CommSec Targets US Tech IPOs for Australian Investors

CommSec, the retail brokerage arm of Commonwealth Bank of Australia (CBA), is stepping up efforts to bring US initial public offerings (IPOs) to local investors. The unit, which serves nearly 3 million clients, aims to meet growing demand for exposure to the global technology sector.

The strategy builds on CommSec’s lead role in distributing Elon Musk’s SpaceX US$75 billion listing in June. The broker received a record 28,000 applications for that IPO—four times the volume of its largest previous Australian offering—highlighting strong client appetite for international tech names.

Managing Director James Fowle indicated the SpaceX deal could serve as a template for future transactions. “We are keen to play a greater role connecting customers with listings from around the world, especially the US,” he said. Fowle noted that Australian investors specifically seek international tech exposure because the local market is skewed toward resources and financials. Information technology companies represent only 2.1% of the ASX 200, versus 38% of the US S&P 500.

CommSec data shows Tesla and Nvidia are among the most-traded international stocks for its clients. The drive for tech exposure has also pushed Australian investors into local data-centre linked stocks such as NEXTDC, Megaport and Infratil, which have generally outperformed the ASX index. While the ASX has been largely unchanged this year, the MSCI World Index gained nearly 10%.

CommSec did not disclose the final number of SpaceX shares allocated. SpaceX shares recently dipped below their IPO price for the first time. CommSec contributed US$339 million in net interest and other operating income to CBA’s balance sheet in 2025.