SpaceX

The FCA’s 2024 listing reforms resulted in a faster rulebook, a lower eligibility bar and more flexible dual-class structures. And yet the steady flow of high-quality listings the City had hoped for still hasn’t shown up in the numbers. I want to step back from the mechanics and ask a harder question, one that goes to the heart of what London is actually for: does our market need to bend to keep pace with the world’s largest, fastest-growing companies, and if it does, what exactly are we trading away? And what are the implications from an IR perspective?