The other three, however, have been on fire. Let’s take a look at why, as well as a sixth one I’ve currently got my eye on.

Powerful themes

The trio I’m referring to are Scottish Mortgage Investment Trust (LSE:SMT), BlackRock World Mining Trust, and Pacific Horizon Investment Trust. The first is in the FTSE 100 while the other two are from the FTSE 250.

Here’s how they have performed in the past year (excluding dividends):

• Scottish Mortgage: +45.4%
• BlackRock World Mining: +109.2%
• Pacific Horizon: +92.5%

Each has benefitted from powerful individual investing themes. Scottish Mortgage has seen the value of its SpaceX holding skyrocket higher. In fact, SpaceX could soon become the largest IPO ever.

I’ve had to be patient with this investment. Three years ago, the growth trust traded at a massive discount to its underlying net asset value (NAV) because the market was wary about private holdings like Stripe, SpaceX and ByteDance.

While I do have some concerns about SpaceX’s extreme valuation, I remain bullish on Scottish Mortgage’s wider unlisted portfolio, which now includes Claude maker Anthropic and Revolut. I reckon the stock’s worth considering.

As for BlackRock World Mining, it has surged from its exposure to gold and silver miners. Even after a recent pullback, these precious metals are up about 44% and 158%, respectively, in the past 12 months.

Additionally, the trust has a sizeable weighting towards copper, which itself has increased 38% in value in the last year. Demand for the red metal is accelerating while supply remains constrained.

Accelerating hyperscaler spending on AI infrastructure, alongside electrification, grid expansion and the broader energy transition, is driving demand for both power and materials. Copper sits at the centre of this theme, given its critical role in electrification and power intensive infrastructure.
BlackRock World Mining.

The risk here is a sharp fall in the price of gold, which makes up around a third of the portfolio. This isn’t one I’m looking to add to right now, despite the 2.5% dividend yield on offer.

Finally, Pacific Horizon has benefitted from top holdings Taiwan Semiconductor (TSMC) and Samsung Electronics. These chipmakers have exploded higher due to their central role in the global AI infrastructure buildout.

A slump in these names is a risk to performance, though with Pacific Horizon trading at a 9.3% discount to NAV, it’s worth a closer look.

The sixth trust

Speaking of AI, I’m considering buying shares in Manchester & London Investment Trust. This one has gone all-in on AI hardware, with a portfolio packed full of chipmakers (Nvidia, AMD and Micron), semiconductor equipment stocks, energy providers, and data centre cooling firms.

Of course, there’s high sector concentration risk here, with Nvidia making up almost 25% of the portfolio itself. However, the trust has generated a 17% annualised return (with dividends reinvested) since 2015, and is offering a 3.7% dividend yield.

Better still, it’s trading at a 18.7% discount to NAV. It therefore offers a discounted way to get broad exposure to the AI buildout, which could reach a cumulative $7trn by 2030.

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Take City of London Investment Trust (LSE:CTY), Alliance Witan (LSE:ALW), and Scottish Mortgage Investment Trust (LSE:SMT). Collectively, these trusts have raised dividends every year for 161 years. But what makes them specifically such impressive income generators?

City of London – 59 years of dividend growth

City of London Investment Trust has grown dividends every year since the mid-1960s. How? By focusing on UK blue-chip shares, which themselves have some of the best dividend records on the planet.

In total, this trust owns shares in 78 companies, of which its largest holdings include HSBC, BAE Systems, Unilever, and Shell. As this list shows, these are companies with diverse revenue streams, robust balance sheets, and market-leading positions, all of which lead to reliable dividends over time.

By far, City of London’s largest exposure is to financial services. Around 33% of it is tied up in this sector, which can make returns a little more vulnerable during economic downturns. Still, this hasn’t derailed the trust’s progressive dividend policy yet.

The forward dividend yield here is 3.8%.

Alliance Witan – 59 years of dividend growth

Alliance Witan also has almost six decades of consistent dividend growth under its belt. Like City of London, it is also well diversified by sector, with exposure to financials, IT, healthcare, telecoms, and consumer goods among others.

In fact, it holds shares in 229 different companies. And what I especially like is that these can be found all over the globe, including the UK, Europe, Asia, and the US. A higher weighting towards New York-listed shares (66% of the portfolio) does create more concentration risk than a more equally distributed portfolio, however.

