Business

Britain’s live events industry has issued a stark warning to the Prime Minister, urging an immediate review of the government’s new Business Rates system amid fears it will trigger widespread venue closures, job losses and higher ticket prices across the country.

In a strongly worded letter sent to No 10, senior figures from the sector said the changes unveiled at the Budget — including steep revaluations by the Valuations Office Agency (VOA) and a higher Business Rates multiplier for large event venues — would have “devastating, unintended consequences” for the cultural economy.

They warned that the combined effect of unprecedented valuation increases and higher tax charges would “undermine many of the Government’s own priorities”, despite the Budget’s transitional relief measures and lower multipliers for smaller properties.

The letter sets out a bleak picture for music and entertainment spaces at every level. Hundreds of grassroots music venues, the launchpads of artists such as Ed Sheeran — could be forced to shut as rising Business Rates make already fragile finances untenable.

“These venues are where artists like Ed Sheeran began their career,” the signatories wrote. “Their loss would deprive communities of valuable cultural spaces and limit the UK creative sector’s potential.”

The warnings extend to the UK’s major arenas, many of which are facing Business Rates hikes of more than 100%. Operators say these extra costs will almost certainly be passed on to consumers, pushing ticket prices higher at a time when the Government has vowed to tackle the cost-of-living crisis.

“Ticket prices for arena shows will increase,” the letter said. “Dramatic rises in tax costs will likely trickle through to consumers.”

Smaller arenas ‘on the brink’

Mid-sized venues — often the cultural heart of regional towns and cities — are also at risk. The sector fears that dramatic valuation jumps could push many to the edge of closure, triggering thousands of job losses and stripping local communities of vibrant cultural hubs that sustain high-street activity.

“These changes will reduce the visitor spending that supports local hotels, bars, restaurants, shops and taxis,” the letter said. “They will hollow out the cultural spaces that help places thrive.”

Sector says changes conflict with Government’s own growth plans

Industry leaders also accused the government of undermining its Industrial Strategy and Creative Sector Plan, which explicitly commit to reducing barriers to growth for live events. Instead, they argue, the new Business Rates regime risks throttling one of the UK’s most dynamic export industries.

Sector demands 40% rates relief and urgent valuation reform

The letter calls on ministers to take two immediate actions:

• Introduce a 40% Business Rates relief for all live venues.
Film studios have already been granted this level of relief until 2034, and the live events sector argues that venues — similarly classified as “critical creative infrastructure” — deserve the same protection.

• Launch a rapid inquiry into VOA valuation methods for event spaces, which operators say are “disproportionate, inappropriate and unjustified”.

Finally, the industry has requested an urgent roundtable with HM Treasury, the Department for Culture, Media and Sport, and the Department for Business and Trade to develop a plan to “save our venues” before closures begin.

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If you’d like a follow-up commentary, sector analysis, or Business Matters-style opinion column on the wider economic impact of venue closures and rising ticket prices, I can prepare that next.

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Live events sector warns PM of ‘devastating’ impact from Business Rates overhaul

The UK’s long-running “risk premium” in financial markets appears to be unwinding, with economists claiming investors are regaining confidence in Rachel Reeves’ fiscal strategy — and that the shift could save taxpayers billions of pounds over the next five years.

New analysis from the Institute for Public Policy Research (IPPR), a think tank with longstanding ties to Labour, shows gilt yields have fallen faster than those in the US and eurozone since September. The move follows a turbulent year in which UK borrowing costs climbed significantly above other G7 economies, fuelled by persistent inflation, weak growth, and speculation over the new government’s tax plans.

According to the IPPR, yields on UK government bonds have dropped by 0.2 percentage points more than their American and eurozone equivalents over recent months. While modest, the reversal is viewed as a meaningful sign that Reeves’ public embrace of strict fiscal rules, first restated at Labour conference — has reassured money markets jittery since Liz Truss’s mini-Budget in 2022.

