RIT Capital Partners’ SpaceX stake up £100m as Elon Musk valuation rises

A bold bet on SpaceX has paid off for RIT Capital Partners, after the value of its stake in Elon Musk’s rocket and satellite business soared past £100 million at the end of last year.

The Rothschild-backed investment trust has revealed that its holding in the US aerospace group has risen to £102.3 million, making it the eighth largest holding in its portfolio. Just six months earlier, the stake was worth £31.4 million, highlighting a dramatic rise driven by additional investment and a rapid rebalancing of SpaceX itself.

SpaceX’s valuation has grown at a pace rarely seen even in the technology sector. A second stock sale in December valued the company at about $800 billion, more than double the $400 billion valuation recorded in July. Since then, the number has risen again to $1.25 trillion after SpaceX acquired Musk’s Artificial Intelligence venture xAI in a landmark deal.

The move made SpaceX the world’s most valuable private company and fueled speculation about a possible initial public offering. Market watchers believe the IPO could value the business at up to $1.5 trillion, a rate that could solidify Musk’s status as the world’s richest person and possibly the first billionaire.

SpaceX operates the Falcon launch system, transports astronauts to and from the International Space Station, and operates the fast-growing Starlink satellite Internet service, which now serves millions of customers around the world.

RIT Capital Partners began investing directly in SpaceX in 2024, marking a deliberate shift toward high-growth private technology companies. The trust is managed by J Rothschild Capital Management, led by Maggie Fanari, who described SpaceX as “the most innovative company of our time”.

The investment reflects a broad strategy to increase exposure to unlisted growth assets and quoted equities. RIT also invested in Anthropic, an artificial intelligence developer backed by major US players. Its Anthropic value was estimated at £7.4 million at the end of December.

Founded in 1961 by the late Lord Rothschild and listed on the London Stock Exchange since 1988, RIT manages approximately £4 billion of net assets across global equities, private equity, debt and other strategies. The Rothschild family still owns its majority shares.

The SpaceX boost helped RIT deliver a return on net assets of 13.5 percent annually, compared to 9.4 percent a year earlier. Total shareholder return reached 16.9 percent.

The trust noted that it was reducing its exposure to North America amid investor concerns about US trade policy and country risks. Its share of quoted shares has shifted to Europe and Asia in recent months.

Despite the improved performance, RIT shares continue to trade at a wide discount to net assets of almost 27 percent, reflecting the wider deterioration affecting London-listed investment trusts. Shares fell 1.6% to £21.45 in late trading following the results.

The eventual public listing of SpaceX remains one of the most anticipated events in the world’s financial markets. Although Musk has historically opposed the float of the main rocket business, speculation has intensified as prices have risen and investor appetite for AI-connected infrastructure assets has grown.

At RIT Capital Partners, the bet underscores the appeal, and volatility, of backing private tech champions before they hit the public markets. If SpaceX continues to float at or above current valuations, the inflation for early investors could increase even further.

Meanwhile, the SpaceX trust has become a logical driver of returns, and a reminder that in today’s markets, a well-timed private market offering can move the dial significantly.