The forward dividend yield is a handy rather than spectacular 2.2%, which reflects a high concentration of growth shares like Microsoft and Nvidia. However, that focus on dividend growers over high yielders means investors have enjoyed strong share price gains alongside a rising passive income.

Scottish Mortgage – 43 years of dividend growth

Scottish Mortgage Investment Trust also allows investors to enjoy the best of both worlds. Annual dividends have risen every year for almost half a century. Meanwhile, its share price has risen at an average yearly rate of 18.7%.

It’s been able to achieve this by focusing on high-growth technology shares, 102 in total. It has holdings in both private and publicly listed companies like SpaceX, TSMC, Amazon, and Meta, allowing it to harness white-hot tech trends including AI, e-commerce, and robotics.

Can it continue delivering? I’m confident it can as the digital revolution rolls on. Remember, though, that its focus on one sector creates some additional risk. The forward dividend yield here is 0.4%.

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Well, quite a lot actually. When you dig into the actual numbers investors have achieved with a Cash ISA – and especially when you compare that performance against inflation – you can see that savers might be leaving tons of money on the table. This could be a huge financial mistake for a certain type of investor. Let me explain.

Magnifying glass

An article by investment broker Hargreaves Lansdown took a magnifying glass to ISA accounts over the 25-year period between 1999 and 2024. The findings? Investors putting £1,000 into a Cash ISA back when Britney Spears was first topping the charts would have seen the cash increase to £1,797.25 (and up to 2026, around £1,950).

An 80% return sounds decent for an account with no risk, right? For those who want maximum safety, then sure. This is the advantage of the Cash ISA: no chance of losing any money. I use mine for a rainy day fund, for example.

Here’s the problem for those looking to use it to grow wealth: inflation. A sum of £1,000 in 1999 was worth £1,856 by 2024. In real terms, the Cash ISA was losing about £2 a year. Crikey.

The obvious comparison here is to the Stocks and Shares ISA. How might this stock market investing account have got on? With a global tracker fund (kind of like simulating owning a piece of all stocks worldwide) the return was £4,271 – much higher than both inflation and the Cash ISA.

While there are no guarantees with this type of account – stocks go down as well as up – there is also the chance to beat the average return.

Another option

One popular approach is to add investment funds to a Stocks and Shares ISA. These offer the diversification of a tracker or index fund but can be more specialised on a sector, country, or type of investment. One that I own and think may be worth considering is Scottish Mortgage Investment Trust (LSE: SMT), which specialises in exciting growth companies.

Over the years, the fund has picked huge winners like Nvidia and Tesla ahead of time. Its most intriguing holding today is perhaps SpaceX, which is set to IPO in a couple of months. This fund also offers the chance to invest in private companies not on the markets, such as the aforementioned SpaceX and TikTok-owner ByteDance.

It’s worth saying that tech has had a particularly good run in the last 10 to 15 years. A slowdown in the sector or a downturn in the global economy could make this fund not such a great investment in the years to come.

But comparing its performance over the above 1999 to 2024 timeframe shows how good a track record it has. A £1,000 stake would have turned into £10,214. That’s one more reason a Stocks and Shares ISA may be worth thinking about compared to a Cash ISA.

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So, what has driven these gains? And is the trust still a good option for a Stocks and Shares ISA or SIPP today?

Investors have become more bullish

The way I see it, the gains over the last year are down to three main factors. One is a dramatic improvement in investor sentiment.

This time last year, investors were still reeling from US President Donald Trump’s tariff announcements. At the time, Scottish Mortgage shares were trading for around 890p versus 1,120p in mid-February 2025 (so we were essentially starting from a low base).

Today however, investors don’t seem to be too concerned about tariffs (or any other market risks for that matter). And Scottish Mortgage shares are benefitting.

SpaceX has been a huge winner

Another key driver has been the trust’s exposure to Elon Musk’s space company SpaceX. This has had a substantial impact on its net asset value (NAV).

You see, SpaceX – which looks set for an IPO in 2026 – has seen its valuation climb significantly over the last year. Today, people are talking about a potential $2trn valuation versus $200bn this time last year.

So, Scottish Mortgage has done very well from this portfolio holding. Additionally, the exposure to the space company has led to increased investor interest in the trust (note that it now trades at a 4% premium to its NAV) because it offers a way to gain access to the space company pre-IPO.

Lots of other winners

Finally, the trust has done well from a number of other holdings. Some examples here include Amazon, ASML, and Nvidia – these stocks are up between 35% and 110% over the last year.