Earlier this year, the gap between UK and US 10-year bond yields had blown out to 1.1 percentage points; against eurozone debt, the margin was 0.6 points. On 30-year bonds the divergence was even starker, hitting 1.5 points versus US treasuries. Those differences amounted to a clear “risk premium”, a financial penalty imposed on the UK for political unpredictability and concerns over fiscal credibility.

“The reasons for this premium are not straightforward, especially given that the UK’s fundamentals are stronger than many countries with lower borrowing costs,” the IPPR noted, highlighting Britain’s debt-to-GDP ratio of around 100%, lower than that of the US, Italy or Japan.

Senior Bank of England officials echoed the assessment. Deputy governor Sir Dave Ramsden told MPs on the Treasury committee that gilt market volatility ahead of Reeves’ Budget was noticeably lower than in comparable pre-Budget periods under the previous Conservative government.

“There were no concerns about financial stability,” he said, a marked contrast to the gilt market crisis triggered by Truss’s unfunded tax cuts.

The Bank now expects the Budget to shave up to 0.5 percentage points off inflation next year, thanks largely to Reeves’ decision to remove taxes from household energy bills. Inflation currently sits at 3.6%.

Despite the recent improvement, UK borrowing costs remain elevated by historical standards and are still higher than those faced by the US or eurozone members. The Office for Budget Responsibility forecasts that debt interest payments will exceed £100 billion in every year of this parliament.

However, if the remaining risk premium disappears, the IPPR calculates that taxpayers could save up to £7 billion a year by 2029–30, money that could otherwise be directed to public services or debt reduction.

Carsten Jung, associate director for economic policy at the IPPR, said a “clear, credible” fiscal path could make the UK “a star performer in the G7”, but warned that the Bank of England could undermine progress if it continues its aggressive quantitative tightening programme.

The Bank estimates its bond disposals have pushed up gilt yields by as much as 0.25 percentage points. Jung said the Bank should “pull its weight” and pause sales to avoid unnecessarily driving up borrowing costs at a time when the government is trying to restore stability.

Bond yields have also been kept higher by falling demand from final-salary pension schemes, once major institutional buyers of long-dated gilts.

For now, though, the message from the markets appears clearer than it has been for years: after a volatile 18 months, investors may finally believe that the UK has rediscovered its fiscal discipline.

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Falling gilt yields suggest Rachel Reeves has ‘won back market confidence’

Americans spent nearly $2.64 billion on OnlyFans in 2025, cementing the United States as the platform’s largest and most lucrative market, new analysis reveals.

Finbold, using data published by analytics firm OnlyGuider, calculated the figures across the first 334 days of the year, and the scale of spending is extraordinary. On average, Americans collectively shelled out $237 million per month, $55 million per week, and $7.9 million every day on the London-based subscription platform.

That breaks down to around $329,000 per hour, $5,483 per minute, or $91 per second, underscoring the extent to which OnlyFans has embedded itself in the US digital economy.

The figures represent a 1.95% rise on 2024, when American spending totalled $2.58 billion. Although the growth rate has slowed relative to other countries, the sheer scale of US spending continues to dwarf international markets. The United Kingdom sits a distant second at $531 million, almost five times less.

Per capita data shows that for every 10,000 Americans, roughly $77,334 was spent on OnlyFans in 2025, averaging out to $7.73 per person nationwide.

Some US cities dramatically outpace that norm. Atlanta, Orlando and Miami topped global spending charts, with numbers analysts say reflect how deeply the creator economy has woven itself into the culture of certain urban centres.

Atlanta in particular stands out as the world’s biggest OnlyFans-spending city, clocking in at $525,475 per 10,000 residents, followed by Orlando at $466,430 and Miami at $374,921.

Not everywhere moved in the same direction. Washington, D.C. saw the sharpest annual decline, with spending falling 6.64%, while Las Vegas recorded the biggest rebound, up 6.23% year-on-year.

Despite the enormous totals, the United States is no longer the fastest-growing market.

