A businessman with ties to Chinese military contractors was among the overseas investors who acquired stakes in SpaceX while it was still a private company. An entity linked to the Qatari royal family also took a stake.
The new details come from a private investor list obtained by ProPublica that sheds light on a particularly delicate issue for Elon Musk’s rocket company: which people in countries like China bought into the company, and how. SpaceX built its business off sensitive U.S. government work like making spy satellites for the Pentagon. While there is no ban on Chinese investment in U.S. military contractors, such investment is heavily regulated.
In a sign of its sensitivity to the concerns, SpaceX barred investors from China and Hong Kong from buying shares in its initial public offering last week due to “regulatory and compliance risks,” Bloomberg reported . The U.S. government alleges that China has a strategy of using investments in sensitive industries for espionage and to get access to cutting-edge technology.
The company’s IPO last week was the largest ever, making Musk the world’s first trillionaire. Musk has extensive business interests in China, where Tesla builds many of its cars.
The new records detail at least a dozen investors with addresses in mainland China, Hong Kong or Russia who acquired stakes in SpaceX years ago through a middleman firm in the U.S. called Tomales Bay Capital. The investments are relatively small, ranging from $800,000 to $40 million, and were made between 2018 and 2021.
One investment came from an entity owned by David Su, the co-founder of the prominent Beijing venture capital firm MPCi. The Su entity invested $15 million in a SpaceX fund in 2020, according to the investor list. It was not Su’s only foray into the space industry; his company has been a high-profile backer of some of SpaceX’s Chinese competitors. Two satellite companies that Su’s firm invested in were sanctioned by the U.S. government for allegedly assisting the notorious Russian mercenary organization the Wagner Group. One of the companies was sanctioned again last month for allegedly helping Iran attack U.S. military forces during the war.
MPCi has also worked with Chinese government investment funds. Last year, the website for China’s Ministry of Science and Technology named Su’s firm as a partner in a state-backed effort to develop the country’s aerospace industry.
There is no evidence that Su did anything improper. But the key question from the U.S. government’s perspective would be whether China-based investors got access to nonpublic information about SpaceX’s technology or strategies, said Sarah Bauerle Danzman, an Indiana University professor who has worked for the State Department scrutinizing foreign investments. “If an investor has conflicts of interests with other companies in China — if they could feed that information to competitors — it could be a national security concern,” she said.
In a statement, MPCi said that Su “has not received any nonpublic information of SpaceX.” The statement described Su as “a Singapore citizen who resides in Singapore,” adding: “MPCi is a brand name with different teams and funds. Mr. Su is responsible for the US dollar funds.” According to a 2024 profile of him, Su “spent almost 100 per cent of his time in China over the last 20 years.”
A lawyer for Tomales Bay Capital said in a statement that the firm “has not provided any non-public, sensitive information regarding SpaceX to investors.” He said the investors are passive limited partners: “Aside from fund financials that include quarterly valuations, Tomales Bay’s investors have not received any further information regarding SpaceX.”
“The vast majority, if not all, of the investors included on the unsealed Tomales Bay investor list are not citizens of any foreign adversary, including Russia or China,” said the lawyer, Ryan Stonerock, “and certainly none of them are agents of Russia or China, or any other foreign adversary.” He added that some of the investors “may have mailing addresses listed” in Russia or China but do not actually live there “and are in fact citizens and residents of the United States or other countries that are not foreign adversaries.”
SpaceX did not respond to questions. One of the Chinese space companies sanctioned by the U.S. government, Spacety, previously denied providing support to the Wagner Group.
All the investors located in China or Russia that ProPublica identified appeared to be either wealthy businesspeople or their children.
The new documents come from a corporate dispute in Delaware involving Tomales Bay Capital. The court records were unsealed this month after ProPublica moved to make them public, with the help of attorneys from the Reporters Committee for Freedom of the Press and the law firm Shaw Keller. Tomales Bay Capital appealed to the Delaware Supreme Court, which ruled in favor of ProPublica.
Tomales Bay Capital is run by an investo…
Read the full article at ProPublica →📄Source document: Bloomberg→81 reports
QuartzIndependentCenter3 days agoSpaceX's stock has declined by an additional 7%, marking the end of its initial public offering (IPO) honeymoon period. Analysts have been scrutinizing whether SpaceX's underlying business fundamentals can justify its current valuation.
Bias read (Center): The article presents factual information about SpaceX's stock performance and mentions analyst concerns without taking a stance or using biased language.
MarketWatchParty-alignedCenter3 days agoAccenture's stock has declined following its earnings report, primarily due to an outlook that fell below investor expectations and concerns raised by analysts regarding potential complexities in integrating newly announced deals.
