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 soared past £100 million by the end of last year.
The Rothschild-backed investment trust revealed that its holding 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 had been valued at £31.4 million, highlighting the dramatic uplift driven by both additional investment and a rapid re-rating of SpaceX itself.
SpaceX’s valuation has accelerated at a pace rarely seen even in the technology sector. A secondary share sale in December placed the company’s worth at around $800 billion, double the $400 billion valuation recorded in July. Since then, the figure has climbed again to an estimated $1.25 trillion after SpaceX acquired Musk’s artificial intelligence venture xAI in a landmark deal.
The surge has made SpaceX the world’s most valuable private company and intensified speculation over a potential initial public offering. Market watchers believe an IPO could value the business at as much as $1.5 trillion, a level that would further cement Musk’s status as the world’s richest individual and potentially the first trillionaire.
SpaceX operates the Falcon launch programme, transports astronauts to and from the International Space Station, and runs the fast-growing Starlink satellite internet service, which now serves millions of customers globally.
RIT Capital Partners first invested directly in SpaceX in 2024, marking a deliberate tilt towards 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 broader strategy to increase exposure to unlisted growth assets alongside quoted equities. RIT has also invested in Anthropic, the artificial intelligence developer backed by major US tech players. Its Anthropic stake was valued 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 in net assets across global equities, private investments, credit and alternative strategies. The Rothschild family remains its largest shareholder.
The SpaceX uplift helped RIT deliver a 13.5 per cent net asset value return for the year, compared with 9.4 per cent the previous year. Total shareholder return reached 16.9 per cent.
The trust noted that it has been reducing its exposure to North America amid investor concerns over US trade policy and geopolitical risk. Its quoted equities allocation has shifted towards Europe and Asia in recent months.
Despite the improved performance, RIT shares continue to trade at a wide discount to net asset value of roughly 27 per cent, reflecting the broader malaise affecting London-listed investment trusts. Shares slipped 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 floating the core rocket business, speculation has intensified as valuations climb and investor appetite for AI-linked infrastructure assets grows.
For RIT Capital Partners, the bet underscores the appeal, and volatility, of backing private technology champions before they reach public markets. If SpaceX proceeds with a flotation at or above current valuations, the windfall for early investors could grow even further.
For now, the trust’s SpaceX holding has become a meaningful driver of returns, and a reminder that in today’s markets, a well-timed private market allocation can move the dial dramatically.
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RIT Capital Partners’ SpaceX stake tops £100m as Elon Musk valuation soars