Scottish Mortgage Investment Trust (LSE: SMT) is receiving renewed attention ahead of SpaceX’s stock market debut later this week. The private company now accounts for nearly a fifth of the portfolio and has become central to the investment story.

But while SpaceX may dominate the headlines, I think the bigger opportunity lies elsewhere.

SpaceX takes centre stage

As SpaceX prepares for its long-awaited stock market debut, it’s easy to see why investors are paying close attention to Scottish Mortgage. The private company now accounts for 17.9% of the trust’s assets and was by far its biggest contributor to returns over the past year.

What stands out is how far the business has evolved. While many still associate SpaceX with rocket launches, an increasing share of its value appears tied to Starlink, its rapidly growing satellite communications network. The service now reaches millions of customers globally and has become an increasingly important piece of digital infrastructure.

That helps explain why the trust has allowed the position to grow to an unusually large size. In fact, its managers describe it as both the world’s dominant launch provider and a global connectivity business with significant long-term growth potential.

With the IPO fast approaching, investors will soon have a clearer view of how public markets value the company. But for me, the more interesting question is what opportunities Scottish Mortgage is looking for beyond SpaceX.

Private markets

For me, the attraction goes beyond SpaceX. Most investors can buy Nvidia, Amazon or Meta with a few clicks. Accessing fast-growing private companies is far more difficult.

That’s where the trust stands apart. Alongside SpaceX, it owns stakes in businesses including Anthropic, Stripe, Databricks and Revolut. Many are already operating at enormous scale despite remaining privately owned.

Of course, not all of these companies will become the next SpaceX. But investors don’t need every holding to succeed. The trust’s strategy is built around identifying a small number of exceptional businesses before they become widely available to public market investors.

To me, that’s one of the clearest reasons Scottish Mortgage continues to attract attention. It offers exposure to parts of the global growth story that most investors would otherwise struggle to access.

Risks to consider

For me, the bigger risk isn’t whether SpaceX is worth its current valuation, it’s what happens if investors suddenly lose their appetite for growth stocks.

Scottish Mortgage’s portfolio is packed with businesses benefiting from the AI investment boom, both public and private. If the ‘Magnificent Seven’ and other high-growth technology shares were to experience a sharp correction, private-market valuations might not be immune.

That’s important because many of the trust’s most exciting holdings aren’t listed on a stock exchange. Their valuations can look resilient for a while, but history suggests private markets eventually follow public ones. In that scenario, the trust’s net asset value could come under pressure.

Nevertheless, its strategy remains focused on identifying the next big opportunities before they go mainstream. That makes it a rare way for private investors to access parts of the equity market that are otherwise difficult to reach. For long-term investors, it’s still one worth considering.

Should you invest £5,000 in Scottish Mortgage Investment 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 Scottish Mortgage Investment Trust Plc made the list?

Andrew Mackie does not hold any positions in the companies mentioned.