SpaceX is planning a public offering expected to raise about $75 billion, valuing the company around $1.75 trillion and placing it among the top 10 most valuable U.S.-listed firms [1, 2, 3, 4, 5, 6, 7, 8]. The firm began its IPO roadshow on June 4 in New York, making marketing materials available online globally except for mainland China and Hong Kong, where the materials were unreachable [1, 5, 6].
Since at least June 5, users in China and Hong Kong attempting to access SpaceX's website and IPO documents have encountered an "Error 1009" message. This error indicates that Cloudflare, the website's security provider, confirmed the site owner has banned IP addresses from these regions [1, 5, 6]. Francis Fong, honorary president of the Hong Kong Information Technology Federation, said, "Such a block is usually a company decision" [1].
Media reports from Bloomberg and others state that SpaceX's IPO underwriters, which include Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan, have instructed syndicate banks not to accept orders from investors based in China or Hong Kong. The firms cited regulatory and compliance risks related to U.S. export controls as the reason for the restrictions [2, 3, 4, 7, 8].
The limits are believed tied to SpaceX's position as a U.S. defense contractor and the requirements of the International Traffic in Arms Regulations (ITAR), which governs exports of defense-related technology and technical data [2, 3, 4, 7, 8]. Jeffery Chan, managing director of Central Asset Investments, said in Chinese that the access restrictions likely relate to SpaceX's dual role as a defense contractor and that Chinese investors were not the company's primary fundraising target [2].
In February 2026, two Democratic senators requested the Department of Defense to investigate possible covert Chinese ownership in SpaceX on national security grounds. This heightened scrutiny likely contributed to the investment restrictions [2, 3, 4, 6].
Some market experts suggest the Chinese market was not the main focus for SpaceX’s IPO, and the blocks are precautionary given China's closely regulated space sector with military ties [2, 3, 4].
SpaceX’s IPO roadshow and marketing in New York continue this week, but access for Chinese and Hong Kong users remains blocked, and underwriters will not accept subscription orders from these regions due to regulatory compliance concerns [1, 5, 6, 7, 8].
