Chinese investors secretly acquired SpaceX stakes before IPO

A private investor list obtained by ProPublica reveals that at least a dozen investors with addresses in mainland China, Hong Kong, or Russia acquired stakes in SpaceX years before its June 2026 initial public offering. The investments, ranging from $800,000 to $40 million, were made between 2018 and 2021 through Tomales Bay Capital, a US-based middleman firm. One notable investor was an entity owned by David Su, co-founder of Beijing venture capital firm MPCi, which invested $15 million in a SpaceX fund in 2020. Su's firm has backed Chinese space competitors, including two satellite companies sanctioned by the US government for allegedly assisting the Wagner Group and Iran. The investor list also identifies an entity linked to the Qatari royal family. SpaceX barred Chinese and Hong Kong investors from purchasing shares in its IPO due to regulatory and compliance risks, Bloomberg reported. The company conducts sensitive US government work including making spy satellites for the Pentagon. While no formal ban exists on Chinese investment in US military contractors, such investment is heavily regulated. The US government alleges China uses strategic investments in sensitive industries for espionage and technology acquisition. SpaceX's June 2026 IPO was the largest ever, making Elon Musk the world's first trillionaire. There is no evidence Su engaged in improper conduct, but the central concern involves whether China-based investors gained access to nonpublic information.