Bias read (Center): The article provides a neutral summary of market reactions and analyst concerns without taking a stance or using biased language.
ProPublicaIndependentCenter3 days agoProPublica obtained a private investor list revealing that individuals with ties to Chinese military contractors and an entity linked to the Qatari royal family acquired stakes in SpaceX before its IPO. The article notes that SpaceX restricted Chinese and Hong Kong investors from participating in its IPO due to regulatory and compliance risks. The report highlights concerns over potential Chinese espionage through investments in sensitive industries.
Bias read (Center): The article presents factual information without overtly favoring one side. It reports on the acquisition of SpaceX shares by foreign investors, mentions regulatory restrictions, and references concerns raised by the U.S. government regarding Chinese investment strategies. The tone remains neutral,
Official sources cited
- government U.S. Government
- press release Bloomberg
QuartzIndependentCenter4 days ago SpaceX stock slips as the post-IPO surge finally stallsSpaceX stock experienced a pullback following a roughly 40% increase since its IPO, which propelled its market cap beyond Amazon.
Bias read (Center): The article reports on stock price movements without taking a stance or using biased language. It provides factual information about SpaceX's stock performance relative to Amazon.
QuartzIndependentCenter4 days ago SpaceX stock surges past Amazon in market cap, keeps climbingSpaceX stock has risen approximately 50% since its Nasdaq debut last Friday, reaching a valuation of over $2.66 trillion as of Tuesday's closing.
Bias read (Center): The article reports on a financial development without taking a stance or using biased language. It presents factual information about SpaceX's stock performance without editorializing or emphasizing any particular perspective.
QuartzIndependentCenter4 days ago SpaceX briefly surpasses Microsoft in market cap as the post-IPO stock surge continuesSpaceX's market cap reached nearly $2.8 trillion, making it the fifth-largest publicly traded company, just behind Microsoft but ahead of Amazon.
Bias read (Center): The article presents factual economic data without opinion, framing, or ideological emphasis. It simply reports on market capitalization rankings without taking a stance or using biased language.
TechCrunchParty-alignedCenter5 days agoSpaceX completed its initial public offering (IPO), raising $85.7 billion, the largest in history. The company's stock price increased significantly following the IPO, surpassing Amazon in valuation and making Elon Musk the first person to reach a trillion-dollar net worth. The article highlights key developments post-IPO, including SpaceX's acquisition of Cursor for $60 billion in stock.
Bias read (Center): The article provides factual information about SpaceX's IPO, its financial performance, and related business moves without overtly favoring any political perspective. It focuses on economic and corporate developments rather than political issues.
RealClearPoliticsIndependentCenter5 days agoThe article highlights SpaceX's contributions to society through its development of reusable rockets and the global impact of Starlink. It suggests that investing in the U.S. equity market could benefit from future advancements by SpaceX.
Bias read (Center): The article presents factual information about SpaceX's achievements without overtly favoring any political perspective. It emphasizes technological progress and economic opportunity rather than taking a stance on policy or ideology.
Official sources cited
- organisation SpaceX's technological developments
- government NASA's partnership with SpaceX
QuartzIndependentCenter5 days ago The Dow hits a record. SpaceX stock keeps soaring. And here comes the FedThe article reports on recent financial developments, noting that the S&P 500 experienced its strongest three-day performance in over a year and that SpaceX's stock is approaching Amazon's market capitalization. It also mentions the looming presence of the Federal Reserve.
Bias read (Center): The article provides factual updates on market performance and corporate milestones without overtly favoring any political perspective. It does not include commentary or framing that suggests a particular ideological stance.
Official sources cited
- statement S&P 500 Performance Data
- statement SpaceX Market Capitalization
QuartzIndependentCenter5 days ago SpaceX is surging past Amazon to become America's fifth-largest companySpaceX stock was trading around $213 in early Tuesday pre-market trading, pushing its market cap to $2.84 trillion.
Bias read (Center): The article presents a straightforward economic fact without any ideological framing, word-choice bias, or emphasis that suggests a particular political perspective. It focuses purely on the financial performance of SpaceX relative to other companies.
MarketWatchParty-alignedCenter5 days ago SpaceX’s massive $2.1 trillion valuation may soon become its own worst enemyThe article discusses how large companies, including SpaceX, face challenges in maintaining their stock market valuations due to their size.
Bias read (Center): The article does not present any political bias. It makes a general statement about large companies struggling with stock market valuations due to their size, without taking a stance on political issues or favoring any particular side.
