We have characterized somatomedin‐C/insulin‐like growth factor I (Sm‐C/IGF‐I) receptors in cultured pig Leydig cells by binding and cross‐linking affinity experiments. At equilibrium the dissociation constant and the number of binding sites per cell were 1.8 ± 0.2 × 10−9 M and 12200 ± 3200 respectively. Under reducing conditions, disuccinimidyl suberate cross‐linked 125I‐Sm‐C to one receptor complex with apparent Mr= 120000. Continuous treatment of Leydig cells with increasing concentrations of human chorionic gonadotropin (hCG) for 48 h resulted in a dose‐dependent (ED50 0.05 nM) increment in IGF type I receptors (2.5–3‐fold increase). Conversely, treatment of Leydig cells for 48 h with increasing concentrations of Sm‐C/IGF‐I produced a 3–4‐fold increase in hCG receptors. This effect was dose‐dependent (ED50= 7 ng/ml). Sm‐C/IGF‐I treatment also enhanced Leydig cell responsiveness to hCG for both cAMP (6‐fold) and testosterone (8‐fold). Moreover the stimulatory effects of Sm‐C/IGF‐I on cells cultured either in the absence or presence of 5% human serum from an hypopituitary patient were inhibited by anti‐(Sm‐C/IGF‐I) antibodies. Taken together these results not only show that Leydig cells must be considered as targets for Sm‐C/IGF‐I, but also lend support to the possibility that Sm‐C/IGF‐I plays a role in the regulation of Leydig cell function. Moreover, they suggest that Sm‐C/IGF‐I might be responsible for the delayed puberty observed in some patients with isolated growth hormone deficiency.