For UK private investors watching the three most anticipated IPOs of the decade take shape, the question is straightforward: how do you get in?
Direct participation in any of the listings may not be an option. SpaceX is reportedly considering a global offering for its targeted 12 June Nasdaq debut, but nothing has been confirmed, and if the primary allocation is restricted to US-based investors, UK buyers would be locked out until shares begin trading on the secondary market.
OpenAI is targeting the fourth quarter but has not yet filed publicly. Anthropic, which has engaged law firm Wilson Sonsini to prepare for a potential October listing, has likewise filed no S-1.
The most accessible route for UK investors is through London-listed investment trusts, which, unlike open-ended funds, are permitted to hold stakes in private companies.
Scottish Mortgage Investment Trust, the UK’s largest investment trust managed by Baillie Gifford, holds SpaceX at roughly 19% of net assets, a position originally acquired in 2018 that has grown from a $200 million investment to around $3.3 billion. It also holds Anthropic at approximately 2.5% of net assets following a recent upward revaluation.
Three other Baillie Gifford trusts carry exposure to both companies: Edinburgh Worldwide, Baillie Gifford US Growth Trust and Schiehallion, the latter being a dedicated private equity vehicle where SpaceX is the top holding and Anthropic recently rose to 7.2% of the portfolio. RIT Capital Partners holds a smaller SpaceX position acquired in late 2024.
The trade-off with all of these is dilution. SpaceX and Anthropic are holdings among many, so even a significant re-rating on listing would be spread across the wider book. None of the major UK investment trusts currently holds OpenAI.
For broader exposure, including OpenAI, the options require reaching into US-domiciled vehicles. The ARK Venture Fund, a closed-end interval fund run by Cathie Wood, holds stakes in all three companies, with SpaceX at 17% of assets, OpenAI also a major position, and Anthropic at around 3.5%.
It is available to US investors for as little as $500, but carries a 2.9% expense ratio, offers liquidity only on a quarterly basis, and may not be readily accessible from a standard UK broker account.
Several US-listed ETFs have emerged that hold private company stakes under SEC rules, allowing up to 15% of assets in illiquid investments. The ERShares Private-Public Crossover ETF holds SpaceX as its top position. The KraneShares AI and Technology ETF carries direct holdings in both SpaceX and Anthropic. UK investors with access to US markets through their broker can potentially buy these, though currency risk and higher fees apply.