RIT Capital Partners Sees Significant Gains from Investment in SpaceX

The rising valuation of Elon Musk’s SpaceX has had a remarkable impact on one of the most notable investment trusts on the London Stock Exchange. RIT Capital Partners reported that the value of its stake in the aerospace and satellite company had increased to £102.3 million by the end of the previous year. This sizeable leap makes SpaceX the eighth-largest holding within the Rothschild-backed investment vehicle.

RIT Capital Partners first invested in SpaceX in 2024, and the value of its position has risen sharply. Just six months prior, it was valued at £31.4 million, with a portion of this growth attributed to the company’s soaring valuation. Following a share sale in December, SpaceX’s worth surged to approximately $800 billion, a figure that has since doubled to an astounding $1.25 trillion after its acquisition of Musk’s xAI start-up.

The anticipation surrounding a potential initial public offering of SpaceX is palpable; investors are optimistic that a listing could occur as early as this year and might attribute a value of $1.5 trillion to the company. This would elevate Musk to likely the status of the first trillionaire.

Maggie Fanari, managing director at J Rothschild Capital Management, commended SpaceX, labelling it the most innovative company of the present era. This investment is part of a broader strategy by RIT Capital Partners to diversify its portfolio, including investments in other unlisted companies such as Anthropic, a prominent AI developer. The valuation of RIT’s stake in Anthropic reached £7.4 million by the end of December.

Founded by the late Lord Rothschild in 1971, RIT Capital Partners was listed on the London Stock Exchange in 1988 and remains significantly influenced by the Rothschild family, which remains its largest shareholder. With net assets totalling around £4 billion, RIT Capital conducts investments spanning public equities and private enterprises.

Despite its strengths, shares of RIT continue to trade at a significant discount of around 27 per cent to its net asset value. Recent annual results indicated a robust return of 13.5 per cent on net asset value, an improvement from 9.4 per cent in 2024, resulting in a total return to shareholders of 16.9 per cent.

Amid ongoing diversification trends, RIT Capital Partners has shifted its geographical allocation of quoted equities, significantly increasing investments in European and Asian markets, thereby reducing exposure to North America. Share prices for RIT fell by 30p, or 1.4 per cent, closing at £21.50 at the end of trading on the last recorded day.