Want to invest in SpaceX and Anthropic? You can consider this FTSE 250 stock

More than a third of the FTSE 250 today is made up of investment trusts. They come in all shapes and sizes, enabling investors to inject global growth into a portfolio.

Indeed, it’s even possible to get exposure to innovative companies like Space Exploration Technologies — aka SpaceX — and leading AI lab Anthropic through mid-cap trusts.

Here’s one such example…

Transformational growth potential

Schiehallion Fund (LSE:MNTN) invests in later-stage private businesses that it believes have “transformational growth potential“. However, unlike other private market funds, it doesn’t necessarily look to exit its investments when they go public.

If it still believes in the growth potential, Schiehallion will keep holding shares after the IPO, albeit the managers will periodically reduce or sell positions to recycle capital into new opportunities. It sold Airbnb last year, for example.

Below are the top 10 holdings, which include Wise and Affirm despite both FinTechs being public for five years.

As we can see, investors get significant exposure to SpaceX and Anthropic. These two exciting firms made up almost 20% of the entire portfolio at the end of May, but SpaceX is now worth more following its blockbuster IPO in June.

Why SpaceX and Anthropic?

The trust, which first invested in SpaceX back in 2019, notes that “by embracing innovation and vertical integration, [SpaceX] has opened a series of cost and capability improvements which are transforming the space industry“.

Unsurprisingly, SpaceX has been the best-performing investment, delivering over 34% of the fund’s total investment gains. But the managers are still very bullish, highlighting the enormous market opportunities with Starlink and its deep competitive advantages (a quasi-monopoly in reusable rocket launches).

As for Claude maker Anthropic, this is a newer position initiated in August 2025. At the time, the AI company was valued at $183bn and had roughly $4bn annualised revenue. Fast-forward to May, these figures had ballooned to $965bn and $47bn.

So Anthropic is the fastest growing enterprise technology company ever. It’s due to go public this year, which could represent another slam-dunk success for the trust.

Is this FTSE 250 stock worth considering?

Investments like this have helped push assets from $493m in 2020 to $2bn+ today. But it hasn’t always been smooth sailing, as 2022 and 2023 were horrendous years, with the share price crashing 83% from peak to trough.

It has since jumped over 300%. But another period of rapid interest rate hikes is a risk moving forward, as this would put downwards pressure on the value of private growth companies.

Additionally, the shares trade in US dollars, so returns will also be influenced by movements in the pound-dollar exchange rate.

Finally, there’s the issue of SpaceX and Anthropic potentially being extremely overvalued. Schiehallion cannot cash in any of its existing SpaceX stake until the rocket maker’s Q2 earnings sometime in August.

On the other hand, I see the FTSE 250 stock as a less risky way to invest in these two firms. Because there are another 45 stocks in the portfolio, including world-class private firms like Stripe and Revolut (which recently got its full UK banking licence and now has more global customers than HSBC).

With Schiehallion currently trading at a 12.7% discount to net asset value, I think it’s worth considering at $2.05 per share.

Should you invest £5,000 in Schiehallion Fund 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 Schiehallion Fund made the list?

Ben McPoland owns shares in HSBC and Wise.