One other name worth mentioning is AI powerhouse Anthropic (which is still private). Today, people are talking about an $800bn valuation versus $60bn a year ago.

Still a good investment?

Is Scottish Mortgage still a good option to consider for growth exposure today? I think so – I have a decent-sized holding in the investment trust myself.

In my view, it’s well positioned to benefit from the AI infrastructure buildout and several other trends/themes. So, I expect it to perform well over the medium to long term.

That said, a new risk has emerged and that is the trust’s significant exposure to SpaceX. At the end of March, this company was 20% of the portfolio.

It could actually be closer to 30% now given SpaceX’s recent valuation increase. So, all of a sudden there’s a high level of company-specific risk – if SpaceX’s valuation was to tank, the Scottish Mortgage share price could fall.

Personally, I’m comfortable with this risk for now. But it’s certainly something I will be keeping an eye on.

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UK-based private equity funds

Once the company is listed on global stock markets, the price is likely to skyrocket. It’s already attracted massive hype since Musk announced his IPO ambitions.

But waiting for the IPO means potentially missing out on the early hype-driven growth. Fortunately, private equity investment funds offer a way for everyday investors to gain exposure to unlisted companies.

So FTSE investors looking to gain exposure to SpaceX in the run up to the IPO should consider one of the following stocks:

• Scottish Mortgage Investment Trust (LSE: SMT).
• US Growth Trust.
• Schiehallion Fund.

Let’s take a closer look at Scottish Mortage and see why the shares are up 19% in the past month.

Diversity with a tech mindset

Scottish Mortgage Investment Trust is a UK-listed global growth fund managed by Baillie Gifford. Launched in 1909, it’s one of the longest running and most popular FTSE-listed investment trusts.

Recently, it boosted its SpaceX exposure to 19.3%, which drew a lot of attention. That’s a significant allocation and underlies a high degree of conviction in the company’s success.

But it’s not all about SpaceX. The fund’s widely diversified, not just within various tech sectors but also globally. Aside from the likes of Amazon and Tesla, some of its more diverse holdings include MercadoLibre, Denali Therapeutics and Zipline.

But a core theme is disruptive tech, which makes it a high-risk/high-reward investment. With no dividend to speak of, it’s almost entirely growth-focused, which can result in high volatiliy at times.

For example, during the 2008 financial crisis, the fund lost 50% of its value in a few months. But by 2011, it clawed it all back. A similar thing happened in 2022 but now the share price is once again at new all-time highs.

So for investors considering the shares, it’s important to go in with a long-term mindset and not panic during downturns.

Key fund information as of 20 April 2026:

• Share price: 1444p.
• NAV: 1386.35p.
• Premium/Discount: +4.2%.
• Ongoing Charges: 0.31%.
• Total Assets: £15,431.55m.

How does it compare?

For British investors eyeing SpaceX exposure, I think Scottish Mortgage is the most appealing stock to consider. However, it’s worth weighing it up against other private equity trusts.

US Growth Trust invests predominantly in listed US growth stocks, focusing on larger‑cap, high‑quality names. It’s more like a traditional actively‑managed growth fund rather than a blend of public and private companies.

Meanwhile, Schiehallion is described as the ‘purest’ version of Baillie Gifford’s private‑equity exposure. It invests in later‑stage, minority stakes in private businesses that may one day list.

Final thoughts

When it comes to FTSE-listed stocks that have SpaceX exposure, Scottish Mortgage achieves a decent balance. It’s not as coventional as US Growth but more liquid and tradable than Schiehallion.

Whatever the eventual outcome of the IPO, the fund’s proven history of strong performance supports a long-term investment narrative.

Still, it wouldn’t hurt to consider a small allocation in each fund, alongside a diverse mix of individual growth and income stocks.

The post Here’s how Britons can invest in SpaceX on the FTSE 100 appeared first on The Twelfth Magpie.

The road however, has been far from smooth, with the stock up just 17.5% in five years. This shows how far it fell — 46% in 2022 alone — when interest rates jumped.

To be fair, Scottish Mortgage does warn investors that progress is not linear. Its aim is to invest in outlier growth companies that can deliver multibagger returns over the long run, and these can be notoriously volatile.

[Our] investing style comes with a tolerance for volatility as progress is rarely in a straight line. We are extremely comfortable with the fact that the biggest outliers are often the most volatile.