Canada’s year-on-year spending jumped 5.17%, while Mexico surged an astonishing 19.12%, though both remain far smaller markets in absolute terms.

OnlyGuider CEO Sam Pierce described Atlanta, Orlando and Miami as “world-leading outliers”, driving much of the platform’s global economy and reinforcing the US as the cornerstone of creator-driven digital spending.

While the growth in American spending has cooled, the country’s multi-billion-dollar appetite for creator content shows no sign of fading, raising major questions for policymakers, businesses and cultural analysts watching the booming online subscription economy.

If you’d like, I can also draft a shorter LinkedIn-ready version, a headline listicle version, or convert this into a data-led newsletter segment.

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Americans spend $7.9m a day on OnlyFans as 2025 creator economy surges

Disabled consumers across the UK continue to face significant barriers when trying to access products, services and customer support, according to new research published today by the Business Disability Forum (BDF).

The findings, based on an Opinium survey of 1,073 disabled adults, reveal that more than a third (37%) believe their experience as customers would improve if staff had a better understanding of disability and how different conditions affect their needs. The study points to persistent gaps in accessibility, awareness and service design, despite years of campaigning and guidance.

The research highlights that three in ten disabled people (30%) say it remains harder for them to find and purchase products or services suited to their needs compared with non-disabled customers. A further 22% report difficulties accessing good customer service, reinforcing concerns that many businesses still fail to meet basic accessibility expectations.

Diane Lightfoot, chief executive of the Business Disability Forum, said the findings should prompt businesses to rethink how they serve nearly one-quarter of the UK population.

“These findings show the difference product and service providers can make to disabled consumers when they are inclusive,” she said. “With one in four people in the UK having a disability, it is in all business interests to make disabled customers feel welcomed by offering the adjustments they need. Those that don’t risk missing out on a massive economic opportunity.”

Lightfoot added that accessibility should be viewed not only as a compliance issue but as a reputational advantage. “Inclusive brands are seen as ethical and socially responsible, which strengthens customer loyalty,” she said. She pointed to BDF’s earlier research, What Disabled Consumers Choose to Buy and Why, which shows that disabled shoppers are more likely to support businesses that communicate their commitment to accessibility.

What disabled consumers say would improve their experience

Respondents identified several changes that would make the biggest difference to their day-to-day interactions with brands and service providers. Easier access to support was cited by 29%, while 21% said offering multiple contact options for customer services—such as live chat, email or video calls—would significantly improve accessibility. Nearly one in five respondents (19%) said businesses should prioritise inclusive design from the outset.

Understanding what effective inclusion looks like remains a challenge for many organisations. To address this, the Business Disability Forum uses its annual Disability Smart Impact Awards to showcase best practice. Last year’s winners included Alexandra Palace for transforming its Grade II-listed cultural venue into an accessible space for visitors of all abilities, and Unilever for deploying accessible packaging technologies, including scannable QR codes that provide spoken product information.

Entries for the 2026 Disability Smart Impact Awards are now open, and BDF is encouraging organisations to submit examples of innovation in inclusive customer experience, product design, technology and communication.

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Disabled Customers Still Face Major Barriers, New BDF Research Warns

A major US defence technology company is preparing to manufacture next-generation autonomous fighter drones for the British Army on the Isle of Wight, marking one of the most significant foreign defence investments in UK aerospace in years.

California-based Anduril Industries, the fast-rising defence start-up valued at $30bn, has partnered with British engineering group GKN Aerospace to build components for the drones in Cowes. The plan hinges on winning a Ministry of Defence competition to produce a new class of autonomous systems designed to fly alongside the Army’s Apache attack helicopters.

The programme, known as Project NYX, is expected to reshape Britain’s battlefield aviation capabilities. Tender documents describe an autonomous platform able to operate in “contested airspace”, carrying out reconnaissance, target acquisition and precision strikes while reducing risk to aircrew. The goal is to boost the “lethality and survivability” of Apache helicopters while sharply lowering maintenance and logistical demands.

