The Scottish Mortgage (LSE: SMT) share price has got its game on. Much of that is down to SpaceX. The FTSE 100 investment trust had the foresight to start building a position in Elon Musk’s privately owned interstellar vehicle seven years ago. But is this as good as it gets?

Scottish Mortgage invested a total of $200m in SpaceX between 2018 and 2021. After Friday’s record-breaking IPO SpaceX is now valued at $2.1trn, and Scottish Mortgage’s stake could be worth just shy of $5bn. That’s a return of around 25 times, which is pretty handy.

It’s also a vindication of the trust’s high-conviction investment strategy, which includes targeting private companies. This gives investors access…