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- SpaceX listing could be the largest initial public offering (IPO) in history, with an estimated valuation of around $1.75 trillion (£1.4 trillion)
- Pension savers could gain exposure automatically through mainstream investment funds
- Standard Life explores what the listing could mean for pension savers, and the key things to consider before investing directly
SpaceX is edging closer to a stock market debut that could become one of the largest IPOs in history - and, for many pension savers, it may not be as distant as it sounds. With a potential valuation of around $1.75 trillion (£1.4 trillion), the company known for its reusable rockets, satellite networks and long-term ambitions in space exploration, could quickly rank among the world’s most valuable listed businesses.
While some may be considering whether to invest directly, millions could end up with exposure through their pension anyway, without needing to take any action.
Mike Ambery, Retirement Savings Director at Standard Life, said: “Big-name IPOs like SpaceX can capture the imagination, but for many pension savers the key question isn’t always whether to invest directly, it’s whether they may already have exposure, or could gain it over time without needing to take any action. Most workplace pensions are invested in diversified funds, often with a strong weighting towards global markets. When a company of this size becomes part of major indices like the Nasdaq-100, it can quickly find its way into tracker funds and default pension investments, meaning millions of savers could gain exposure automatically.
“SpaceX may not be the only example for long. With other high-profile listings potentially ahead, including AI giants OpenAI and Anthropic, we could see a wave of large, influential businesses entering public markets, with similar implications for how pension savings are invested.
“That reflects a wider shift in how investing works today. With so many people saving through index tracking funds, large new companies entering the market can become part of everyday portfolios relatively quickly, sometimes without savers even realising. It’s a useful reminder that your pension isn’t just a collection of individual shares, it’s a diversified investment that evolves over time as the global market changes.”
A more direct approach
Mike Ambery added: “For those thinking about investing directly, the first step is to understand what your pension already holds and how any new investment would sit alongside that. In many cases, the bigger picture is what matters most as pensions are built over decades, and long term success is usually driven by consistency, diversification and staying aligned to your goals. While the idea of owning a company at the cutting edge of space exploration may understandably capture people’s attention, it’s worth focusing on what really underpins good retirement outcomes - a balanced portfolio, a clear plan, and a long term perspective.”
Mike answers some of the key questions pension savers may be asking:
- Can I invest in SpaceX through my pension? “Once listed, most pension savers are more likely to gain exposure to a company like SpaceX through the funds they already hold, rather than by investing directly. Many workplace pensions are invested in diversified funds, often tracking global markets, which can include large new companies once they become part of major stock market indices. That process doesn’t usually happen straight away, as index providers review new listings against certain criteria, so inclusion - for example in indices like the Nasdaq 100 - can take time. As a result, exposure for many savers may build gradually through their pension over the months that follow.
“For those who do want to invest directly, that will depend on the type of pension you have and the investment options it offers. Self invested personal pensions (SIPP’s) typically provide access the widest range of funds. Before making any changes, it’s worth understanding what you already hold and how any new investment would fit alongside the rest of your pension.” - Could I already have exposure to SpaceX? “In some cases, you could already have exposure. Some pension funds invest in private markets or growth‑focused strategies, which can provide indirect exposure to companies before they become publicly listed. Even if you don’t currently have any exposure, that could change over time. If SpaceX is included in major stock market indices, many index‑tracking funds and pension investments would begin to hold it automatically.”
- Is investing in a newly listed company risky? “Newly listed companies can be more volatile, particularly in the early stages. Investors are still forming a view on what the business is worth, and expectations can shift quite quickly as new information comes through. Some IPOs perform strongly, while others struggle to live up to early expectations. That’s why it’s important not to base decisions purely on launch day excitement or headlines.”
- What should pension savers think about before investing? “In all the excitement of a record-breaking IPO, it’s worth stepping back and looking at the bigger picture. Most people are saving for retirement over many years, often decades, and their pension should reflect those longer‑term goals rather than a single investment story. Think about how any investment fits with what you already hold, whether you’re comfortable with the level of risk, and whether you’re staying well diversified.”
About Standard Life
Standard Life is a retirement specialist focused entirely on retirement saving and income.
We are proud to manage around c£317bn in assets on behalf of our 12 million customers, and we champion the belief that everyone's journey to and through retirement can be better.
With our focus entirely on retirement savings and income we want to be the business that people trust to guide their retirement journey, helping our customers achieve better outcomes and greater financial security in later life.
As a FTSE 100-listed group we are using our size, expertise and influence to shape the world our customers will retire into, and are committed to helping three million customers by 2035, take action towards a better retirement.
Standard Life is a responsible investor with a clear commitment to supporting a more sustainable future. The company has achieved its net zero goal across its emissions for 2025 and is working towards net zero investment portfolios by 2050 or sooner.
Standard Life is recognised as a leading employer, with long-standing accreditation as a Living Wage Employer, Living Pension Employer and Carer Positive Exemplary Employer and in 2025 became one of Britain’s Most Admired Companies in 2025.