The MoD plans to spend around £100 million over the next two years on the initial design phase alone, a sign of the urgency created by the widespread use of autonomous drones in the Russia-Ukraine war, which has transformed military expectations around unmanned systems.

Anduril, founded in 2017 by Palmer Luckey, the tech entrepreneur who previously created Oculus VR, has rapidly become one of the most in-demand defence suppliers in the US, championing AI-enabled, low-cost autonomous technology at scale. Its surge in valuation over the past year reflects soaring global demand for autonomous defence systems.

Luckey has been outspoken about the moral case for using advanced AI to reduce civilian casualties and improve decision-making. “When it comes to life-and-death decisions, it is too critical an area not to apply the best technology available,” he told Fox News. “If you’re talking about killing people, you must minimise collateral damage and be as effective as possible.”

Anduril has spent the past two years expanding its UK footprint, establishing partnerships with domestic engineering firms including Atom Performance Technologies, Flarebright, Olsen Actuators and Isembard. The company claims its UK supply chain already supports 50,000 jobs, and the new Isle of Wight development would deepen those ties further at a time when the UK is set to increase defence spending to £73.5bn by 2028.

Dave Bond, senior vice-president of defence technology at GKN Aerospace, hailed the move as a “hugely exciting partnership” that will bring “all-new defence solutions to the field in rapid time”.

Local leaders welcomed the announcement as a boost for advanced manufacturing on the Isle of Wight. Richard Quigley, MP for Isle of Wight West, said the partnership “demonstrates that innovative, high-tech defence capability is being developed right here”, helping to secure local jobs and build critical engineering skills.

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US defence giant eyes Isle of Wight for next-generation fighter drone production

Policy uncertainty in Westminster is weighing heavily on Britain’s small business sector, according to one of the City’s most influential bankers.

Kunal Shah, co-head of Goldman Sachs International, warned that a lack of clarity over taxation and employment laws is creating an “overhang” that is discouraging entrepreneurs from investing and hiring.

Speaking to The Times ahead of a House of Commons reception marking 15 years of Goldman’s 10,000 Small Businesses programme, Shah said founders were increasingly nervous about the government’s shifting regulatory agenda. “One of the things that comes back often from these companies is the tax burden in the UK,” he said. “The Budget last month was a focal point for everyone to see again how tough the fiscal maths is now. It introduces challenges for any entrepreneurs and the business environment here.”

Although small businesses remain upbeat about their own performance, Shah suggested that Labour’s manifesto commitments — particularly around expanded employment rights — had left many founders uneasy about future costs. “These entrepreneurs are largely optimistic around their own businesses, around things they can control,” he said. “But it is all the uncertainty over the manifesto pledges that can hamper investment confidence. That continues to be an overhang.”

Labour last month abandoned its pledge for “day-one” unfair dismissal rights, striking a compromise with unions to reduce the qualifying period to six months rather than two years. The government insisted the move would still drive a major shift in worker protections, but business groups warned the proposals would require significant adjustments to hiring strategies.

Shah, who joined Goldman in 2004 and became a partner a decade later, said UK firms now had clarity on taxation for the next year but warned that broader economic pressures continued to erode SME confidence. “There is a longer-running productivity problem,” he said, adding that “sticky inflation” and interest rates “at the restrictive end” were feeding into company finances.

Despite these headwinds, Shah pointed to genuine opportunities for growth, including improved trade ties with the US and India. He also praised the Chancellor’s stamp duty holiday for newly listed shares as a pragmatic move to revive the UK’s capital markets. “It shows clear intent,” he said. “These are signs of how they want to support the broader growth agenda.”

More than 2,500 companies have been through Goldman’s free training scheme for founders of small firms, targeted at businesses with revenues above £250,000 and staff numbers between 5 and 50. Research by Professor Mark Hart of the Enterprise Research Centre shows participants increased revenues by 43% within three years, adding an average £665,000 to their top line.

After ten years, these businesses were 14% more productive than comparable firms that did not take part.

