This is part of a series on the global impact of SpaceX’s historic IPO, tracing how mainland Chinese investors’ strategies, the Hong Kong market and wider capital flows are being reshaped by Elon Musk’s trillion‑dollar rocket gamble.

Chinese investors are scrambling for back-door routes to trade on SpaceX’s highly anticipated initial public offering (IPO), resorting to proxy stocks and supply chain speculation after being shut out of direct participation in what could be the largest listing in history.

The frenzy surrounding Elon Musk’s rocket and satellite internet giant has triggered a wave of fear-of-missing-out among mainland Chinese investors. Blocked from buying the stock directly, they are chasing exposure through offshore accounts, A-share proxy stocks and broader commercial-space-themed investments.

The hurdle is steep. SpaceX has barred investors in mainland China and Hong Kong from taking part in the IPO, citing regulatory and compliance concerns, Bloomberg News reported last week.

The company kicked off its marketing roadshow last week with shares priced at US$135 each, aiming for a valuation of about US$1.8 trillion ahead of its expected Nasdaq debut on Friday. The offering has drawn more than US$250 billion in investor demand, Reuters reported this week, leaving it roughly 3 1/2 to four times oversubscribed.

Even seasoned cross-border traders are hitting a wall.