How can Taiwanese investors invest in a SpaceX IPO? A complete guide to 4 compliant channels from pre-IPO to listing day.

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This guide walks you through all the channels for Taiwanese investors to compliantly purchase the SpaceX IPO (listing on Nasdaq on 6/12, ticker: SPCX). From Pre-IPO public ETFs to buying on the listing day, we clarify the thresholds, risks, and tax implications of four different paths. This includes a comparison table between sub-brokerage (複委託) and overseas brokers, foreign exchange settlement regulations, and the Alternative Minimum Tax (AMT) calculation. (Context: CZ is aiming for 10x returns! Investing $500 million in the X platform, catching a ride on the SpaceX IPO.) (Background: WSJ: Google meets with SpaceX to discuss advancing "orbital AI data centers," Musk's million-satellite army prepares for an epic IPO.) The S-1 prospectus was officially released on May 20, with the Nasdaq listing scheduled for June 12 under the ticker SPCX. This is the largest IPO in the last decade, with a target valuation between $1.75 trillion and $2 trillion. Many Taiwanese investors want to get on board with SpaceX. There are currently four paths available, but each has different regulatory thresholds, minimum investment amounts, and risk levels. This article breaks down these four methods, covering everything from Pre-IPO channels to listing day operations, including Taiwan's foreign exchange limits, tax reporting, and estate tax risks. Let’s lay out the key figures first to provide a basis for choosing your path. SpaceX’s S-1 reveals three major business segments: - Starlink (Satellite Communications): $11.4 billion in full-year 2025 revenue; the only profitable segment with an adjusted EBITDA margin of 63%. - xAI/Grok/X (AI and social platform): $3.2 billion in 2025 revenue. - Launch (Rocket launches): Approximately $4 billion. Combined, the total 2025 revenue is $18.7 billion. Meanwhile, the losses are staggering: $4.27 billion in net loss for Q1 2026, with an accumulated deficit of $41.3 billion. The losses are primarily driven by xAI’s infrastructure spending; Q1 AI infrastructure capital expenditure alone reached $7.7 billion. The S-1 also reveals that Anthropic pays SpaceX $1.25 billion monthly to lease computing power from the Memphis COLOSSUS data center, with the contract running until May 2029. IPO Timeline: - Goldman Sachs leads 23 underwriters; roadshow begins 6/4, pricing on 6/11, listing on 6/12. - SpaceX plans to allocate up to 30% of IPO shares to retail investors; typical IPO retail allocation is usually around 10%. Elon Musk holds 85.1% of the voting power (Class B shares have 10 votes per share, while publicly issued Class A shares have 1 vote per share). This means that even if you buy the stock, you have almost no say in company decisions. Based on a $1.75 trillion valuation, the Price-to-Sales (PS) ratio is approximately 95x trailing revenue. There are no directly comparable public companies for reference. Scottish Mortgage Investment Trust (one of the UK's largest tech investment trusts) internally values SpaceX at $1.25 trillion, $500 billion lower than the IPO target. ### 1. Public ETFs/Funds (The Easiest Path) This is the lowest-threshold method. The following funds/ETFs hold SpaceX shares, and Taiwanese investors can purchase them directly on US exchanges via sub-brokerage or overseas brokers: - ERShares Crossover ETF (XOVR): Listed on Nasdaq, SpaceX accounts for approximately 23% ($281 million), held through an SPV (Special Purpose Vehicle). You can buy as little as one share; it has daily liquidity and is the most accessible SpaceX exposure channel for Taiwanese investors. - Baron Partners Fund (BPTRX): SpaceX accounts for approximately 33%, the highest SpaceX weighting among all public funds. However, this is a mutual fund, not an ETF; Taiwanese investors must use an overseas broker to buy it, and not all brokers support it. - Destiny Tech100 (DXYZ): A closed-end fund listed on the NYSE, with SpaceX accounting for approximately 16.2%. It previously saw extreme NAV premiums as high as 900%, which have now significantly converged, but the discount/premium volatility of closed-end funds is a risk in itself. - ARK Venture Fund (ARKVX): SpaceX accounts for approximately 17%, but it can only be purchased on the Titan or SoFi platforms. It is a closed-end interval fund with

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