The UK government’s own equivalent — the Help to Grow scheme — has enrolled 10,000 leaders since 2021, with funding secured until 2029.

Despite wider market uncertainty, Shah said Goldman expected another strong year for fees from mergers and acquisitions. The bank has already been involved in $1.5 trillion worth of deals in 2025 and is advising on several high-profile transactions across Europe. “The backlog is healthy,” he said. “We see that momentum continuing into next year.”

Goldman recently advised Shawbrook on its £1.9 billion flotation in London — the largest in several years — and is closely watching the dramatic takeover battle for Warner Bros, though it is not advising any of the bidders.

Government engagement improving — but uncertainty remains the drag

Shah welcomed the government’s willingness to engage with the banking sector, following meetings with Rachel Reeves, Anthony Gutman and Goldman Sachs CEO David Solomon earlier this year. But he was unequivocal in his assessment that uncertainty is the biggest factor undermining SME confidence.

As he put it: “Entrepreneurs are optimistic — but optimism only gets you so far when you can’t plan ahead.”

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Goldman Sachs warns UK policy uncertainty is creating a ‘confidence overhang’ for small businesses

Businesses are preparing to sharply increase their investment in artificial intelligence next year, even as concerns around data privacy, regulatory compliance and security risks continue to weigh heavily on IT leaders.

New research from enterprise content management platform Storyblok shows that nine in ten companies plan to raise their AI budgets in 2026, with more than half expecting a “significant” uplift. Only 2% anticipate cutting their AI spending.

The survey of 200 senior IT and procurement professionals, all responsible for AI deployment within large organisations, suggests that despite market jitters about an AI bubble, corporate appetite for automation and generative tools remains strong.

According to the report, 39% of respondents say AI is now “fully integrated” across their organisation, while a further 39% describe their readiness as “mature”. Just 7% consider themselves still at the “piloting’’ stage, signalling a rapid shift toward enterprise-wide AI implementation.

Leaders also expect clear financial and operational returns. Over half cited operational efficiency as the strongest benefit of AI adoption, followed by faster time-to-value, enhanced employee productivity, and improved decision-making.

Yet this enthusiasm is tempered by growing anxiety about governance and risk. The top obstacles to successful AI adoption were: Data privacy and regulatory concerns (61%), Security risks (58%) and Legacy technology restrictions (43%).

When asked what would most improve their confidence in adopting AI, respondents emphasised stronger data governance, better system integration, and greater transparency from technology vendors. Only 12% said pricing was a priority, a sign that cost is currently a secondary concern compared with compliance and security.

Generative AI will reshape content management — but most firms aren’t ready

An overwhelming 91% of respondents believe generative AI will transform content management within their organisations. However, despite this confidence, adoption of Generative Engine Optimisation (GEO), increasingly crucial as AI-driven search reshapes marketing, remains limited.

Only 23% have a fully integrated GEO strategy, while 41% are either in the early stages or have yet to begin adapting their content for AI search engines.

Dominik Angerer, Storyblok’s CEO and co-founder, said the findings reflect a period of optimism mixed with realism: “Budgets are growing robustly, AI adoption is maturing fast, and confidence in AI’s return on investment is rising. But concerns around security, governance and regulatory compliance are likely to intensify and could inhibit adoption in the short to medium term.”

He added that while almost all organisations recognise AI’s power to reinvent content management, few have yet retooled their systems or strategies accordingly.

“AI search is upending marketing, yet less than a quarter of businesses have adapted. There’s a pressing need for new AI platforms and tools to help organisations regain confidence in their content.”

With firms preparing to double down on automation while wrestling with governance and security fears, 2026 is shaping up to be a defining year for enterprise AI — one where investment momentum will collide with the realities of risk, regulation and readiness.

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Businesses plan major AI investment surge for 2026 – but security and privacy fears threaten progress

NatWest has surpassed its headline commitment to lend £2 billion to women-led businesses by the end of 2025, announcing that it has already delivered £2.84 billion in funding across more than 55,900 loans.

