Bloomberg: SpaceX’s $1.75 billion IPO blocks investors from China and Hong Kong to prevent sensitive Starlink defense information from leaking

According to the latest market news, aerospace giant SpaceX is about to launch an initial public offering (IPO) with a scale of $75 billion, with a target valuation of up to $1.75 trillion. However, due to issues related to U.S. national security and export controls on critical technology, the underwriting banks have been instructed to completely reject subscription orders from investors in mainland China and Hong Kong.
(Background: S&P refuses to loosen principles for SpaceX: the largest IPO in history still has to wait a year before qualifying for the S&P 500)
(Additional background: Ark Capital: SpaceX alone, with Starlink, is enough to support a $2 trillion valuation, with an estimated valuation of $2.5 trillion by 2030)

The competition between China and the U.S. in technology and space fields is intensifying further. The globally watched American aerospace giant SpaceX (expected stock ticker: SPCX) is actively pushing forward with its IPO plan, which is hailed as the largest listing in history, and is expected to go public as early as mid-month.

However, according to the latest news from Bloomberg on June 5, 2026, this capital feast has been confirmed to exclude investors from mainland China and Hong Kong. Leading underwriters such as Goldman Sachs and JPMorgan have issued clear instructions to strictly prohibit accepting any subscription orders from clients in China and Hong Kong (including private banking clients).

Crossing the national security red line to prevent the outflow of Starlink technology

The core consideration of this ban is strict compliance and regulatory risk. SpaceX owns highly sensitive satellite network projects such as Starlink and Starshield, and has deep contractual relationships with the U.S. Department of Defense and government agencies. Therefore, the company's technology is strictly regulated under the U.S. International Traffic in Arms Regulations (ITAR), which aims to restrict the export of critical and dual-use military and civilian technologies.

In fact, to prevent technology leakage, SpaceX’s official website and IPO-related documents have long been protected through Cloudflare’s IP blocking technology, making it impossible for internet users in China and Hong Kong to access directly. Although some investors from China and Hong Kong may attempt to seek indirect exposure through overseas funds or partners, such operations face heavy restrictions and high geopolitical risks, demonstrating that U.S. government scrutiny of foreign investment in defense-related companies has reached an unprecedented level.

Valuation of $1.75 trillion, Musk tightly retains absolute control

Setting aside geopolitical disputes, SpaceX’s IPO scale is considered historic. The company plans to issue approximately 556 million shares at a fixed price of $135 per share, aiming to raise about $75 billion, pushing its overall valuation to around $1.75 trillion. After completing a historic merger with AI company xAI, SpaceX’s business scope now spans rocket launches, satellite communications, and orbital AI infrastructure.

However, this highly anticipated prospectus also clearly indicates potential risks in governance structure. To maintain absolute control over this super-giant enterprise, CEO Elon Musk will continue to hold up to 85% of the voting rights through a dual-class share structure after going public. As the roadshow heats up, this space dominance and cutting-edge AI technology giant is undoubtedly set to become the most geopolitically discussed topic on the Nasdaq market this year.