finance
SpaceX Seeks $75 Billion IPO Valuation, Bars China and Hong Kong Investors
SpaceX instructed underwriters to exclude investors based in China and Hong Kong from its planned share sale. The restrictions follow U.S. defense export rules and reflect broader caution among U.S. technology firms.
Jun 5, 7:34 AM·1m read5 sources
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benzinga.comAudio version
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SpaceX directed its underwriters to reject orders from investors in China and Hong Kong for the company's planned $75 billion initial public offering. The company also restricted access to its IPO website and slide deck from parts of Hong Kong and Shanghai.
The restrictions align with U.S. rules that limit the transfer of certain defense-related technologies to foreign entities. SpaceX has not issued a public statement explaining the full scope of the measures.
The move follows a pattern of U.S. technology companies limiting capital from China over national security and data concerns. Goldman Sachs and JPMorgan, the lead banks for the offering, instructed syndicate members not to accept orders from China- and Hong Kong-based customers.
SpaceX plans to sell about 555.6 million shares at $135 each, targeting a valuation near $1.8 trillion. Earlier reports indicated the IPO materials were inaccessible in the two jurisdictions on the day the roadshow began.
