Are they both grammatical and mean the exact same thing?


If you mean "risky and speculative", then you should say 危険投機的な, because that's one of dedicated meaning 連用形 has.

Saying 「危険な、投機的な事業」 (putting a comma is a good practice) for this meaning is not prohibited, but it either sounds like adding words one by one while you're speaking, which isn't very nice for written language; or could mean "risky or speculative".

Otherwise, 危険な投機的な事業 might well be interpreted as "risky speculative business", that is, 危険な modifies all what comes after.

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