Elon Musk’s SpaceX is days away from the biggest IPO ever, but the deal will reportedly happen without one major source of capital: investors in Hong Kong and mainland China.

Underwriters on the $75 billion offering have been told not to accept orders from investors in those jurisdictions, including private banking clients, according to Bloomberg, citing people familiar with the matter.

The decision was reportedly based on guidance related to US International Traffic in Arms Regulations, which restrict the export of sensitive defense technology.

Goldman Sachs Group Inc. (NYSE:GS) and Morgan Stanley (NYSE:MS), the lead banks on the deal, did not immediately respond to a request for comment from Bloomberg.

SpaceX’s website was also reportedly inaccessible from Hong Kong and Shanghai on Friday, displaying an error message blocking access from those locations.

Goldman’s $322 Billion AI Pitch

SpaceX is set to debut June 12 on Nasdaq under ticker SPCX at $135 per share, targeting a roughly $1.8 trillion valuation despite posting a $4.94 billion net loss in 2025.

Goldman is reportedly pitching investors on a 100-fold surge in SpaceX’s AI revenue to $322 billion by 2030, an “orbital compute” thesis underpinning the premium multiple.

Polymarket traders give the deal an 82% probability of closing day one above $1.8 trillion, though private markets are more cautious. Shares of SpaceX on Forge Global traded around $129 this week, slightly below the $135 IPO price.

S&P Snub Adds To China Headache

S&P Dow Jones Indices this week declined to give SpaceX a fast track into the S&P 500, holding firm on its profitability rule and locking out an estimated $14 billion to $18 billion in forced index buying.

Nasdaq and FTSE Russell have both bent their rules for newly public megacaps, leaving S&P as the lone holdout.

Musk’s hard line on Chinese capital sits awkwardly with his other crown jewel.

Tesla Inc. (NASDAQ:TSLA) depends heavily on China for manufacturing and regulatory access, even as ITAR forces him to wall off that same capital pool from his orbital business.

Until SPCX begins trading, TSLA remains the public proxy for traders looking to express a view on Musk’s empire.

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