SpaceX IPO Tests European Retail Appetite

Eight UK platforms, including Hargreaves Lansdown and eToro, have opened access to the IPO, marking the most significant retail-focused flotation since Royal Mail in 2013. The strategy represents a pivot for technology companies, which historically limited retail participation to roughly 15% of their order books. Ygal El Harrar, global head of equity capital markets at BNP Paribas, noted that the intense interest stems from investors eager to participate in the company's long-term vision.

However, the excitement is tempered by skepticism from market analysts. Meziane Lasfer, a professor of finance at Bayes Business School, warned that retail investors lack the institutional resources necessary to evaluate a company trading at 100 times price-to-sales. Critics also point to the lack of voting rights and the company's history of losses as potential red flags. While platforms like Revolut are marketing the "dream" of space exploration, the memory of the Deliveroo IPO—which dropped 30% on its first day—remains a cautionary tale for those hoping for an easy win.