The anticipated IPOs of leading tech companies such as OpenAI, Anthropic, and SpaceX present a challenge for UK investors seeking to participate. As these firms prepare for their listings, investment opportunities remain limited, especially for those outside the US.
SpaceX is targeting a Nasdaq debut on June 12, but details about global offerings are still unconfirmed, putting UK investors in a difficult position. Without direct access to primary allocations, they may have to wait for shares to become available on the secondary market. OpenAI plans a fourth-quarter listing, while Anthropic is gearing up for a potential October offering, yet both companies have not filed publicly.
For investors interested in these firms, the most accessible route seems to be through London-listed investment trusts. Unlike open-ended funds, these trusts can hold stakes in private companies. The Scottish Mortgage Investment Trust, the largest of its kind in the UK, has a significant position in SpaceX, which makes up about 19% of its net assets. This stake has increased considerably since its initial $200 million investment in 2018, now valued at approximately $3.3 billion. The trust also holds about 2.5% in Anthropic, which has recently been revalued upwards.
Other Baillie Gifford-managed trusts, including Edinburgh Worldwide and Baillie Gifford US Growth Trust, also maintain exposure to SpaceX and Anthropic. Notably, the Schiehallion trust, focused on private equity, lists SpaceX as its top holding, with Anthropic comprising 7.2% of its portfolio. RIT Capital Partners has a smaller stake in SpaceX acquired in late 2024. However, investors must consider dilution; as these stakes are part of broader portfolios, any significant re-rating upon listing would be distributed across multiple holdings.
Currently, no major UK investment trusts hold shares in OpenAI. For broader exposure that includes this tech giant, investors need to look to US-domiciled investment vehicles. The ARK Venture Fund, managed by Cathie Wood, holds significant stakes in all three companies, with SpaceX making up 17% of its assets, while OpenAI and Anthropic also feature prominently. This fund is accessible to US investors with a minimum investment of $500 but carries a 2.9% expense ratio and offers liquidity only quarterly, creating additional barriers for UK investors.
Additionally, several US-listed ETFs have emerged under SEC guidelines, allowing up to 15% of assets in illiquid investments. The ERShares Private-Public Crossover ETF lists SpaceX as its top position, while the KraneShares AI and Technology ETF includes direct stakes in both SpaceX and Anthropic. UK investors with access to US markets through their brokers can consider purchasing these ETFs, though they should be cautious of currency risks and potentially higher fees.
As these high-profile IPOs approach, UK investors face significant challenges. While investment trusts offer some entry points, the lack of direct access to OpenAI shares and the complexities of US-domiciled funds require careful navigation to take advantage of these trending tech stocks.
