SpaceX float ‘could kickstart mega IPO access for British retail investors’

SpaceX has utilized the UK's new public offer platform (POP) to raise hundreds of millions of pounds from UK retail investors, potentially encouraging other large US companies to follow suit, according to a broker involved in the deal. The POP, introduced by the financial watchdog in January, allows firms to sell shares to a wide investor base without the need for a regulated public market.

Elon Musk's SpaceX was the first to use the regime, raising approximately $364 million through the platform, despite a 12.8 percent drop in the company's share price since its IPO in June. Winterflood, the company that sold shares on behalf of SpaceX, initially doubted the regime's potential for regular deal flow but now expects more POP deals from various markets, including Europe and Asia.

British investors are hopeful that tech giants such as OpenAI and Anthropic will also use the platform. While industry concerns have arisen over the potential for a "two-tier" system in which companies can list overseas while benefiting from a UK retail offer without a lengthy prospectus, Winterflood maintains that the broker performs its own due diligence and is selective in the deals it undertakes.

The IPO drought in the London market has led to the rise of POP, as firms seek to tap the country's capital. However, Winterflood believes that the UK's domestic retail investor base would support domestic deals if recognizable names were to list here.