MarketWatchParty-alignedCenter5 days ago SpaceX’s stock jumps as the company reveals its IPO has raised another $10.7 billionSpaceX's stock price increased following the revelation that the company's initial public offering (IPO) has raised an additional $10.7 billion through underwriters exercising their option to purchase 83 million more shares.
Bias read (Center): The article reports on financial developments related to SpaceX's IPO without taking a stance or using biased language. It focuses on factual information regarding the stock price increase and the additional funding raised.
TechCrunchParty-alignedCenter6 days ago SpaceX is public: Everything you need to know post-IPOSpaceX completed its initial public offering (IPO), raising $75 billion and becoming the largest IPO in history. The company's stock price rose significantly on its first day of trading on the Nasdaq, with shares opening at $150 and closing at $160.95, representing a 19% increase. The article highlights the significance of the event, noting the high level of public and investor interest.
Bias read (Center): The article provides factual information about SpaceX's IPO without taking a stance on political issues. It focuses on financial details, market performance, and general public interest, avoiding any ideological framing or biased language.
Bloomberg NewsParty-aligned🔒Center6 days agoThe article discusses SpaceX's continued stock performance following its IPO and notes a rise in airline stocks amid an interim US-Iran agreement to reopen the Strait of Hormuz. Analyst Sheila Kahyaoglu provides insights on aerospace and airline market movements.
Bias read (Center): The article reports on economic developments without overtly favoring any political side. It mentions geopolitical events but does so neutrally, focusing on their impact on financial markets rather than taking a stance on the agreement itself.
TechCrunchParty-alignedCenter6 days ago SpaceX’s biggest-ever IPO just grew to $85.7 billion raisedSpaceX's initial public offering (IPO) has grown to $85.7 billion after underwriters exercised their option to buy the maximum number of shares. This makes it the largest IPO in history. The funds will be used to pay off $20 billion in debt related to X (formerly Twitter) and xAI, expand AI compute infrastructure, enhance launch capabilities, and improve Starlink. SpaceX's stock began trading on the Nasdaq, reaching a valuation of over $2 trillion, making Elon Musk the world's first trillionaire.
Bias read (Center): The article provides factual information about SpaceX's IPO without apparent ideological framing. It reports on financial figures, company plans, and market performance without taking a stance or using biased language.
QuartzIndependentCenter6 days ago SpaceX stock pops again after biggest IPO historyAnalysts are divided on whether the high valuation of SpaceX following its large IPO is justified.
Bias read (Center): The article presents a neutral stance by noting that analysts are divided, without favoring any particular viewpoint.
AxiosIndependentCenter6 days agoAxios analyzes the impact of SpaceX's recent share offering on the stock market, noting that the company's limited share availability (around 5%) could create temporary valuation inflation similar to a niche product launch. The article cites JPMorgan Asset Management strategist Aaron Mulvihill, who explains that large IPOs typically influence both public and private markets. The piece highlights that SpaceX's high valuation and restricted float may lead to inflated paper valuations until more shares enter circulation.
Bias read (Center): The article provides a neutral economic analysis of SpaceX's market impact without taking a stance on political issues. It focuses on financial mechanisms and uses expert commentary without ideological framing.
Official sources cited
- organisation JPMorgan Asset Management Strategist Aaron Mulvihill
TechCrunchParty-alignedCenter7 days ago TechCrunch Mobility: SpaceX rockets past TeslaThe article discusses SpaceX's recent rise in market value, surpassing Tesla, and explores potential future mergers or acquisitions between the two companies. It references new language in SpaceX's S-1 filing and comments from SpaceX's COO Gwynne Shotwell during an interview.
Bias read (Center): The article presents factual information about market values and mentions speculation regarding a possible merger without taking a clear stance or using biased language. It includes quotes from officials and references official documents without apparent slant.
Official sources cited
- government SpaceX's S-1 filing
- press release CNBC Interview with Gwynne Shotwell
MarketWatchParty-alignedCenter7 days ago SpaceX IPO hype is massive — and the FOMO can ruin your retirementThe article discusses the risks of investing in SpaceX's initial public offering (IPO), warning that market fluctuations could have severe consequences for older investors nearing or in retirement.
Bias read (Center): The article does not take a political stance. It focuses on financial risk management for retirees without aligning with any particular political ideology or agenda.
RealClearPoliticsIndependentCenter8 days ago SpaceX Is About Taking the Fiction Out of Science FictionElon Musk delivered remarks ahead of the SpaceX IPO debut, discussing the improbability of SpaceX's success, the goal of making humanity multi-planetary, and the importance of inspiration.
Bias read (Center): The article discusses a business event (SpaceX IPO) and quotes Elon Musk on general themes like inspiration and space exploration. The subject is not inherently politically charged, and the content does not show clear ideological framing or bias.
United States