NEW YORK, June 5, 2026, 10:04 EDT
According to Bloomberg News on Friday, SpaceX’s underwriters are blocking investors from China and Hong Kong from participating in the rocket company’s upcoming IPO—an offering already positioned to become the biggest stock-market debut ever. Reuters said it could not independently verify the Bloomberg report; a Goldman Sachs spokesperson declined to comment, and Morgan Stanley didn’t respond to requests for comment.
Timing is in focus. On Thursday, SpaceX kicked off investor meetings in New York for its initial public offering—the company’s first pitch to public shareholders—targeting as much as $75 billion from the deal and a valuation near $1.75 trillion for Elon Musk’s firm. Banks are still building the book, while index providers and retail platforms weigh just how much room to make for both institutional and everyday investors.
SpaceX’s website and IPO marketing documents were blocked in both Hong Kong and mainland China on Friday, Reuters reported. Yet across other large Asian markets, users didn’t have trouble accessing the same materials. These documents are key for investors looking to understand a company’s business, financials, and risk factors before jumping in.
Back on May 20, a Bloomberg newsletter highlighted the banks on the deal, Musk’s grip on the company, and the all-important SpaceX financials ahead of the filing. Now, the focus has shifted—investors are parsing allocation, zeroing in on pricing, and digging into market mechanics.
According to filings and recent reports, the company is looking to offload 555.6 million Class A shares, pegged at an indicative $135 apiece. SpaceX has filed to list on both Nasdaq and Nasdaq Texas with the ticker “SPCX.” Trading is slated to kick off June 12, following the final pricing on June 11. SEC
Sticking with a single price is a rare move for an IPO. Typically, companies lay out a range, then adjust after gauging demand through investor meetings. Not SpaceX. The company told banks it wasn’t budging from $135 a share, people familiar with the process told Reuters, though they also flagged that the plan could still shift ahead of the pricing.
Weiheng Chen, senior partner at Wilson Sonsini Goodrich & Rosati in Hong Kong, told Reuters there’s no regulation blocking SpaceX’s move. “Musk is simply taking a ‘take-it-or-leave-it’ approach,” Chen said, noting that it’s effective thanks to Musk’s fan base, current market sentiment, and the absence of real comparable deals. Reuters
If the China and Hong Kong restriction holds, that’s one less stream of demand just as the sale hits a sensitive stage. Francis Fong, honorary president at the Hong Kong Information Technology Federation, told Reuters that the error message users saw typically signals a corporate block. For local retail buyers, direct access is going to be “incredibly tough,” said Jeffery Chan at Central Asset Investments. Regional funds? They’ll probably stick to the usual U.S. bookbuilding route. Reuters
The deal is structured as all-primary, so every dollar raised heads straight to SpaceX—not a payout for current shareholders. SpaceX plans to direct the proceeds toward AI computing infrastructure, launch systems, satellite constellations, and other general corporate needs, the Australian prospectus filed with the SEC shows.
Still, the pitch has some glaring holes. SpaceX ended 2025 with a $4.94 billion net loss, despite revenue climbing to $18.67 billion. S&P Global isn’t budging on its index entry rules, so a quick S&P 500 inclusion is off the table—the company must still meet profitability and other criteria.
The AI narrative is doing most of the heavy lifting on valuation. Goldman Sachs, per the Financial Times, sees SpaceX’s AI division revenue jumping from $3.2 billion in 2025 to $322 billion by 2030. Morgan Stanley, as cited in the Wall Street Journal, pegs total SpaceX revenue at a possible $3.4 trillion by 2040. Both firms are underwriters on the deal; Reuters noted it couldn’t independently verify the figures.
Competition is central to the whole pitch. SpaceX’s potential listing serves as a bellwether for heavyweight private tech names like OpenAI and Anthropic, yet on the launch and satellite side, the company still contends with Blue Origin and various state-backed challengers. Right now, the question isn’t whether investors are familiar with Musk. It’s about the price they’ll accept—and which names make it into the order book.
