SpaceX looks to raise $40bn to buy Nvidia chips in financing led by Apollo

Title: SpaceX looks to raise $40bn to buy Nvidia chips in financing led by Apollo

URL Source: https://www.ft.com/content/d3f5928d-f38c-4666-8f7a-8737f9c45f51?syn-25a6b1a6=1

Published Time: 2026-10-06T22:28:55.866Z

Markdown Content:

[Accessibility help](https://www.ft.com/accessibility)[Skip to navigation](https://www.ft.com/content/d3f5928d-f38c-4666-8f7a-8737f9c45f51?syn-25a6b1a6=1#site-navigation)[Skip to main content](https://www.ft.com/content/d3f5928d-f38c-4666-8f7a-8737f9c45f51?syn-25a6b1a6=1#site-content)[Skip to footer](https://www.ft.com/content/d3f5928d-f38c-4666-8f7a-8737f9c45f51?syn-25a6b1a6=1#site-footer)

• [Sign In](https://www.ft.com/login?location=/content/d3f5928d-f38c-4666-8f7a-8737f9c45f51)

• [Subscribe](https://www.ft.com/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265)

[Open side navigation menu](https://www.ft.com/content/d3f5928d-f38c-4666-8f7a-8737f9c45f51?syn-25a6b1a6=1#o-header-drawer "Open side navigation menu")[Open search bar](https://www.ft.com/content/d3f5928d-f38c-4666-8f7a-8737f9c45f51?syn-25a6b1a6=1#o-header-search-primary "Open search bar")

[](https://www.ft.com/ "Go to Financial Times homepage")

[Subscribe](https://www.ft.com/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265)[Sign In](https://www.ft.com/login?location=/content/d3f5928d-f38c-4666-8f7a-8737f9c45f51)

Search the FT Search Close search bar Close

Popular Searches

• [What is the latest news on the UK economy?](https://www.ft.com/search?q=What%20is%20the%20latest%20news%20on%20the%20UK%20economy%3F)

• [Western support for Ukraine](https://www.ft.com/search?q=Western%20support%20for%20Ukraine)

• [How will AI be regulated?](https://www.ft.com/search?q=How%20will%20AI%20be%20regulated%3F)

• [UK inflation vs the world](https://www.ft.com/search?q=UK%20inflation%20vs%20the%20world)

• [How will the UK economy fare in 2026?](https://www.ft.com/search?q=How%20will%20the%20UK%20economy%20fare%20in%202026%3F)

• [Home](https://www.ft.com/)

• [World](https://www.ft.com/world)

Sections

• [World Home](https://www.ft.com/world)

• [Middle East war](https://www.ft.com/middle-east-war)

• [Global Economy](https://www.ft.com/global-economy)

• [UK](https://www.ft.com/world-uk)

• [US](https://www.ft.com/us)

• [China](https://www.ft.com/china)

• [Africa](https://www.ft.com/africa)

• [Asia Pacific](https://www.ft.com/asia-pacific)

• [Emerging Markets](https://www.ft.com/emerging-markets)

• [Europe](https://www.ft.com/europe)

• [War in Ukraine](https://www.ft.com/war-in-ukraine)

• [Americas](https://www.ft.com/americas)

• [Middle East & North Africa](https://www.ft.com/middle-east-north-africa)

Most Read

• [Former German spy chief arrested for treason](https://www.ft.com/content/4c565931-6ac7-4b4c-be72-d86e8e3a8aec)

• [California’s oligarch tax would change America](https://www.ft.com/content/9a46af48-9c69-48bd-a648-2e496486c504)

• [India’s bullet train tangle leaves Japan fuming](https://www.ft.com/content/daa3eb19-b6e8-455c-8ec0-9abc8e66751a)

• [Surge in borrowing costs hits corporate America](https://www.ft.com/content/7c7ccb82-2973-47af-ad9b-b469c6ea0048)

• [The bond market turns on France](https://www.ft.com/content/9b252b46-a87c-45e7-a09a-45a39ce077b8)

• [US](https://www.ft.com/us)

Sections

• [US Home](https://www.ft.com/us)

• [US Economy](https://www.ft.com/us-economy)

• [US Companies](https://www.ft.com/us-companies)

• [US Politics & Policy](https://www.ft.com/us-politics-policy)

