The UK Financial Conduct Authority's January overhaul of fundraising rules introduced public offer platforms, or POPs, allowing companies to raise over £5mn without traditional prospectus requirements. These platforms can sell shares to all investor types while bypassing regulated public markets, potentially lowering costs for growing businesses.

SpaceX is leveraging this framework to access UK retail investors for its planned $86bn fundraising at a $1.78tn valuation. The company aims to allocate roughly 25% of its float to individual investors, making it the largest retail IPO ever attempted. Rather than complying with conventional UK listing rules requiring a domestic prospectus, SpaceX is using Marex Financial's POP licence to facilitate trades through ten UK brokers including AJ Bell and Revolut.

Marex holds the only full POP permission from the FCA, while platforms like Crowdcube operate under temporary approvals. POP operators must verify issuer suitability and ensure companies maintain six months of operational funding post-offer, raising questions about oversight for such a massive offering.

This approach could reshape how foreign companies access UK capital markets, though regulators face pressure to balance innovation against investor protection for what amounts to a $86bn retail offering.