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proactiveinvestors.co.ukJUN 234 min read$PCT

SpaceX plunge hits Scottish Mortgage and other FTSE investment trusts

Scottish Mortgage Investment Trust (SMT) and other FTSE tech investment trusts fell Tuesday after a sharp overnight drop in SpaceX and broader US tech weakness. SpaceX shares fell 16.4% to $154.6 after IPO volatility. SMT said SpaceX was 17.9% of its portfolio at end-April (down from 19.3%). Nasdaq fell 1.3% as Alphabet, Amazon, Broadcom, Microsoft and Meta declined.

Original reporting
proactiveinvestors.co.uk
Published Jun 23, 2026, 11:30 AM UTC
Analysis
alphai AI DeskAI-generated
Added to alphai Jun 23, 2026, 11:56 AM UTC. Informational, not investment advice.
How this was made
alphai summarizes source reporting and applies a structured AI analysis for relevance, timing, sentiment and ticker impact. Always verify material claims with the original publisher.
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SpaceX plunge hits Scottish Mortgage and other FTSE investment trusts — source image
Source · proactiveinvestors.co.uk
Decision brief

The 30-second read

$PCTBearishLow
01

Why it matters

It ties the overnight SpaceX decline to falls in UK-listed investment trusts and to a broader US tech selloff, implying correlated NAV/market risk for trusts holding US tech exposure.

02

Market read

Traders can treat this as a sentiment/NAV sensitivity update for FTSE tech investment trusts exposed to SpaceX and US mega-cap tech.

03

What to watch

No data on how much of each trust’s portfolio is actually in SpaceX (only SMT’s weighting is given), so the magnitude of read-across risk may be overstated for PCT and others.

Relevance 4/10Novelty 3/10Timing: after-hours/overnight read-through from SpaceX’s selloff into UK open

Background

The article describes SpaceX’s IPO pricing ($135), early surge (to nearly $225), and subsequent retreat before a sharp overnight drop.

Company-level read

Ticker impact

$PCTBearishMedium confidence
Context

Polar Capital Technology Trust PLC is named as falling 3.1% alongside the SpaceX-driven tech selloff.

Expected impact

Near-term downside bias if US tech continues to sell off and SpaceX remains under pressure.

Evidence & confidence

The piece reports PCT’s own move (down 3.1%) but does not quantify its SpaceX position size.

Market effects

Sector

Reinforces that UK listed tech investment trusts with US tech/SpaceX exposure can trade like a proxy for US growth sentiment.

Regional

FTSE investment trusts face correlated downside at the UK open following US overnight tech weakness.

Global

Highlights cross-Atlantic contagion from a high-profile US IPO (SpaceX) into global growth/AI-adjacent sentiment.

Counterpoint

What could challenge this read

The article frames the move as SpaceX-driven, but the broader Nasdaq selloff and AI-division concerns at Alphabet may be the dominant driver for trust performance.

Key entities

  • investment trust
    Scottish Mortgage Investment Trust PLC

    Holds a large SpaceX position (17.9% of portfolio at end-April) and is reported to have fallen with the SpaceX-led selloff.

  • investment trust
    Polar Capital Technology Trust PLC

    Reported to have fallen 3.1% and disclosed subscription for SpaceX IPO shares (size not revealed).

  • private company (IPO referenced)
    SpaceX

    Shares are reported down 16.4% overnight, driving the read-across to investors and trusts.

Read at source← All news

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