Most Read

• [Sleep has always been a class issue](https://www.ft.com/content/0b4511be-37a8-4de1-bf7d-1718c1f01351)

• [California’s oligarch tax would change America](https://www.ft.com/content/9a46af48-9c69-48bd-a648-2e496486c504)

• [Surge in borrowing costs hits corporate America](https://www.ft.com/content/7c7ccb82-2973-47af-ad9b-b469c6ea0048)

• [S&P 500 hits record high as AI stocks shrug off bond market slump](https://www.ft.com/content/1c1ee003-f041-4c66-a971-f08d488d11f7)

• [Palmer Luckey’s Erebor surges to more than $7bn in deposits since launch](https://www.ft.com/content/42b6fa88-f730-4f8a-a194-8f53d0759aaf)

• [Companies](https://www.ft.com/companies)

Sections

• [Companies Home](https://www.ft.com/companies)

• [Energy](https://www.ft.com/energy)

• [Financials](https://www.ft.com/financials)

• [Health](https://www.ft.com/health)

• [Industrials](https://www.ft.com/industrials)

• [Media](https://www.ft.com/media)

• [Professional Services](https://www.ft.com/professional-services)

• [Retail & Consumer](https://www.ft.com/retail-consumer)

• [Tech Sector](https://www.ft.com/technology-sector)

• [Telecoms](https://www.ft.com/telecoms)

• [Transport](https://www.ft.com/transport)

Most Read

• [India’s bullet train tangle leaves Japan fuming](https://www.ft.com/content/daa3eb19-b6e8-455c-8ec0-9abc8e66751a)

• [Surge in borrowing costs hits corporate America](https://www.ft.com/content/7c7ccb82-2973-47af-ad9b-b469c6ea0048)

• [Palmer Luckey’s Erebor surges to more than $7bn in deposits since launch](https://www.ft.com/content/42b6fa88-f730-4f8a-a194-8f53d0759aaf)

• [As rivals cut back in Germany, BMW doubles down](https://www.ft.com/content/5c712be4-5b02-4b50-a669-7bea6650cda0)

• [Silicon Valley thinks AI will kill jobs. Economists are not convinced](https://www.ft.com/content/8f783c04-5fc5-43d4-bab2-495ac31806c6)

• [Tech](https://www.ft.com/technology)

Sections

• [Tech Home](https://www.ft.com/technology)

• [Artificial intelligence](https://www.ft.com/artificial-intelligence)

• [Semiconductors](https://www.ft.com/semiconductors)

• [Cyber Security](https://www.ft.com/cyber-security)

• [Social Media](https://www.ft.com/social-media)

Most Read

• [Palmer Luckey’s Erebor surges to more than $7bn in deposits since launch](https://www.ft.com/content/42b6fa88-f730-4f8a-a194-8f53d0759aaf)

• [Silicon Valley thinks AI will kill jobs. Economists are not convinced](https://www.ft.com/content/8f783c04-5fc5-43d4-bab2-495ac31806c6)

• [The dangerous myth behind AI agent hacks](https://www.ft.com/content/7afaf77b-b027-4a0f-8d53-5e88e7d6f5e4)

• [Britain has turned digital ID into a growth industry](https://www.ft.com/content/b3034c7f-e660-412b-87a4-a212539edba2)

• [Wall Street banks launch record $60bn chip deal for Broadcom and Anthropic](https://www.ft.com/content/5b9c8ce3-d07c-46f9-8cea-cbc4e7f8ccca)

• [Markets](https://www.ft.com/markets)

Sections

• [Markets Home](https://www.ft.com/markets)

• [Alphaville](https://www.ft.com/alphaville)

• [Markets Data](https://markets.ft.com/data)

• [Private markets](https://www.ft.com/private-markets)

• [Equities](https://www.ft.com/equities)

• [Bonds](https://www.ft.com/bonds)

• [Currencies](https://www.ft.com/currencies)

• [Commodities](https://www.ft.com/commodities)

• [Crypto](https://www.ft.com/crypto)

• [Monetary Policy Radar](https://professional-monetary-policy-radar.ft.com/)

• [Wealth Management](https://www.ft.com/ft-wealth-management)

• [Moral Money](https://www.ft.com/moral-money)

• [ETF Hub](https://www.ft.com/etf-hub)

• [Asset management](https://www.ft.com/asset-management)

