We’ll soon be able to buy SpaceX stock, with its initial public offering (IPO) scheduled for 12 June.

The company recently dropped its target valuation, now aiming for $1.8trn or more. That should still mean a huge market cap — and the plan to raise up to $75bn on the day sets it up as potentially the biggest IPO in history. But the company was previously talking about $2trn or more.

For those who missed out on the stock price explosions at Tesla and Nvidia, is this the next great growth opportunity?

Ambitious IPO valuations

OpenAI and Anthropic are also on the IPO horizon, though when they might make their debuts is still unknown. But talk is of both of them commanding valuations around the trillion-dollar level.

There’s one big difficulty facing potential shareholders in SpaceX stock, however. How can we decide a fair valuation when there’s no profit.

SpaceX reported a $4.94bn net loss in 2025. That came from revenue of $18.7bn — with huge amounts then invested in Starship research. And the company does have a current source of profit in Starlink. But the xAI division, which includes X (formerly Twitter) is rapidly consuming capital.

Invest in ambition?

Our mission is to build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars.

— SpaceX IPO prospectus

I’m all for long-term thinking when it comes to investing. But I can see a couple of wagers I’d expect to come good here. I rate human life as unlikely to become multiplanetary while I’m still breathing. And I reckon there’s near-zero chance we’ll ever make it to the stars — not if the speed of light has a say in it.

But, I confess the prospect of owning shares — maybe just a few — in space exploration has its appeal.

Do you already own SpaceX?

And then I remember, I already have some! They’re part of my investment in Scottish Mortgage Investment Trust (LSE: SMT). The investment trust owns shares in Magnificent 7 companies like Nvidia and Meta Platforms too.

It also has holdings in Mercadolibre, Shopify, Moderna, and other stocks that spread the risk from potential AI volatility. Diversification is a good thing.

For investors who want a bit of space action, but don’t want to go all-in on a single company… I reckon Scottish Mortgage is definitely one to consider.

SpaceX is top of the holdings list, accounting for 18% of shareholders’ funds and worth around $3bn. With my Scottish Mortgage holding only fairly modest, that means I really don’t have a lot in SpaceX. But it’s the most boldly I’m likely to go when it comes to space travel!

Or maybe…

Well, I say that. But you know, I really can see myself considering buying some SpaceX stock directly some time. Though not at IPO — simply because historically more than half lose money in their first year.

But to those considering buying on the day… I wish you bon voyage.

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Alan Oscroft owns shares in Scottish Mortgage Investment Trust.