SpaceX's $85.7B IPO doesn't eclipse China's tech orbit, says HKEX chief

As the commercial space industry basks in the afterglow of the largest IPO in history, some market watchers fear the $85.7 billion raised by SpaceX could create a capital vacuum for other sectors. But from the perspective of space investors, the message from Hong Kong’s exchange chief is clear: the rocket-fueled funding event does not signal a retreat from China’s parallel tech ascent.

The world’s largest initial public offering ever—SpaceX’s $85.7 billion Nasdaq listing—has raised immediate questions about whether global capital will drain away from Asian markets, particularly China’s technology sector. At the Lujiazui Forum in Shanghai on June 17, 2026, Hong Kong Exchanges and Clearing (HKEX) CEO Bonnie Chan Yiting moved forcefully to calm those fears, insisting that international institutional investors remain focused on Asian markets and that China’s rise in technological innovation is no longer an option but their primary choice. Her remarks came just days after SpaceX announced that its underwriters had fully exercised the greenshoe option, boosting the final tally from an already-record $75 billion to $85.7 billion, more than double the previous record held by Saudi Aramco’s 2019 IPO and more than twice the combined $37.2 billion raised by all Hong Kong IPOs last year.

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The world’s largest initial public offering ever—SpaceX’s $85.7 billion Nasdaq listing—has raised immediate questions about whether global capital will drain away from Asian markets, particularly China’s technology sector.

This landmark deal has not only cemented SpaceX’s status as a commercial space titan but also shifted the center of gravity in global equity capital markets. Nasdaq, which hosted the listing, has now overtaken Hong Kong as the world’s largest IPO market in 2026. That narrative could easily be read as a zero-sum game: if the world’s biggest capital raise happened in New York, the sheer amount of money absorbed might starve other exchanges of liquidity, especially in Asia where technology valuations have often lagged their US counterparts. Chan directly addressed this debate, which has percolated among investors since the SpaceX IPO was first priced, and argued that institutional investors are increasingly prioritizing diversification and risk management, prompting them to seek opportunities across different markets, with China as a central pillar.

Underpinning Chan’s confidence is a broader macro trend: Chinese companies in sectors like artificial intelligence, robotics, renewable energy, electric vehicles, and biotechnology continue to demonstrate formidable research capabilities and manufacturing cost advantages. These factors have kept global capital flowing even as geopolitical tensions simmer. The comment that China’s tech innovation is investors’ ‘primary choice’ was not mere rhetoric; it reflects a real re-rating of Chinese innovation assets. While the SpaceX IPO is a testament to the US’s ability to fund moonshots, it does not displace the deep, long-term conviction many global portfolio managers hold about China’s industrial and digital transformation.

From an exchange competition perspective, the SpaceX megadeal underscores the growing rivalry between Nasdaq and HKEX. Hong Kong has long been the premier venue for Chinese tech giants, but the allure of US deep-pocketed investors and a liquid, high-valuation environment remains potent. Chan’s message—that even after such a blockbuster US listing, institutional focus remains on Asia—can be seen as both reassurance to Chinese issuers and a signal to global investors that HKEX will remain a credible alternative for large-scale IPOs. Still, the numbers are stark: SpaceX alone raised more than an entire year’s worth of Hong Kong listings, and the greenshoe exercise demonstrated investor demand that Hong Kong would struggle to match for a single name.