North Ayrshire secures most UK SpaceX investment

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North Ayrshire saw proportionately more retail investment into SpaceX at launch than any other region across the country. The data comes from Freetrade, the investment platform with over 1.6 million users in the UK. It found that 6.1% of all Freetrade users in North Ayrshire invested in SpaceX on the day of the IPO, higher than any other area. 

Given the region hosts Scotland’s largest aerospace hub, this may be more than a mere coincidence. In 2020, the Ayrshire Growth Deal committed £251m to investment in the aerospace and space, energy, tourism, manufacturing, and engineering industries. This includes several projects, such as the building of an Aerospace, Space and Technology Application Centre (ASTAC) and the development of a Prestwick Aerospace Cluster. Multiple major aerospace companies operate in Ayrshire, and there are an estimated 5,000 aerospace employees in the area. 

Further analysis of demand for SpaceX’s retail IPO offering in the UK by Freetrade showed that participants veered to the slightly older demographic, perhaps countering the notion that only young Elon Musk and Tesla fans were snapping up the stock. The average age of a SpaceX holder on Freetrade was 41, higher than the general average age on the platform of 37. 

Freetrade investment writer Duncan Ferris said: “SpaceX’s record IPO grabbed investor attention across the globe, but particularly, it seems, in one corner of Scotland.

“While one might normally expect Londoners, or denizens of another major financial centre, to be at the front of any IPO queue, our data from the SpaceX launch tells us a different story. 

“Finding North Ayrshire at the top of the pile was certainly a surprise. However, given the region’s burgeoning aerospace industry, it might not be such a headscratcher. After all, rocket enthusiasts seem like prime candidates to invest in space-faring stocks. 

“Musk’s company might often be dubbed a moonshot by commentators, and its pitch to investors is one of ambition and innovation, rather than current financial performance. But a vote of confidence from an aerospace hub is a striking detail. Perhaps it indicates that industry experts and insiders believe the substance behind the hype.”