The Sino-US tech rivalry is escalating further. SpaceX (expected ticker: SPCX) is rapidly advancing its initial public offering, which is poised to be the largest in history, potentially listing as soon as mid-month. However, according to Bloomberg on June 5, 2026, the capital feast has explicitly locked out investors from China and Hong Kong.
Goldman Sachs and JPMorgan Ban Orders, Blocking Capital from China and Hong Kong
Lead underwriters Goldman Sachs and JPMorgan have received clear instructions: prohibit any subscription orders from clients in China and Hong Kong, including private banking clients. The ban stems from stringent compliance and regulatory risks. SpaceX operates highly sensitive satellite network projects such as Starlink and Starshield, holding deep contractual ties with the U.S. Department of Defense and government agencies. Consequently, the company's technology is governed by the International Traffic in Arms Regulations (ITAR), which strictly limits the export of critical dual-use technologies.
In fact, to prevent technology leakage, SpaceX's website and IPO documents have long employed Cloudflare's IP blocking to deny access from Chinese and Hong Kong networks. Although some investors in these regions might attempt indirect exposure via offshore funds or partners, such maneuvers face severe restrictions and elevated geopolitical risks, reflecting an unprecedented level of scrutiny by the U.S. government over foreign ownership in defense-related enterprises.
Valuation at $1.75 Trillion, Musk Holds 85% Super-Voting Rights
Geopolitical issues aside, the scale of SpaceX's IPO is historic. The company plans to price shares at $135 each, issuing approximately 555.6 million shares to raise about $75 billion, pushing its total valuation to roughly $1.75 trillion. Following the earlier mega-merger with AI firm xAI, SpaceX's business now spans rocket launches, satellite communications, and orbital AI infrastructure.
However, the prospectus also highlights governance risks. To maintain absolute control over the corporate behemoth, CEO Elon Musk will retain up to 85% of total voting power through a dual-class share structure. As the roadshow heats up, this giant combining space dominance and cutting-edge AI is set to become the most geopolitically charged focus on Nasdaq this year.