Stocks and Shares ISA investors have been been looking towards space-themed investment trusts over the past month or so.

Who’s going to ‘go away in May’ when tech stocks are soaring and SpaceX is about to launch the biggest IPO in history? Here are three ways investors could get a piece of the action.

Scottish Mortgage

Scottish Mortgage Investment Trust (LSE: SMT) has long been an ISA favourite, and it’s held SpaceX stock for a lengthy period. With the book value of SpaceX climbing over the years, it now makes up 18% of the entire portfolio.

The IPO will finally put a market valuation on the stock — and I’m 50/50 on which way I think it might go. Most of the IPOs I’ve watched have fallen in value in the first year of trading.

SpaceX does weight the trust’s assets quite heavily, so might we see the holding trimmed for a bit of balance? The shares will be subject to some lock-up restrictions. But Scottish Mortgage recently said “We will continue to assess concentration and portfolio construction as we would with any listed holding“. So… that’s a maybe?

Polar Capital

Polar Capital Technology Trust (LSE: PCT) has been a popular Stocks and Shares ISA buy of late too. It might not hold space stocks directly. But it is keyed firmly to the thing that’s really driving SpaceX (and Tesla, and others). That’s AI, and it firmly backs Elon Musk’s talk of launching huge numbers of orbiting AI data centres.

The enthusiasm is not lacking. But how far away such an achievement might lie, even if it does work out as feasible and cost-effective, remains to be seen.

Meanwhile, Polar Capital is especially big in semiconductor makers. Nvidia is its number one holding, with Taiwan Semiconductor, Broadcom, Advanced Micro Devices, and Samsung Electronics all among the trust’s top 10 holdings. And there’s plenty of earthly demand for those.

Seraphim Space

How is investor enthusiasm for pure space research? We need look no further than Seraphim Space Investment Trust (LSE: SSIT) to see. Its 2026 share price spike might have fallen back a bit. But we still see a 77% gain so far this year.

The company says: “Our entrepreneurs see the infinite possibilities of space and transform those possibilities into game changing companies. Our portfolio companies are at the frontier of tomorrow shaping a better future on Earth.”

They’re mostly companies I’ve never heard of, I have to say — Iceye, D-Orbit, HawkEye360, and many more. So I’d have to dig fairly deeply into them before I’d consider investing. But, even though this investment trust is 100% invested in space, I do see diversification among different technologies and services.

Eyes in space, feet on the ground

It’s hard to get a handle on how soon today’s space exploration challenges might turn into the hoped-for big profits of the future. And space failures could mean investment flops. These are risky picks.

I rate Scottish Mortgage as probably the least risky, as it also holds down-to-earth stocks like Moderna and MercadoLibre. But for investors convinced the sky isn’t the limit, all three might be worth considering for a small portion of a Stocks and Shares ISA.

Should you invest £5,000 in Polar Capital Technology Trust Plc right now?

When investing expert Mark Rogers and his team have a stock tip, it can pay to listen. After all, the flagship Twelfth Magpie Share Advisor newsletter he has run for nearly a decade has provided thousands of paying members with top stock recommendations from the UK and US markets.

And right now, Mark thinks there are 6 standout stocks that investors should consider buying. Want to see if Polar Capital Technology Trust Plc made the list?

Alan Oscroft owns shares in Scottish Mortgage Investment Trust.