Most Read

• [Surge in borrowing costs hits corporate America](https://www.ft.com/content/7c7ccb82-2973-47af-ad9b-b469c6ea0048)

• [The bond market turns on France](https://www.ft.com/content/9b252b46-a87c-45e7-a09a-45a39ce077b8)

• [S&P 500 hits record high as AI stocks shrug off bond market slump](https://www.ft.com/content/1c1ee003-f041-4c66-a971-f08d488d11f7)

• [Vitol chief warns of tanker shortage and risk of $200-a-barrel oil](https://www.ft.com/content/95db1fbd-4e1f-45cf-b678-c40635f59197)

• [French central bank head warns country at risk of being ‘strangled by interest rates’](https://www.ft.com/content/74c3cc77-1593-4c49-90f9-0d92fa3a2418)

• [Climate](https://www.ft.com/climate-capital)

• [Opinion](https://www.ft.com/opinion)

Sections

• [Opinion Home](https://www.ft.com/opinion)

• [Columnists](https://www.ft.com/columnists)

• [The FT View](https://www.ft.com/ft-view)

• [The Big Read](https://www.ft.com/the-big-read)

• [Lex](https://www.ft.com/lex)

• [Obituaries](https://www.ft.com/obituaries)

• [Letters](https://www.ft.com/letters)

Most Read

• [Sleep has always been a class issue](https://www.ft.com/content/0b4511be-37a8-4de1-bf7d-1718c1f01351)

• [California’s oligarch tax would change America](https://www.ft.com/content/9a46af48-9c69-48bd-a648-2e496486c504)

• [Andy Burnham’s Manchester City problem](https://www.ft.com/content/ffc5d121-9143-4760-86d7-d1a0fc885af4)

• [Putin’s nuclear threats no longer work](https://www.ft.com/content/b49f5459-92fc-4b91-92c4-d8f2a6f87893)

• [We should call time on the ‘end times’](https://www.ft.com/content/cf0b1e96-0005-4ce0-8720-22247b01c3fd)

• [Lex](https://www.ft.com/lex)

• [Work & Careers](https://www.ft.com/work-careers)

Sections

• [Work & Careers Home](https://www.ft.com/work-careers)

• [Business School Rankings](https://rankings.ft.com/business-education)

• [Business Education](https://www.ft.com/business-education)

• [Europe's Start-Up Hubs](https://www.ft.com/content/ab05487c-72f9-4c1c-9acf-07768693b105)

• [Entrepreneurship](https://www.ft.com/entrepreneurship)

• [Recruitment](https://www.ft.com/recruitment)

• [Business Books](https://www.ft.com/business-books)

• [Business Travel](https://www.ft.com/business-travel)

• [Working It](https://www.ft.com/working-it)

Most Read

• [FT and Standard Chartered Business Book of the Year Award 2026 — the shortlist](https://www.ft.com/content/d0b2bf57-56c9-4d49-b721-611fc11df7a4)

• [Citi to speed up promotion path for junior bankers as hiring war heats up](https://www.ft.com/content/41b567dc-50e9-4c41-95bb-e295caaf2340)

• [Cold beer and cash only — Chicago’s dive bars are the real deal](https://www.ft.com/content/85ef01cf-76b1-460d-ac65-99a7873d8703)

• [Football CEO on reviving Wrexham: ‘Now, people see hope’](https://www.ft.com/content/28052f04-c9b6-4f1d-96b8-ee991e47ddbb)

• [Madrid’s high-flying private members’ clubs](https://www.ft.com/content/a5fd05e3-c96d-4e24-afa2-29f4ff99a544)

• [Life & Arts](https://www.ft.com/life-arts)

Sections

• [Life & Arts Home](https://www.ft.com/life-arts)

• [Arts](https://www.ft.com/arts)

• [Books](https://www.ft.com/books)

• [Food & Drink](https://www.ft.com/food-drink)

• [FT Magazine](https://www.ft.com/magazine)

• [House & Home](https://www.ft.com/house-home)

• [Style](https://www.ft.com/style)

• [Puzzles](https://www.ft.com/puzzles-games)

• [Travel](https://www.ft.com/travel)

• [FT Globetrotter](https://www.ft.com/globetrotter)

Most Read

• [How to dress like a man](https://www.ft.com/content/0057606b-626e-4fe3-9dce-e5514460ac4a)

