Baillie Gifford & Co, the Edinburgh fund manager, reported 39,005,040 SpaceX Class A shares at 30 September, down from 51,397,806 at 30 June, in a Form 13F filed with the SEC on 9 November. That is 12,392,766 fewer shares, a 24.11% cut, by our arithmetic. At SpaceX’s 30 September close of $150.86, those shares are worth about $1.87 billion.
The same filing lists 3,496,752 Lam Research shares worth $1.15 billion, up from 58 shares in the June filing. At Lam’s 11 November close of $235.88, that stake is worth about $824.8 million, or $323.9 million less than its 30 September value, by our arithmetic, if it were unchanged.
Business Pill · Concentration Explained
An evergreen Business Engineer explainer on concentration. It teaches the general idea only and does not discuss Baillie Gifford’s filings.
The key insight: Baillie Gifford & Co reported 12,392,766 fewer SpaceX shares at 30 September than at 30 June, a 24.11% cut, by our arithmetic from its Form 13F filings. SpaceX went from its largest reported position to the third, behind Nvidia and Amazon. The same filing lists a Lam Research stake worth $1.15 billion, up from 58 shares; at Lam’s 11 November close it is worth $323.9 million less, by our arithmetic.
The 13F covers 874 entries with a total reported value of $105,895,756,538, according to its cover page, down from $110.23 billion at 30 June. It is filed by Baillie Gifford & Co and includes four affiliated managers.
SpaceX was the largest position at 30 June, at $8.78 billion, or 7.97% of the total, by our arithmetic. At 30 September it was third, at $5.88 billion, or 5.56%. Nvidia moved to the top at $9.72 billion, or 9.18%, after a 1.63% rise in shares. Amazon was second at $6.02 billion, with 10.30% fewer shares.
Baillie Gifford & Co reported values in its Form 13F filings, 30 Jun to 30 Sep 2026: SpaceX $8.78B to $5.88B (shares -24.1%), Nvidia $8.38B to $9.72B (shares +1.6%), Amazon $6.42B to $6.02B (shares -10.3%), Lam Research about $0 to $1.15B (58 to 3.5M shares). Source: SEC EDGAR, Baillie Gifford & Co Form 13F-HR filed 6 Aug and 9 Nov 2026; rows summed by CUSIP. Share changes and rankings are our arithmetic.
The Chip-Equipment Adds
Lam Research went from 58 shares to a position worth $1.15 billion, equal to 1.08% of the total, by our arithmetic. The filing also lists more shares in KLA, up 180.07% to 2,651,281, and in Arm’s ADRs, up 320.33% to 1,855,171.
Astera Labs shares rose 260.24% to 786,876. On the other side, Moderna shares fell 37.18% to 11,437,987. Counting securities by CUSIP, 65 positions grew, 179 shrank, 18 were new and 13 were exited between the two filings, by our arithmetic.
As we read the filings, the 24.11% SpaceX cut sits next to a set of chip-equipment and chip-design adds: Lam Research, KLA, Arm’s ADRs and Astera Labs. The 13F does not say why any position changed, which funds or clients were involved, or when in the quarter the trades happened, so the filings do not establish a view on SpaceX or on chipmakers by Baillie Gifford.
SEC, Form 13F facts as summarised in the source text
“it does not report short positions”
Three Implications
FOR SPACEX HOLDERS SpaceX’s share of Baillie Gifford & Co’s total reported value fell from 7.97% at 30 June to 5.56% at 30 September, by our arithmetic.
FOR LAM RESEARCH HOLDERS The filing lists 3,496,752 Lam Research shares, equal to 1.08% of the total reported value at 30 September, by our arithmetic.
FOR READERS OF 13F FILINGS A Form 13F reports holdings at quarter end, according to the SEC; it does not give trade dates or prices and does not report short positions.
The framework says: “The bubble can pop on the short cycle while the supercycle continues uninterrupted on the long cycle.”
As we read it, a quarterly 13F is a short-cycle record: it shows one fund manager trimming SpaceX and adding chip-equipment makers in one quarter, not a view on the long cycle. The framework predates these filings and does not discuss Baillie Gifford.
What Is Not Established
A Form 13F reports holdings at the end of each quarter, according to the SEC; it does not give the dates or prices of trades and does not report short positions. So the filing does not show when the SpaceX shares were sold, at what prices, for which clients, or why. The $1.87 billion figure values the sold shares at the 30 September close, not at actual sale prices.
The filing also does not show any change since 30 September. The 11 November values for Lam and SpaceX are our arithmetic at Nasdaq closing prices, assuming the reported share counts were unchanged.
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Baillie Gifford & Co’s third-quarter 13F lists 12,392,766 fewer SpaceX shares than in June, a 24.11% cut, and a Lam Research stake built from 58 shares to $1.15 billion. SpaceX went from the largest position to the third. At Lam’s 11 November close, the reported Lam stake is worth $323.9 million less than at 30 September, by our arithmetic.
A note on sourcing. Share counts and reported values come from Baillie Gifford & Co’s Form 13F-HR filings on SEC EDGAR for 30 June 2026 (filed 6 August) and 30 September 2026 (filed 9 November), summed across rows for each security. Prices are Nasdaq official closes for 30 September and 11 November. Differences, rankings, shares of total and current values are our arithmetic; the filings do not show trades after 30 September.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
