A speculative investment is covered in full under speculation, which explains how speculators operate, the role they play in markets and the risks involved. This page explains the phrase itself, which brokers, regulators and crypto sites use to label high-risk assets.
A speculative investment is one bought chiefly for the chance of a large rise in price rather than for steady income or long-term value. Its outcome is highly uncertain, and the buyer accepts a real possibility of losing most or all of the money. Common examples include shares in early-stage or loss-making companies, penny stocks, options and other derivatives, collectibles and many altcoins and memecoins.
The two names describe the same idea from different angles. "Speculation" is the activity or market behaviour, while "speculative investment" describes the asset or the position. Financial advisers often contrast speculative holdings with core investments chosen for diversification, and suggest limiting them to money a person can afford to lose. Regulators frequently require warnings that an asset is speculative, particularly for crypto and leveraged products. Whether a given asset counts as speculative depends on its risk and on why it is held, not on the asset type alone.