RIT’s holding in SpaceX: Key facts

As with any investment, your capital is at risk.  Please read our full regulatory disclosure at the end of this news item before making any investment decisions.

In light of the extensive media coverage of the potential SpaceX initial Public Offering (IPO), this communication aims to provide shareholders with key information about RIT’s holding in the company.

  • RIT first invested in SpaceX in 2024, as a result of CEO Maggie Fanari’s long-term engagement with management. We steadily increased our stake in the company during 2025.
  • We hold SpaceX within our Private Investment pillar where it has become our largest private direct position.
  • We have invested in SpaceX directly, believing it to be one of the most sought- after private companies in the world. Other examples of category-leading private companies we are invested in include Anthropic, the Artificial Intelligence (AI) safety and research business behind the Claude large language model, and Databricks, a data and AI platform.

Why we invest

  • Our investment in SpaceX aligns with one of RIT’s investment themes, technology diffusion, in which innovative technologies transform industries beyond the technology sector.
  • SpaceX acquired xAI (known for its Grok AI models) in February 2026, in a transaction valuing the combined business at $1.25tn (SpaceX at $1tn and xAI at $250bn). This has created a vertically integrated AI and infrastructure business with a long-term vision of building orbital data centres.
  • RIT’s investment is aligned with our strategy of backing what we believe are category-leading businesses, well-positioned for long-term growth.

How is SpaceX valued in RIT’s portfolio?

  • SpaceX currently represents 2.5% of RIT’s NAV. Our most recent valuation of RIT’s holding is £102.3m as at 31 December 2025, which is based on a secondary share sale which completed in December 2025, valuing SpaceX at $800bn.
  • Our approach to valuing SpaceX is consistent with our policy of valuing direct private investments twice per year: at 30 June and 31 December with an independent Valuation Committee overseeing and approving all private direct valuations.
  • As such, we have not yet increased our valuation to reflect the $1tn valuation attributed to SpaceX as part of its merger with xAI in February 2026, or its targeted market value at listing (the post-money IPO valuation) of $1.77trn.
  • A detailed overview of our valuation process in relation to Private Investments is outlined on page 75 of our 2025 Annual Report and Accounts, which can be viewed here.

What does the SpaceX IPO mean for RIT’s holding?

  • RIT’s holding in SpaceX will convert to the publicly listed shares at the time of the IPO, after which the shares can be traded, subject to customary restrictions on selling shares following an IPO, during what is known as a “lock-up period”.
  • Provisional details of the lock-up period are set out in the SpaceX Preliminary Prospectus (S-1) which was officially filed with the SEC on 20th May 2026
  • Once listed, our holding will convert from a private investment into a publicly traded security. At a portfolio level, this will mean the holding is transferred from Private Investments into our Quoted Equities pillar.
  • Once trading commences, SpaceX will be marked to market daily, with a discount applied during the lock-up period to reflect the temporary illiquidity of the shares.
  • We continuously assess the concentration of our portfolio to ensure that it remains well diversified. At the expiry of the SpaceX lock-up period, we will take a view on whether we want to own it as a direct quoted investment or sell all or part of our holding to realise the investment.

The SpaceX IPO prospectus is available here.  

“SpaceX is one of a growing number of private companies which have stayed outside public markets for longer, with considerable value growth occurring earlier in its life cycle. Our relationships allow us to invest at the early compounding phases, giving shareholders access to businesses that could become “Magnificent Seven” equivalents in the private markets before most investors can participate.”

Maggie Fanari, Chief Executive Officer of J. Rothschild Capital Management, investment manager for RIT Capital Partners plc

Important Notice

This update is for informational purposes only regarding our corporate portfolio holdings. It does not constitute investment advice, a recommendation, or an endorsement of any investment strategy. The timing, valuation, and completion of the proposed initial public offering (IPO) remain subject to market conditions and regulatory approvals beyond our control. Forward-looking statements involve inherent risks and uncertainties; actual results may differ materially from current expectations. Shareholders should not rely solely on this informational update for investment decisions regarding our own shares.