Elon Musk’s SpaceX, the private rocket and satellite company, has launched an initial public offering valuing the firm at $75bn, with the London Stock Exchange in discussions to host a secondary listing, according to sources close to the matter.
The IPO, one of the largest in recent years, will see the company list shares on the New York Stock Exchange, with a supplementary listing in London being considered to tap European institutional investors. An LSE listing would bolster the exchange’s efforts to attract high-growth technology companies, a strategic priority since the UK’s departure from the European Union.
SpaceX’s valuation reflects its dominance in satellite launch services, the Starlink broadband network, and government contracts with Nasa and the Pentagon. The company has raised over $10bn in private funding prior to the IPO, with investors including Fidelity, Baillie Gifford, and Sequoia Capital.
The decision to pursue a London listing comes after months of diplomatic engagement between SpaceX executives, UK Treasury officials, and the LSE Group. Downing Street has sought to position the UK as a premier destination for tech IPOs, offering reforms to listing rules and tax incentives for high-growth firms.
However, critics note SpaceX’s history of regulatory clashes, particularly over satellite orbits and environmental concerns. Musk’s public statements have occasionally unsettled investors, though the company’s financial performance has remained robust.
The IPO is expected to proceed in two tranches, with the first tranche on the NYSE within weeks. The London secondary listing, if approved, would likely follow within six months, subject to regulatory clearance from the Financial Conduct Authority.
Analysts caution that the $75bn valuation may prove optimistic given growing competition from rivals such as Blue Origin and Rocket Lab, and the cyclical nature of the launch industry. SpaceX’s reliance on Starlink subscription revenue, which is still scaling, adds another layer of uncertainty.
Nevertheless, the move signals a broader trend of US tech giants seeking capital and prestige via dual listings in global financial centres. The LSE’s gain would be a notable victory in its post-Brexit push to remain a leading exchange for international listings.
