<div id="readability-page-1"><div><p>[HONG KONG/NEW YORK] Underwriters on SpaceX’s US$75 billion initial public offering have been told not to accept orders from investors in Hong Kong and China, citing US restrictions around the export of critical technology, people with knowledge of the matter said.</p><p>The lead banks overseeing the deal have told other banks in the underwriting syndicate not to permit customers in Hong Kong and China, including private banking clients, to place orders for the offering due to regulatory and compliance risks, the people said, asking not to be identified as the matter is private.</p><p>Banks were told the decision was driven by internal guidance related to the US International Traffic in Arms Regulations, which governs exports of defence-related technologies and technical data, some of the people said.</p><p>Goldman Sachs Group and Morgan Stanley, the lead banks on the deal, did not immediately respond to a request for comment. A representative for SpaceX could not immediately be reached for comment outside of regular office hours.</p><p>SpaceX’s website was inaccessible from Hong Kong and Shanghai on Friday (Jun 5), with attempts to do so resulting in an error message that said the company had banned access from Internet addresses from those locations.</p><p>US technology and artificial intelligence companies have become increasingly cautious about accepting capital from Chinese investors in recent years, reflecting heightened scrutiny from regulators and customers over potential national security and data-security risks.</p><div><div><div><p>SEE ALSO</p><div><div><div><div><p><img height="3280" src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/5f28e00642bba1d5b2ed8864afc9722ecf062ca114a2440f82730e4d11d72e3d/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="4921" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/5f28e00642bba1d5b2ed8864afc9722ecf062ca114a2440f82730e4d11d72e3d/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p></div><p></p><h3><span>CEO Jamie Dimon to pitch JPMorgan’s ultra-rich clients on SpaceX IPO</span></h3><p></p></div></div><div><div><div><p><img height="2968" src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/fec71eb0e1365e43b6e8d05c93bba68c43c161b9571302883162e35a66fd6389/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="4452" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/fec71eb0e1365e43b6e8d05c93bba68c43c161b9571302883162e35a66fd6389/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p></div><p></p><h3><span>SpaceX seeks US$75 billion in record IPO to fund AI, launch</span></h3><p></p></div></div><div><div><div><p><img height="2968" src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/fec71eb0e1365e43b6e8d05c93bba68c43c161b9571302883162e35a66fd6389/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="4452" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/fec71eb0e1365e43b6e8d05c93bba68c43c161b9571302883162e35a66fd6389/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p></div><p></p><h3><span>SpaceX lowers IPO valuation target to at least US$1.8 trillion</span></h3><p></p></div></div></div></div></div><div><div><h3>Asean Intelligence</h3><p>Get insights into businesses across South-east Asia</p><p>Get the free report</p></div></div></div><p>Companies pursuing government contracts or operating in sensitive sectors often seek to keep their shareholder base free of investors that could trigger reviews by US authorities or raise concerns among prospective clients.</p><p>The shift marks a contrast with the previous decade, when Chinese venture capital firms, private equity funds, family offices and wealthy individuals were active investors in Silicon Valley startups. Many participated through offshore special purpose vehicles and fund structures that obscured the ultimate source of capital, allowing them to back high-growth technology companies alongside global investors.</p><p>As geopolitical tensions between Washington and Beijing have intensified, however, founders and underwriters have become more selective about cap tables ahead of public listings, with some companies actively reducing or avoiding Chinese ownership altogether. BLOOMBERG</p><div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. <span>Sign up here to get Decoding Asia newsletter.</span> Delivered to your inbox. Free.</p></div></div></div>

SpaceX has filed its S-1: priced at $135 per share, valuation $1.77T, with 555.6M shares on offer for up to $75B in proceeds. Pricing on 6/11, Nasdaq debut on 6/12, set to be the largest IPO ever. The valuation alone puts SpaceX above Berkshire as the seventh-largest US-listed company, surpassing Tesla ($1.6T). At $135, are you in?

<p><span style="background-color:rgb(253,253,252);color:rgb(110,108,104);">SpaceX has filed its S-1: priced at $135 per share, valuation $1.77T, with 555.6M shares on offer for up to $75B in proceeds. Pricing on 6/11, Nasdaq debut on 6/12, set to be the largest IPO ever. The valuation alone puts SpaceX above Berkshire as the seventh-largest US-listed company, surpassing Tesla ($1.6T). At $135, are you in?</span></p>

SpaceX IPO Week: $135, Are You In?

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<p>Underwriters for SpaceX's $75 billion IPO have been instructed to reject orders from investors in Hong Kong and China due to US export control regulations regarding critical technology. This decision, driven by compliance risks under the International Traffic in Arms Regulations, reflects heightened geopolitical scrutiny. Consequently, SpaceX has also blocked website access from these regions, marking a shift from previous openness to Chinese capital in Silicon Valley startups.</p>

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Chinese, HK investors banned from SpaceX IPO on security grounds: sources