Scottish Mortgage.

What are outliers?

Companies like Amazon, Nvidia and Apple have compounded at growth rates that dwarf the average annual stock market return. Research shows a relatively small handful of these outliers have accounted for the majority of the market’s total wealth creation.

Therefore, Scottish Mortgage aims to “exploit the asymmetric pay-off structure of equities: uncapped upside yet bounded downside”. In other words, the most that can be lost on a stock is 100% (assuming debt isn’t used), but the potential gains are theoretically uncapped.

Below, we can see this strategy in action, with a handful of large winners offsetting the losers easily. 

Why’s the stock surging?

As we can see, the biggest winners so far have been Nvidia, Tesla, SpaceX, ASML, Spotify, and Wise. The Nvidia holding’s delivered an astonishing 132-fold return!

Note, three of these were private companies when Scottish Mortgage first invested (Spotify, Wise, and SpaceX). And it’s the latter — Elon Musk’s rocket and satellite company — which has really driven the stock up sharply in recent months.

If Musk gets his way, the firm could raise $75bn at a whopping valuation of $1.75trn. As such, the trust has updated its valuation of SpaceX to reflect this potential. It now represents 19.3% of assets.

Still worth a look?

For much of the past three years, Scottish Mortgage has traded at a significant discount to its net asset value (NAV). During this time, many writers here at The Motley Fool have been banging the drum for the discounted stock. So it’s nice to see it flying recently.

However, the NAV discount has turned into a 4.4% premium. And there’s always a risk the discount returns, especially if there’s a tech sector meltdown.

Plus, the portfolio has 14% of assets in China. Personally, I think China carries as much political risk as potential reward. However, many innovative companies are emerging out of the world’s second-largest economy, so it arguably deserves some exposure.

Is Scottish Mortgage still worth considering around 1,420p per share? I think so, assuming an investor has a long-term holding period and is willing to stomach the inevitable ups and downs (and ideally look to add on any significant dips).

Looking ahead, I’m bullish on the portfolio, which holds multiple world-class growth companies that could also go public at huge valuations in the next few years. These include AI lab Anthropic, fintech giants Revolut and Stripe, and TikTok owner ByteDance.

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It had fallen out of favour a bit after crashing from an all-time high at the end of 2021. But it’s been coming back, gaining 20% so far in 2026.

The AI surge lies partly beyond the popularity recovery. The investment trust includes Nvidia, ASML, Amazon, and Meta in its top 10 holdings. And spreading investors’ money across these, together with a wide range of other global stars, can hopefully reduce the risk with a bit of diversification.

Space risk

Well, I talk about reduced AI risk. But there’s a whole different helping of risk that comes with this too. More than 19% of shareholders’ cash is currently in Space Exploration Technologies — better known as Elon Musk’s SpaceX.

We’re expecting SpaceX to make its stock market debut with an initial public offering (IPO) in the next few months. And people are already talking about a $2trn market cap. Until that happens, Scottish Mortgage Investment Trust is one of the few ways UK investors can grab a slice. Is that part of the reason behind the sudden spike of interest from ISA investors? It does look that way.

Still, those who buy would also get a portion of MercadoLibre, Latin America’s biggest e-commerce platform. ByteDance, the Chinese company behind TikTok, is up among the top holdings too. Oh, and Shopify, the global commerce pioneer, adds to the attraction.

Invest in growth?

UK investors are looking at a nice bit of global diversification here, I’d say. And it’s not only about stepping onto the AI and space bandwagon. Still, Scottish Mortgage is very much focused on growth. And I reckon anyone who tucks some away in a Stocks and Shares ISA really should consider balancing it with a bit of diversification in safer stocks too.

So, do investors have to pay a growth premium to get in on the act? Well, the trust put its net asset value (NAV) per share at 1,378p at its most recent update. And with the shares at around 1,440p at the time of writing, we’re looking at a premium to NAV of only about 4.5%.

That can’t allow for the post-IPO valuation of SpaceX yet. And to me, it makes the price look like attractive value. Especially with headlines talking about a possible price-to-earnings (P/E) ratio of over 200 for SpaceX once it hits the stock market.

What to do?

This is not a low-risk investment by any means. Even without the SpaceX exposure, the future of AI valuations is still very much unknown. And I’d never buy a stock like this with the aim of a quick buy-and-sell profit on SpaceX. But I reckon those who want in on these exciting long-term growth possibilities might do well to consider Scottish Mortgage Investment Trust.