• [Is your nanny annexe luxe enough?](https://www.ft.com/content/6843c0fe-b1cf-46f9-85d6-d1d4a7da6601)

• [Andrew Garfield is a strangely likeable Sam Altman in OpenAI origin story Artificial](https://www.ft.com/content/de189ac0-6fed-4038-b252-01d3f90aaf1e)

• [Blockers: Rebels in the Deep State by Michael Lewis — Doge’s wrecking ball](https://www.ft.com/content/968d9928-fedc-4f33-9d3e-48d54d421c68)

• [Cold beer and cash only — Chicago’s dive bars are the real deal](https://www.ft.com/content/85ef01cf-76b1-460d-ac65-99a7873d8703)

• [How To Spend It](https://www.ft.com/htsi)

• [Stocks Game](https://stockpickinggame.ft.com/)

[Menu](https://www.ft.com/content/d3f5928d-f38c-4666-8f7a-8737f9c45f51?syn-25a6b1a6=1#)[Search](https://www.ft.com/content/d3f5928d-f38c-4666-8f7a-8737f9c45f51?syn-25a6b1a6=1#)

• [Home](https://www.ft.com/)

• [World](https://www.ft.com/world)

• [US](https://www.ft.com/us)

• [Companies](https://www.ft.com/companies)

• [Tech](https://www.ft.com/technology)

• [Markets](https://www.ft.com/markets)

• [Climate](https://www.ft.com/climate-capital)

• [Opinion](https://www.ft.com/opinion)

• [Lex](https://www.ft.com/lex)

• [Work & Careers](https://www.ft.com/work-careers)

• [Life & Arts](https://www.ft.com/life-arts)

• [How To Spend It](https://www.ft.com/htsi)

• [Stocks Game](https://stockpickinggame.ft.com/)

[Financial Times](https://www.ft.com/ "Go to Financial Times homepage")

[Subscribe](https://www.ft.com/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265)[Sign In](https://www.ft.com/login?location=/content/d3f5928d-f38c-4666-8f7a-8737f9c45f51)

Search the FT Search Close search bar Close

Popular Searches

• [What is the latest news on the UK economy?](https://www.ft.com/search?q=What%20is%20the%20latest%20news%20on%20the%20UK%20economy%3F)

• [Western support for Ukraine](https://www.ft.com/search?q=Western%20support%20for%20Ukraine)

• [How will AI be regulated?](https://www.ft.com/search?q=How%20will%20AI%20be%20regulated%3F)

• [UK inflation vs the world](https://www.ft.com/search?q=UK%20inflation%20vs%20the%20world)

• [How will the UK economy fare in 2026?](https://www.ft.com/search?q=How%20will%20the%20UK%20economy%20fare%20in%202026%3F)

> SpaceX looks to raise $40bn to buy Nvidia chips in financing led by Apollo

Subscribe to unlock this article

Save over 40% on Standard Digital

was $540 now $299 for your first year.

Save now on essential digital access to trusted FT journalism on any device. Savings based on annualised monthly price.

[Subscribe for $299](https://www.ft.com/buy/offer/87372855-ead6-49e3-b38e-1065be81bd59?ft-content-uuid=d3f5928d-f38c-4666-8f7a-8737f9c45f51#ref=opportunity-page)What’s included

• Global news & analysis

• Expert opinion

• FT App on Android & iOS

• FT Edit app

• First FT: the day’s biggest stories

• 20+ curated newsletters

• Follow topics and set up personalized alerts

• FT Videos & Podcasts

• 10 monthly gift articles to share

Explore more offers.


Trial

$1 for 4 weeks

Then $75 per month. Complete digital access with exclusive insights and industry deep dives on any device. Cancel anytime during your trial.

[Select](https://www.ft.com/buy/offer/41218b9e-c8ae-c934-43ad-71b13fcb4465?ft-content-uuid=d3f5928d-f38c-4666-8f7a-8737f9c45f51#ref=opportunity-page)What's included

• Global news & analysis

• Expert opinion

• FT App on Android & iOS

• FT Edit: Access on iOS and web

• FirstFT: the day's biggest stories

• 20+ curated newsletters

• Follow topics & set alerts with myFT

• FT Videos & Podcasts

• 20 monthly gift articles to share

• Lex: FT's flagship investment column

• 15+ Premium newsletters by leading experts

• FT Digital Edition: our digitised print edition


Premium Digital

Complete coverage

$75 per month

Complete digital access with exclusive insights and industry deep dives on any device.

