Believe it or not, there are several FTSE mutual funds that offer significant exposure to SpaceX. Elon Musk’s pioneering rocket company is preparing for a potentially record-breaking IPO this summer.

For those who can’t wait for SpaceX to go public, here are three mutual funds to consider today. They are all managed by Baillie Gifford, an Edinburgh-based investment firm that was invited to invest in SpaceX because of its patient, long-term support Tesla.

FTSE100

A Scottish mortgage investment fund (LSE:SMT) manages a global, growing portfolio of 101 stocks. It aims to “find exceptional growth companies, public or private, wherever they are in the world, and sustain them for the long term“.

Here are the five largest farms and their weights:

• SpaceX: 19.3%
• TSMC: 5.7%
• ByteDance: 4.7%
• MercadoLibre: 4%
• Bar: 3.9%

Over the last 10 years, Scottish Mortgage has generated an excellent annual return of 17%. SpaceX contributed because the trust first invested in the rocket maker in 2018, when it was valued at about $31 billion.

With Elon Musk seeking a valuation as high as 2 trillion dollarsthis holding is expected to generate huge profits. This is another huge winner that Scottish Mortgage can place next to it in the trophy case NvidiaTesla, ASMLAND Spotify.

I believe Scottish Mortgage is the least risky of the three trusts due to its global portfolio. It has recognized European blue chips such as Ferrari, Hermesand the Swedish industrial giant Atlas Copco.

That said, it wouldn’t be immune to a global economic slowdown, especially since it owns a number of e-commerce stocks, including Amazon, ShopifyMercadoLibre, ago owner PDD holdingsAND Sea circumscribed liability company.

FTSE250

Baillie Gifford American Growth Fund (LSE:USA) z FTSE250 is similar to Scottish Mortgage but is entirely focused on US companies. It also has a higher 50% private company exposure limit (Scottish mortgage is currently 30%).

Due to less geographic diversification, this is probably a higher risk. For example, in the event of a US government debt crisis, global investors could quickly abandon US stocks.

On the other hand, the United States remains a hotbed of the world’s most creative companies. So I expect this trust to continue to do well in the long term (it has grown over 200% since launching in 2018).

The top five farms are:

• SpaceX: 14.9%
• Bar: 8.5%
• Amazon: 4.4%
• Nvidia: 4.3%
• Metaplatforms: 3.8%

A newcomer to the FTSE 250 stock exchange

It’s finally here Schiehallion Fund (LSE:MNTN), which recently joined the FTSE 250 index. It takes its name from a mountain in Scotland that is of historic scientific importance because it was used to calculate the mass of the Earth in 1774.

The trust focuses on private, later-stage growth companies, so I believe it is a higher risk venture. After all, unlisted valuations may be more complex to obtain if companies are less established.

As a result, Schiehallion can be extremely volatile, especially when interest rates rise, as the share price chart shows.

The top five farms are:

• Bucket bending: 14.2%
• SpaceX: 12.8%
• ByteDance: 8.9%
• Datacubes: 4.5%
• Bar: 4.4%

Recent results have been robust. In the 12 months ending January 31, the fund’s net asset value increased by 32.6%. It could grow even more this year if the SpaceX IPO is successful.

Schiehallion says SpaceX “continues to demonstrate perhaps one of the greatest competitive advantages we have ever seen“.