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The share price crashed by half that year, a steeper fall than most funds in the sector. Anderson retired after almost 40 years at the firm, leaving successor Tom Slater with a lot to live up to. However, I like buying top stocks after they’ve taken a (hopefully temporary) beating, and took the plunge.

Last week marked a personal milestone, as my total return hit 102%, doubling my initial stake. I’m not the only one having fun. The Scottish Mortgage share price has jumped 67% over 12 months and 120% over three years. Over five years the gain is a more modest 16%, which shows how brutal 2022 was.

FTSE 100 play on US tech

Today, one big story drives the bull case. The trust’s largest holding is SpaceX, the privately owned space and satellite business founded by Elon Musk in 2002. SpaceX pioneers reusable rockets, launches satellites and runs the Starlink internet network. It also has dizzying ambitions, including orbital data centres, a permanent Moon base and ultimately, even a human colony on Mars. It’s not often investors get all that from a FTSE 100 stock.

At the start of this month, SpaceX reportedly filed the paperwork on its long-awaited initial public offering (IPO), targeting a stunning $1.75trn valuation, potentially the largest listing ever. Investors are itching to put their money into it, but why wait? They can gain exposure via Scottish Mortgage today.

The investment trust got in early. After a recent upwards valuation, SpaceX now accounts for close to 20% of its total assets under management. Second-biggest holding Taiwan Semiconductor Manufacturing Company is far behind at just 6.6%.

Scottish Mortgage also has exposure to big US names such as ASML Holding, Amazon, Nvidia and Meta Platforms, alongside smaller quoted and private firms. Thanks to SpaceX, there’s now a lot of concentration risk here. That’s working in its favour today. The shares have jumped 18.8% in the last month, despite wider geopolitical concerns. A £15,000 investment one month ago is now worth around £17,820, a quickfire gain of £2,820.

SpaceX is thrilling

As a rule, I avoid IPOs. They generate huge excitement, but valuations can tumble afterwards. Musk is also spinning a ridiculous number of plates, and X and Tesla have both struggled. I’m still thrilled with my decision to buy Scottish Mortgage, and feel a little smug having exposure to SpaceX. For the record, Scottish Mortgage also has a stake in AI disruptor Anthropic, which is constantly in the headlines these days.

I think they shares are worth considering but anyone buying Scottish Mortgage must accept there could be plenty of volatility either side of the IPO. The trust isn’t cheap either. Today, it trades at a 4.1% premium to net asset value, despite recent share buybacks aimed at reducing that. That’s the price of success, I suppose. This remains a high-risk, high-reward play, but there’s room for one or two of those in a portfolio. Provided there’s balance elsewhere.

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For those who can’t wait till SpaceX goes public, here are three investment trusts to consider buying today. All are managed by Baillie Gifford, the Edinburgh-based investment firm that was invited to invest in SpaceX due to its patient, long-term backing of Tesla.

FTSE 100

Scottish Mortgage Investment Trust (LSE:SMT) manages a global growth portfolio of 101 stocks. It aims to “find exceptional growth companies, whether public or private, wherever they are in the world, and hold them over the long term“.

Here are the top five holdings, with their respective weightings:

• SpaceX: 19.3%
• TSMC: 5.7%
• ByteDance: 4.7%
• MercadoLibre: 4%
• Stripe: 3.9%

In the past 10 years, Scottish Mortgage has generated an excellent annualised return of 17%. SpaceX has contributed towards that because the trust first invested in the rocket maker back in 2018 when it was valued at around $31bn.

With Elon Musk seeking a valuation as high as $2trn, this holding is set to generate enormous returns. It’s another massive winner that Scottish Mortgage can put in the trophy cabinet, alongside Nvidia, Tesla, ASML, and Spotify.

I consider Scottish Mortgage to be the least risky of these three trusts due to its global portfolio. It holds established European blue chips like Ferrari, Hermes, and Swedish industrial giant Atlas Copco.

That said, it wouldn’t be immune to a global economic slowdown, especially as it holds lots of e-commerce stocks, including Amazon, Shopify, MercadoLibre, Temu owner PDD Holdings, and Sea Limited.

FTSE 250

Baillie Gifford US Growth Trust (LSE:USA) from the FTSE 250 is similar to Scottish Mortgage, but it’s entirely focused on American businesses. It also has a higher 50% limit on private company exposure (Scottish Mortgage is currently 30%).