The achievement comes a full year ahead of schedule and reinforces the bank’s role as one of the UK’s largest backers of female entrepreneurship.

The average loan size stood at around £50,700, with high demand seen across a wide variety of sectors. Health-related enterprises received the most support, followed by leisure, commercial real estate, retail and professional services. Regionally, London led the way in total lending, closely trailed by the South East, North West, Scotland and the South West — signalling the breadth of economic activity driven by women-run companies nationwide.

Robert Begbie, CEO of NatWest Commercial & Institutional, described the milestone as proof of the scale and ambition of female-led firms: “Surpassing our £2bn investment target ahead of schedule shows the strength and ambition of female-led companies. Our commitment is long-standing, with over 1,000 Women in Business specialists, more than half of our accelerator founders being women, and the launch of the first ever €500 million social bond for female-led businesses.”

NatWest’s work to support women in business stretches back more than a decade. Since launching its Women in Business programme in 2012, the bank has invested heavily in specialist support, mentoring, networks and access to finance. Early partnerships with Everywoman and schemes such as Inspiring Women into Enterprise created the foundation for what has become a national support ecosystem.

By 2023, over half of the entrepreneurs supported by NatWest accelerators were women — a significant shift in a sector where female founders typically receive only a fraction of available funding. The bank’s regional outreach, strategic partnerships and policy-based initiatives such as the Rose Review and the Economic Blueprint for Women have helped bring visibility and momentum to the UK’s gender funding gap.

During the pandemic, NatWest tailored its support with resilience workshops, repayment holidays and virtual training to help female founders navigate volatility. As a founding member of the Investing in Women Code, it has also played a pivotal role in driving transparency and accountability around lending practices.

More recently, collaborations with Meta, Buy Women Built and Getty Images’ Female Focus Campaign have equipped female-led businesses with digital marketing capabilities, greater visibility and improved representation in business imagery. New ring-fenced finance for female entrepreneurs and early-stage programmes such as the Begin initiative are helping women establish and scale ventures in high-growth sectors.

As NatWest reflects on exceeding its flagship pledge, the bank says it remains committed to expanding both funding and opportunity for women-led businesses, working with industry and government partners to close the UK’s gender entrepreneurship gap and support long-term economic growth.

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NatWest surpasses £2bn pledge, lending £2.84bn to more than 55,000 women-led businesses

The Trump administration is preparing to impose one of the most stringent travel-screening requirements in modern US history, with foreign tourists set to be required to hand over five years of their social media history before they are allowed to enter the country.

The proposal, filed quietly this week in the Federal Register by US Customs and Border Protection, would apply to all foreign nationals, including travellers from visa-waiver countries such as the UK and Germany. It marks the latest escalation in the administration’s efforts to tighten border vetting, coming just days after a sweeping freeze on immigration applications from 19 countries and the cancellation of citizenship ceremonies across the US.

Under the plan, visitors would be compelled to disclose their social media accounts stretching back half a decade, along with associated email addresses, phone numbers and information about close family members. Officials say the US public has 60 days to comment on the proposal before it begins moving through the formal approval process.

The move follows a State Department rule introduced in June requiring would-be immigrants and visa applicants to make their social media accounts publicly accessible to US authorities. Monday’s proposed expansion takes the requirement even further, sweeping up short-term business travellers, tourists and those entering through the world’s busiest airports ahead of the 2026 FIFA World Cup and 2028 Los Angeles Olympic Games.

The White House and Department of Homeland Security have not yet issued a public statement, although Travelling for Business has contacted both for comment.

The administration argues that enhanced scrutiny is necessary to identify potential extremists and applicants exhibiting what it calls “anti-Americanism.” In August, US Citizenship and Immigration Services said officers would begin examining visa and green-card applicants’ social media posts to determine whether they had “endorsed, promoted, supported or otherwise espoused” anti-American, terrorist or antisemitic views.

“America’s benefits should not be given to those who despise the country,” USCIS spokesman Matthew Tragesser said at the time. “Immigration benefits remain a privilege, not a right.”

