Goldman, JPM Block China, Hong Kong Investors From SpaceX IPO

SpaceX’s institutional roadshow kicked off Thursday, with JPMorgan CEO Jamie Dimon hosting a “live interactive discussion” for ultra-wealthy clients across 90 JPM locations in 26 states. Shortly after, SpaceX’s IPO slide deck was made public, likely in a bid to supercharge retail demand for what could be the largest public listing in history. However, one key investor pool appears to be shut out: China and Hong Kong.

Bloomberg News reports that SpaceX’s underwriters have blocked investors in China and Hong Kong from participating in the company’s planned IPO, citing regulatory and compliance concerns.

Goldman Sachs and JPM, the lead banks managing the $75 billion offering, instructed syndicate members not to accept orders from China- and Hong Kong-based customers, including private banking clients.

In total, SpaceX plans to sell about 555.6 million shares at a price of $135 per share, which would net the space, rocket, AI, and defense company $75 billion. The valuation appears to be set at around $1.8 trillion.

There were reports earlier this morning that SpaceX’s IPO website and slide deck were inaccessible in China and Hong Kong.

Important read here: We laid out a deep dive for readers on the SpaceX offering and how to trade what could become the world’s largest IPO. This was followed by Goldman’s report questioning whether markets can absorb the massive supply from the coming IPO wave.

First up is SpaceX next Friday, with the chatbot makers likely in the back half of the year.