SpaceX’s planned roughly $75 billion IPO is being shaped by regulatory and compliance considerations tied to US export controls, leading underwriters to bar investors from Hong Kong and China.

The underwriting banks were instructed to exclude these investors to reduce regulatory exposure and compliance risk for the offering.

The reporting relies on unnamed sources and Bloomberg, with SpaceX, its underwriters, and regulators expected to adjust arrangements as the IPO process unfolds.

The briefing on the matter appears to be private and not derived from a public filing or formal announcement.

Reuters has not independently confirmed the Bloomberg report at the time of publication.

Guidance cited stems from internal rules related to the US ITAR, governing exports of defense technologies and data.

The decision reflects internal ITAR-based policies directing risk management around defense-related exports.

Internal ITAR guidance is the basis for the withholding of access for certain investors.

The move signals a shift in how founders and financial institutions approach Chinese ownership in high-profile tech listings.

Investors typically rely on IPO prospectuses and marketing materials to assess a company’s operations, finances, and growth prospects.

Marketing roadshows kicked off in New York, with the IPO prospectus posted on SpaceX’s website.

SpaceX did not provide immediate comment when contacted outside US business hours.