[Select](https://www.ft.com/buy/offer/713f1e28-0bc5-8261-f1e6-eebab6f7600e?ft-content-uuid=d3f5928d-f38c-4666-8f7a-8737f9c45f51#ref=opportunity-page)What's included

• Global news & analysis

• Expert opinion

• FT App on Android & iOS

• FT Edit: Access on iOS and web

• FirstFT: the day's biggest stories

• 20+ curated newsletters

• Follow topics & set alerts with myFT

• FT Videos & Podcasts

• 20 monthly gift articles to share

• Lex: FT's flagship investment column

• 15+ Premium newsletters by leading experts

• FT Digital Edition: our digitised print edition


Print

Save over 65%

was $409 now $129 for your first year

Save now on our curated print edition delivered Monday – Saturday* plus our digitised print replica. Savings based on annual price.

[Select](https://www.ft.com/buy/offer/4873ed61-efe5-45ad-b818-ff57d2844919?ft-content-uuid=d3f5928d-f38c-4666-8f7a-8737f9c45f51#ref=opportunity-page)What's included

• Weekday Print Edition

• FT Weekend

• FT Digital Edition: our digitised print edition

• Global news & analysis

• Expert opinion

• Special features

• Exclusive FT analysis

Check whether you already have free access via your [university](https://university-subscription-finder.ft.com/?segmentId=a0e9a794-4c6d-bb35-e4dc-8bd409e0f54f&ft-content-uuid=d3f5928d-f38c-4666-8f7a-8737f9c45f51) or [organisation.](https://subs.enterprise.ft.com/en-gb/licence-finder/?segmentId=9fb23d7d-afe4-12f3-3eaa-ff7a41e9d073&ft-content-uuid=d3f5928d-f38c-4666-8f7a-8737f9c45f51)

[Terms & Conditions](https://help.ft.com/legal-privacy/terms-and-conditions/) apply

*Hand delivery availability confirmed when you enter your address.

Explore our full range of subscriptions.

For individuals

Discover all the plans currently available in your country

[Digital](https://subs.ft.com/spa3_digital_v2?ft-content-uuid=d3f5928d-f38c-4666-8f7a-8737f9c45f51)[Print](https://subs.ft.com/spa3_uk3m?ft-content-uuid=d3f5928d-f38c-4666-8f7a-8737f9c45f51)[Print + Digital](https://subs.ft.com/bundleoptions?ft-content-uuid=d3f5928d-f38c-4666-8f7a-8737f9c45f51)

For multiple readers

Digital access for organisations. Includes exclusive features and content.

[FT Professional](https://professional.ft.com/en-gb/services/professional-subscriptions/?segmentId=8ac1f4a9-6888-8ffa-13aa-f337ac9a4e03&ft-content-uuid=d3f5928d-f38c-4666-8f7a-8737f9c45f51)

[Find out why](https://subs.ft.com/whytheft?ft-content-uuid=d3f5928d-f38c-4666-8f7a-8737f9c45f51)

Useful links

Support

[Help Centre](https://help.ft.com/)[Contact Us](https://aboutus.ft.com/contact-us)[About Us](https://www.ft.com/aboutus)[Accessibility](https://www.ft.com/accessibility)[Careers](https://aboutus.ft.com/en-gb/careers/)[Suppliers](https://aboutus.ft.com/suppliers)

Legal & Privacy

[Terms & Conditions](https://help.ft.com/help/legal-privacy/terms-conditions/)[Privacy Policy](https://help.ft.com/help/legal-privacy/privacy/)[Cookie Policy](https://help.ft.com/help/legal-privacy/cookies/)[Manage Cookies](https://www.ft.com/preferences/manage-cookies)[Copyright](https://help.ft.com/help/legal-privacy/copyright/copyright-policy/)[Slavery Statement & Policies](https://help.ft.com/help/legal/slavery-statement/)

