Elon Musk’s space exploration company SpaceX has been all over the news following reports of a potential $2trn IPO. But with SpaceX still a private company, how can FTSE 100 investors get in on the action?

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.