British Mobile Tech Unicorn Nothing Remains Non Committal on London IPO Plans

Nothing, the British smartphone manufacturer founded in 2020, has declined to commit to a London Stock Exchange listing despite government efforts to revitalise the UK’s flagging public markets. The company, which is on track to double its annual sales to $1 billion this year, represents a significant test case for Britain’s ability to retain high-growth technology companies.

Carl Pei, founder and chief executive of Nothing, stated that the company maintains an open-minded approach regarding its initial public offering venue, which is planned within the next three years. The decision between London and New York will ultimately depend on market conditions and the optimal outcome for shareholders, employees, and the company’s long-term prospects.

The announcement delivers a notable setback to the London Stock Exchange, which has struggled to compete with American capital markets for technology listings. The disparity in available capital and sector expertise between London and New York continues to drive British technology firms towards transatlantic listings, a trend that successive governments have sought to reverse.

In an attempt to bolster London’s competitiveness, the recent Budget eliminated stamp duty on shares of newly listed businesses. However, this fiscal incentive appears insufficient to guarantee Nothing’s commitment to a domestic listing. Pei emphasised that the company must develop its management capabilities, operational processes, and corporate governance structures before proceeding with any public offering, regardless of location.

Nothing has distinguished itself through an unconventional funding approach that combines institutional investment with community participation. The company recently completed an $8 million community funding round, attracting 5,000 new retail investors at a $1.3 billion valuation. The cumulative community investment programme has now attracted 13,000 participants who have collectively invested over $16 million.

Pei acknowledged that community fundraising creates substantially more administrative complexity than traditional institutional rounds, generating comparatively minimal capital whilst requiring extensive investor communication and management. Nevertheless, the company values this approach as a talent identification mechanism and a method to engage passionate supporters who can contribute beyond financial capital.

The community investment structure includes a unique governance element whereby retail investors can elect a representative to serve on Nothing’s board for a one-year term. This arrangement, whilst occasionally challenging during difficult periods, provides management with direct consumer insights that inform strategic decision-making.

The bulk of Nothing’s capitalisation derives from institutional sources. In September, the company secured a $200 million Series C funding round led by Tiger Global, with participation from GV, Highland Europe, EQT, and Qualcomm Ventures. This substantial institutional backing positions Nothing as one of Europe’s most prominent consumer technology hardware ventures.

Pei’s background includes co-founding OnePlus, the Chinese smartphone manufacturer that achieved significant market penetration through aggressive pricing and community engagement strategies. Since launching its first smartphone in 2022, Nothing has positioned itself as the fastest-growing smartphone and consumer audio brand globally, according to company claims.

The company’s trajectory illustrates both the potential and challenges facing British technology hardware businesses. Whilst Nothing has achieved rapid growth and attracted substantial venture capital, its reluctance to commit to a London listing underscores persistent concerns about the depth and sophistication of UK public markets relative to American alternatives.

The IPO decision will likely reflect broader market dynamics over the coming years, including regulatory developments, investor appetite for consumer technology hardware, and the relative valuations achievable in different jurisdictions. For the London Stock Exchange and UK policymakers, Nothing’s eventual choice will serve as a bellwether for Britain’s competitiveness in retaining high-growth technology companies.