observers believe an IPO could value the company at up to $1.5 trillion, a value that would further cement Musk’s status as the world’s richest person and possibly its first trillionaire.
SpaceX operates the Falcon launch program, transports astronauts to and from the International Space Station, and operates the fast-growing Starlink satellite internet service, which now serves millions of customers worldwide.
RIT Capital Partners first invested directly in SpaceX in 2024, marking a deliberate focus on high-growth private technology companies. The trust is managed by J Rothschild Capital Management, led by Maggie Fanari, who called SpaceX “the most innovative company of our time.”
The investment reflects a broader strategy that aims to increase exposure to unlisted growth stocks alongside listed stocks. RIT has also invested in Anthropic, the artificial intelligence developer backed by major U.S. tech companies. His Anthropic stake was valued at £7.4 million at the end of December.
RIT was founded in 1961 by the late Lord Rothschild and has been listed on the London Stock Exchange since 1988. The firm manages around £4bn of net assets across global equities, private investments, credit and alternative strategies. The Rothschild family remains its largest shareholder.
The SpaceX uplift helped RIT post a net asset value return of 13.5 percent for the year, compared to 9.4 percent a year ago. The total return for shareholders reached 16.9 percent.
The trust noted that it had reduced its exposure to North America due to investor concerns about U.S. trade policy and geopolitical risk. The allocation of listed stocks has shifted towards Europe and Asia in recent months.
Despite the improved performance, RIT shares continue to trade at a significant discount to net asset value of around 27 percent, reflecting the general malaise affecting London-listed investment funds. Shares fell 1.6 per cent to £21.45 in late trading following the results.
An eventual public listing of SpaceX remains one of the most anticipated events in global capital markets. While Musk has historically resisted abandoning the core rocket business, speculation has intensified as valuations rise and investor appetite for AI-linked infrastructure assets increases.
For RIT Capital Partners, the bet underscores the appeal and volatility of backing private tech champions before they reach public markets. If SpaceX proceeds with an IPO at or above current valuations, the windfall for early investors could become even greater.
Currently, the Trust’s SpaceX holding is a significant return driver and a reminder that in today’s markets, timely private market allocation can make all the difference.