Critics warn the latest measures open the door to broad interpretation and bias, with officers required to make subjective calls about what constitutes anti-American sentiment. Scholars and immigration experts say the lack of definition risks inconsistent decisions that could unlawfully target political speech.

Jane Lilly López, a sociology professor at Brigham Young University, said the proposals could “allow stereotypes and prejudice and implicit bias to take the wheel,” with potentially life-altering consequences for applicants.

The social-media vetting expansion lands amid a raft of new restrictions, including a temporary ban affecting more than 1.5 million people with pending asylum applications and tens of thousands previously approved under the Biden administration. Trump has also signalled that a wider travel ban, covering more than 30 countries, may follow.

A DHS memo obtained by The Washington Post outlines a sweeping re-screening process in which all migrants from the restricted list would face fresh interviews and new assessments of “national security and public safety threats.”

President Trump has defended the measures, saying the Biden administration allowed “unvetted migrants” to enter the country and pointing to the recent attack near the White House involving a suspect from Afghanistan. He has vowed to “permanently pause migration from all Third World countries” and to pursue “reverse migration” as a remedy.

Secretary of State Kristi Noem endorsed the policy direction this week, pledging support for a “full travel ban” on countries she claims are sending “killers, leeches and entitlement junkies.”

If enacted, the social-media disclosure requirement would become one of the most intrusive travel-screening rules globally, one likely to complicate business travel, tourism and major event planning ahead of the World Cup in North America. Millions of international visitors are expected to transit US airports in the next three years, with airport authorities already bracing for increased processing times and higher documentation demands.

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Trump to require all foreign tourists to hand over five years of social media data under sweeping new vetting plan

SpaceX is gearing up for what could become one of the largest stock market debuts in history, with Elon Musk reportedly preparing to take the rocket maker public as early as next year at a valuation of around $1.5 trillion.

If the flotation proceeds as planned, it would sit just below Saudi Aramco’s record-setting $1.7 trillion IPO in 2019.

According to reporting from Bloomberg, SpaceX executives and advisers are advancing plans for the listing, which would seek to raise well over $30 billion and cement the company’s position at the centre of the rapidly expanding commercial space industry.

Musk, 54, founded SpaceX in 2002 with the goal of revolutionising space travel by slashing launch costs and making human missions to Mars viable. Over the past two decades, the company has reshaped the global launch market, fielding its reusable Falcon 9 and Falcon Heavy rockets and becoming the partner of choice for governments, satellite operators and private clients.

The company has also built a substantial second revenue engine with Starlink, its global broadband satellite network. Musk said in June that SpaceX expects to generate $15.5 billion in revenue this year, driven heavily by the growth of Starlink subscribers worldwide. By next year, he predicts the company’s commercial space revenues will surpass NASA’s launch and spaceflight budget, which stands at around $1.1 billion.

Starship — the 400-ft launch system Musk has pitched as essential for transporting cargo and ultimately humans to the Moon and Mars — remains a central pillar of SpaceX’s ambitions. Although still in development and testing, Starship is expected to underpin NASA’s Artemis programme and future deep-space missions.

SpaceX’s operational cadence has reached unprecedented levels. In 2024, the company completed a record 134 Falcon launches, becoming the most prolific launch provider in the world. This year, it is tracking toward 170 launches, fuelled by demand for satellite deployment, commercial contracts and military work.

Its aggressive expansion has made SpaceX a frontrunner for major defence programmes, including President Trump’s proposed “Golden Dome” missile defence shield, which would rely on advanced satellites to detect aircraft and missile threats.

A $1.5 trillion IPO would not only dwarf most previous technology listings but would also underscore the shift in global aerospace leadership, with SpaceX moving far beyond its early role as a scrappy NASA contractor to become the dominant force in commercial launch, satellite broadband and next-generation space infrastructure.

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SpaceX planning $1.5 trillion IPO in 2026 as Elon Musk readies record listing