On June 5, Bloomberg cited people familiar with the matter saying that underwriters for SpaceX’s roughly $75 billion initial public offering have been told not to accept subscription orders from investors in mainland China and Hong Kong. The ban extends to all client types, including private banking clients.
The restriction stems directly from U.S. export controls on critical technologies. Given the sensitive nature of SpaceX’s work in rocketry and satellite communications, the underwriting banks are proactively barring clients from the affected regions to manage regulatory and compliance risks. The lead bank has communicated the directive to other syndicate members.
The arrangement has not been publicly disclosed. As one of the world’s most highly valued private space exploration companies, SpaceX’s IPO facing such a regional restriction highlights the complex interplay between technology policy and cross-border capital flows between the U.S. and China.