Due to being less geographically diversified then, it’s arguably higher risk. If there was a US government debt crisis, for example, global investors could quickly dump American equities.

On the other hand, the US remains a breeding ground for the world’s most innovative companies. So I expect this trust to continue doing well long term (it’s up over 200% since launch in 2018).

The top five holdings are:

• SpaceX: 14.9%
• Stripe: 8.5%
• Amazon: 4.4%
• Nvidia: 4.3%
• Meta Platforms: 3.8%

A FTSE 250 newcomer

Finally, there’s Schiehallion Fund (LSE:MNTN), which recently joined the FTSE 250. It takes its name from the mountain in Scotland, which has historical scientific significance as it was used to calculate the Earth’s mass in 1774. 

The trust focuses on later-stage private growth companies, so I consider it higher risk. After all, unlisted valuations can be harder to get accurate while the firms are less established.

As such, Schiehallion can be incredibly volatile, especially when interest rates rise, as the share price chart shows.

The top five holdings are:

• Bending Spoons: 14.2%
• SpaceX: 12.8%
• ByteDance: 8.9%
• Databricks: 4.5%
• Stripe: 4.4%

Recent performance has been strong. In the 12 months to 31 January, the fund’s net asset value increased 32.6%. It could grow even more this year if the SpaceX IPO is successful.

Schiehallion says SpaceX “continues to exhibit arguably one of the strongest competitive advantages that we have ever seen“.

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This details how visionary entrepreneurs such as Musk were bringing a Silicon Valley start-up mentality to the space industry to dramatically reduce the cost of accessing ‘the final frontier’.

After reading this (and other material), I was convinced that space would become a massive market. But disruptor-in-chief SpaceX unfortunately remained a private firm.

This summer though, the rocket pioneer is expected to go public with a blockbuster IPO. So is this finally the chance to invest inside my Stocks and Shares ISA?

Rapid iteration

SpaceX has totally transformed the rocket launch market in a few ways. For a start, it builds almost everything in-house to avoid the middleman mark-up common in the aerospace supply chain. This has dramatically lowered costs and broke the decades-long monopoly held by government agencies and legacy defence contractors.

SpaceX also has a culture of ‘fail fast, learn faster’, allowing for rapid iteration. Game-changing innovations including self-landing rockets and Musk’s vision to colonise Mars attract top talent to the company. 

In 2025, the firm launched its Falcon 9 rocket 165 times, roughly one mission every 2.2 days on average! For context, emerging rival Rocket Lab carried out 21, while China succeeded with 90 orbital launches.

SpaceX reportedly generated $16bn in revenue last year, with EBITDA of $8bn. And most of its growth is being driven by Starlink, its broadband-from-space service powered by more than 10,000 active satellites.

Who’s using Starlink? Well, you name it. Airlines, cruise ships, trainlines, telecoms, military vessels, people in camper vans, remote villages, scientists in Antarctica.

A heap of hype

Now, while I’m still very bullish, I do have valuation concerns. Because SpaceX is reportedly looking to attract a $1.75trn valuation (or potentially higher).

The price-to-earnings (P/E) ratio probably isn’t the best metric to use to value this enterprise yet. But this IPO could potentially put the price-to-sales (P/S) multiple above 100.

Beyond the extreme valuation, another thing I’m not sure about is SpaceX’s recent merger with xAI. The Grok chatbot maker is losing a ton of money and I’m yet to be convinced the two are a good fit. Perhaps the IPO prospectus will change my mind.

Been benefitting SMT

Thankfully, I’ve benefitted indirectly from the rocketing SpaceX valuation through Scottish Mortgage Investment Trust (LSE:SMT). The FTSE 100 fund has a massive SpaceX stake, which has helped its stock jump 64% in the past year.

SpaceX has become a massive 19.3% holding in the Scottish Mortgage portfolio. This adds concentration risk, especially if the IPO flops.

However, for now, I’m content to get my SpaceX exposure through this UK investment trust. It also holds other private disruptive firms such as Databricks, Revolut and Anthropic. Listed holdings include Nvidia, ASML, and Amazon.

It’s worth noting that the trust has been buying back a ton of its own shares, which has helped close the previous wide discount to underlying value. While not the obvious bargain it was two years ago, I still think the stock’s worth considering today.

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