According to Bloomberg, citing people familiar with the matter, underwriters of SpaceX's approximately $75 billion initial public offering have been told not to accept subscription orders from investors in mainland China and Hong Kong. The move is linked to U.S. restrictions on the export of critical technology, shutting out these investors from one of the most anticipated listings in recent memory.
The lead bank managing the deal has further informed other members of the underwriting syndicate that clients from mainland China and Hong Kong, including private banking clients, are barred from placing orders. The decision is said to be driven by regulatory and compliance risk considerations, and the arrangement has not yet been publicly disclosed.
SpaceX, the American aerospace giant, operates in highly sensitive areas such as reusable rockets and the Starlink satellite network, which are subject to strict U.S. export control regulations. This IPO restriction underscores how technology export controls can directly shape access to capital markets, limiting participation from certain regions.