Scottish Mortgage Investment Trust reduced SpaceX to 11.1% of assets by early November 2026, from 15% at the end of September and more than 25% earlier in the year, while fully exiting Tesla in the second quarter after a 13-year investment that generated approximately $6.2 billion in realized profits on about $470 million invested. The trust remains SpaceX's largest holder after selling shares as post-IPO lock-up periods expired. The reported reductions come as Tesla and SpaceX boards establish independent committees to evaluate a potential merger, with no formal terms disclosed. Tesla and SpaceX shares fell 11% and 9%, respectively, after a broader selloff following the U.S. midterm elections. Market-based odds of a merger announcement by December 31 fell to 9.5% from 20% a week earlier. Scottish Mortgage also reported a 31.5% net asset value total return and a 33.8% share-price total return for the six months through September, versus 16% for the FTSE All-World Index, reduced gearing to approximately 4% from 11%, repurchased about 72.9 million shares worth approximately £1.06 billion, and increased its focus on artificial intelligence companies including Anthropic.