The FTSE 250 isn’t the sort of place you’d normally search for AI and space stocks, especially now that SpaceX has gone public, offering direct exposure to both. However, there are a few in the index that do.
Moreover, unlike SpaceX, they’re not trading at totally bonkers valuations. Here are two that I think are worth considering above the rocket and satellite giant today.
Future agentic AI winner?
Up 181%, Raspberry Pi (LSE:RPI) is the best-performing FTSE 250 stock year to date.
The company makes low-cost computer boards and semiconductors, both of which are hot right now. But news earlier this year that computing enthusiasts were using Raspberry Pis to run OpenClaw, the AI agent that can do tasks on devices, sent the stock soaring.
The firm says it hasn’t seen a huge uptick in demand from agentic AI yet. But management is excited because it views this as a sign of things to come from industrial customers, setting it up for potentially explosive AI-related growth over the next decade.
We have the opportunity to become the default embedded host for agentic AI…Often what we find is that our enthusiast customer base are ahead of the game. The things our enthusiasts are doing now…our industrial customers…will be doing in 3, 4, 5 years’ time.
CEO Eben Upton.
Raspberry Pi’s current valuation is a bit too fruity for my liking, especially when the global memory chip shortage could last well into 2027, thereby threatening growth. But next to loss-making SpaceX, the stock looks infinitely better value.
| SpaceX | Raspberry Pi | |
| Price-to-sales (P/S) ratio | 130 | 6.5 |
| Forward price-to-earnings (P/E) ratio | Not available | 70 |
Investors considering this stock should brace themselves for volatility (it’s down 18% in two weeks). And the high starting valuation puts it in the high-risk, high-reward category.
Personally, I’m waiting for a better entry point. But I like it over SpaceX, as things stand.
Space start-ups
Next, we have Seraphim Space Investment Trust (LSE:SSIT). This niche fund has stakes in space-tech firms, which have enjoyed a huge increase in demand due to SpaceX’s IPO.
The share price is up 60% in a year, sealing the trust a spot in the mid-cap index.
So why do I like this one? Well, many of the holdings are no longer pre-revenue start-ups. Top holding ICEYE — a radar satellite imaging company — was recently valued at €10bn, with a €1.5bn order backlog and seven European governments as customers.
The increase in European defence spend should benefit other holdings, while HawkEye 360 and Voyager Technologies have listed across the pond.
We remain confident that NAV [net asset value] will continue to appreciate, supported by strong defence tailwinds and a structural shift in investor appetite, further catalysed by the anticipated SpaceX IPO, which could prove transformational, by being a catalyst for generating billions of new capital into the market. Against this backdrop, the SSIT portfolio remains uniquely well positioned.
June 2026.
The fact that the portfolio is invested in one overarching theme adds risk, as does a 50% weighting towards ICEYE. If something went awry with that holding, the trust could quickly lose value.
But after dipping 26% in less than a month, the stock looks more attractive. Taking a five-year view, I’m optimistic this trust will do well as the global space sector takes off.
Should you invest £5,000 in Raspberry Pi Plc right now?
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And right now, Mark thinks there are 6 standout stocks that investors should consider buying. Want to see if Raspberry Pi Plc made the list?
Ben McPoland has no position in any of the companies mentioned.
