Latham Advises on UK and European Retail Offers for SpaceX’s US$75 Billion IPO

Latham & Watkins has advised the underwriting banks on the UK and European retail offers in connection with SpaceX’s US$75 Billion IPO. The global offering comprised 555.6 million shares of Class A common stock at US$135 per share, giving SpaceX an expected market value of approximately US$1.78 trillion, with shares listed on Nasdaq and Nasdaq Texas. 2,696,175 shares were made available for UK retail investors, raising US$363,983,625 and representing one of the largest ever retail offers in the UK.

The retail offer represents a landmark transaction in the UK equity capital markets and marks the innovative first use of the FCA’s Public Offer Platform (POP) Regime for this purpose under the Public Offers and Admissions to Trading Regulations 2024 (POATRs) that came into force in January this year. SpaceX intends to direct IPO proceeds for expanding AI infrastructure, developing space launch vehicles, and building its Starlink satellite internet constellation. 

The Latham team was led by London Capital Markets partners Mark Austin and Ryan Benedict, with associates Frederick Gardner and Isabelle Knapton. Advice was provided on the European retail offer by Frankfurt Capital Markets partners Oliver Seiler and David Rath, with counsel Camilla Kehler-Weiss; on regulatory matters by London partner Rob Moulton, with associate Sara Sayma; and on tax matters by London partner Karl Mah, with associate Sam Duncan.

A Paris team also advised Interactive Brokers in connection with French retail distribution matters, with a team led by Capital Markets partners Roberto Reyes Gaskin and Thomas Vogel, alongside associate Adrien Couvrecelle.