Services

[Share News Tips Securely](https://www.ft.com/securedrop)[Individual Subscriptions](https://www.ft.com/products)[Professional Subscriptions](https://professional.ft.com/en-gb/services/professional-subscriptions?segmentId=383c7f[%E2%80%A6]4-b62d-cb33-4c278e6fdf61&cpccampaign=B2B_link_ft.com_footer)[Republishing](https://professional.ft.com/en-gb/services/republishing/)[Executive Job Search](https://www.exec-appointments.com/)[Advertise with the FT](https://commercial.ft.com/)[Follow the FT on X](https://twitter.com/ft)[FT Channels](https://channels.ft.com/)[FT Schools](https://enterprise.ft.com/en-gb/services/group-subscriptions/secondary-education/)

Tools

[Portfolio](https://markets.ft.com/data/portfolio/dashboard)[FT App](https://applink.ft.com/A6lV/2khsqyrh)[FT Digital Edition](https://digitaleditionapp.ft.com/i9DX/259czdht)[FT Edit](https://applink.ft.com/A6lV/1rpyg617)[Alerts Hub](https://markets.ft.com/data/alerts/)[Business School Rankings](https://rankings.ft.com/business-education)[Subscription Manager](https://subscription-manager.ft.com/)[News feed](https://www.ft.com/news-feed)[Newsletters](https://www.ft.com/newsletters)[Currency Converter](https://markets.ft.com/data/currencies)

Community & Events

[FT Live Events](https://events.ft.com/events-list)[FT Forums](https://forums.live.ft.com/)[FT Leaders Academy](https://leadersacademy.ft.com/)

[More from the FT Group](https://ft.com/more-from-ft-group)

Markets data delayed by at least 15 minutes. © THE FINANCIAL TIMES LTD 2026. FT and ‘Financial Times’ are trademarks of The Financial Times Ltd.

The Financial Times and its journalism are subject to a self-regulation regime under the [FT Editorial Code of Practice](https://aboutus.ft.com/en-gb/ft-editorial-code/).

Close side navigation menu Edition:International[UK](https://www.ft.com/?edition=uk)

Search the FT Search

[Subscribe for full access](https://www.ft.com/products?segmentId=4526c036-7527-ab37-9a29-0b0403fa0b5f)

Top sections

• [Home](https://www.ft.com/)

• [World](https://www.ft.com/world)Show more World

• [Middle East war](https://www.ft.com/middle-east-war)

• [Global Economy](https://www.ft.com/global-economy)

• [UK](https://www.ft.com/world-uk)

• [US](https://www.ft.com/us)

• [China](https://www.ft.com/china)

• [Africa](https://www.ft.com/africa)

• [Asia Pacific](https://www.ft.com/asia-pacific)

• [Emerging Markets](https://www.ft.com/emerging-markets)

• [Europe](https://www.ft.com/europe)

• [War in Ukraine](https://www.ft.com/war-in-ukraine)

• [Americas](https://www.ft.com/americas)

• [Middle East & North Africa](https://www.ft.com/middle-east-north-africa)

• [US](https://www.ft.com/us)Show more US

• [US Economy](https://www.ft.com/us-economy)

• [US Companies](https://www.ft.com/us-companies)

• [US Politics & Policy](https://www.ft.com/us-politics-policy)

• [Companies](https://www.ft.com/companies)Show more Companies

• [Energy](https://www.ft.com/energy)

• [Financials](https://www.ft.com/financials)

• [Health](https://www.ft.com/health)

• [Industrials](https://www.ft.com/industrials)

• [Media](https://www.ft.com/media)

• [Professional Services](https://www.ft.com/professional-services)

• [Retail & Consumer](https://www.ft.com/retail-consumer)

• [Tech Sector](https://www.ft.com/technology-sector)

• [Telecoms](https://www.ft.com/telecoms)

• [Transport](https://www.ft.com/transport)

• [Tech](https://www.ft.com/technology)Show more Tech

• [Artificial intelligence](https://www.ft.com/artificial-intelligence)

• [Semiconductors](https://www.ft.com/semiconductors)

• [Cyber Security](https://www.ft.com/cyber-security)

• [Social Media](https://www.ft.com/social-media)

• [Markets](https://www.ft.com/markets)Show more Markets

• [Alphaville](https://www.ft.com/alphaville)

• [Markets Data](https://markets.ft.com/data)

• [Private markets](https://www.ft.com/private-markets)

• [Equities](https://www.ft.com/equities)

• [Bonds](https://www.ft.com/bonds)

• [Currencies](https://www.ft.com/currencies)

