SpaceX revealed that investors with ties to Chinese military contractors acquired stakes in the rocket company before its blockbuster IPO, raising national security questions about sensitive technology transfers. The private investor list obtained by Pro Publica shows at least a dozen investors from mainland China, Hong Kong, and Russia purchased shares between 2018 and 2021 through middleman firm Tomales Bay Capital.

David Su, co-founder of Beijing venture capital firm MPCi, invested $15 million in 2020 through his entity. Su's firm previously backed Chinese satellite companies sanctioned by the US government for allegedly assisting the Wagner Group and aiding Iran's attacks on US forces. MPCi also partnered with Chinese government investment funds on aerospace development, according to China's Ministry of Science and Technology.

SpaceX barred investors from China and Hong Kong from participating in last week's IPO, citing "regulatory and compliance risks." The company builds spy satellites for the Pentagon and relies heavily on US government contracts. Tomales Bay Capital promised "special access" to SpaceX, including quarterly business updates and CFO interview opportunities in a 2021 pitch to Chinese investors.

While SpaceX and MPCi insist no nonpublic information was shared, the revelations highlight ongoing tensions over foreign investment in critical US aerospace technology. The Delaware court records were unsealed after Pro Publica successfully fought for public access, adding hundreds of names to the previously secret investor list.