• [Commodities](https://www.ft.com/commodities)

• [Crypto](https://www.ft.com/crypto)

• [Monetary Policy Radar](https://professional-monetary-policy-radar.ft.com/)

• [Wealth Management](https://www.ft.com/ft-wealth-management)

• [Moral Money](https://www.ft.com/moral-money)

• [ETF Hub](https://www.ft.com/etf-hub)

• [Asset management](https://www.ft.com/asset-management)

• [Climate](https://www.ft.com/climate-capital)

• [Opinion](https://www.ft.com/opinion)Show more Opinion

• [Columnists](https://www.ft.com/columnists)

• [The FT View](https://www.ft.com/ft-view)

• [The Big Read](https://www.ft.com/the-big-read)

• [Lex](https://www.ft.com/lex)

• [Obituaries](https://www.ft.com/obituaries)

• [Letters](https://www.ft.com/letters)

• [Lex](https://www.ft.com/lex)

• [Work & Careers](https://www.ft.com/work-careers)Show more Work & Careers

• [Business School Rankings](https://rankings.ft.com/business-education)

• [Business Education](https://www.ft.com/business-education)

• [Europe's Start-Up Hubs](https://www.ft.com/content/ab05487c-72f9-4c1c-9acf-07768693b105)

• [Entrepreneurship](https://www.ft.com/entrepreneurship)

• [Recruitment](https://www.ft.com/recruitment)

• [Business Books](https://www.ft.com/business-books)

• [Business Travel](https://www.ft.com/business-travel)

• [Working It](https://www.ft.com/working-it)

• [Life & Arts](https://www.ft.com/life-arts)Show more Life & Arts

• [Arts](https://www.ft.com/arts)

• [Books](https://www.ft.com/books)

• [Food & Drink](https://www.ft.com/food-drink)

• [FT Magazine](https://www.ft.com/magazine)

• [House & Home](https://www.ft.com/house-home)

• [Style](https://www.ft.com/style)

• [Puzzles](https://www.ft.com/puzzles-games)

• [Travel](https://www.ft.com/travel)

• [FT Globetrotter](https://www.ft.com/globetrotter)

• [Personal Finance](https://www.ft.com/personal-finance)Show more Personal Finance

• [Property & Mortgages](https://www.ft.com/mortgages)

• [Investments](https://www.ft.com/investments)

• [Pensions](https://www.ft.com/pensions)

• [Tax](https://www.ft.com/tax)

• [Banking & Savings](https://www.ft.com/banking-savings)

• [Advice & Comment](https://www.ft.com/advice-comment)

• [How To Spend It](https://www.ft.com/htsi)

• [Special Reports](https://www.ft.com/special-reports)

• [Stocks Game](https://stockpickinggame.ft.com/)

FT recommends

• [Alphaville](https://www.ft.com/alphaville)

• [FT Edit](https://www.ft.com/ft-edit)

• [Lunch with the FT](https://www.ft.com/lunch-with-the-ft)

• [FT Globetrotter](https://www.ft.com/globetrotter)

• [#techAsia](https://www.ft.com/tech-asia)

• [Moral Money](https://www.ft.com/moral-money)

• [Visual and data journalism](https://www.ft.com/visual-and-data-journalism)

• [Newsletters](https://www.ft.com/newsletters)

• [Video](https://www.ft.com/video)

• [Podcasts](https://www.ft.com/podcasts)

• [News feed](https://www.ft.com/news-feed)

• [FT Schools](https://www.ft.com/ft-schools)

• [FT Live Events](https://events.ft.com/events-list)

• [FT Forums](https://forums.live.ft.com/)

• [FT Leaders Academy](https://leadersacademy.ft.com/)

• [myFT](https://www.ft.com/myft)

• [Portfolio](https://markets.ft.com/data/portfolio/dashboard)

• [FT Digital Edition](https://digitaleditionapp.ft.com/i9DX/259czdht)

• [Crossword](https://www.ft.com/crossword)

• [Our Apps](https://subs.ft.com/ft-app)

• [Help Centre](https://help.ft.com/)

• [Subscribe](https://www.ft.com/products?segmentId=d290332b-e8e8-d29b-2ff4-2019b13f008a)

• [Sign In](https://www.ft.com/login?location=/content/d3f5928d-f38c-4666-8f7a-8737f9c45f51)