But an immediate appeal by his lawyer and those of his co-accused - Mathias Ortmann, Bram van der Kolk and Finn Batato - mean they are a long way from winging their way over the Pacific.
Judge Nevin Dawson released his decision in Auckland District Court this afternoon in front of a packed public gallery.
He spent some time detailing the origins of the Mega website and its rapid growth.
At its peak, the judge said, the site was the 13th most popular on the internet, accounting for 4 per cent of all online traffic.
In 2010, it is estimated Dotcom earned $US42 million, Ortmann $US9 million, Van der Kolk $US2 million and Batato $US400,000.
But the Crown said that money was earned through spreading copyright-infringing material around the globe.
Judge Dawson agreed there was an "overwhelming preponderance of evidence" that there was a case for the quartet to answer.
"That Mr Dotcom has a different view than the US of the internet does not have the hallmark of political persecution," the judge said.
Earlier he dismissed three applications made by the defendants for a stay of the proceedings.
Midway through a two-month hearing, lawyers had argued they had been deliberately "starved" of funds with which to mount an effective defence to the allegations.
They also said the Crown had a conflict of interest and was guilty of an abuse of process.
Judge Dawson disagreed.
When he announced the men were eligible for extradition, Batato's wife, Anastasia, broke down in tears and was consoled by a similarly tearful Asia van der Kolk, whose husband was also before the court.
The judge told the defendants they had 15 days to lodge an appeal or apply for habeas corpus and there was an immediate indication by their lawyers that an appeal would be sought.
They were given until February 12 to file a draft case for that hearing.
Because of the "change of circumstances" prosecutor Christine Gordon, on behalf of the US Government, said bail should be revisited.
Judge Dawson granted bail on the existing terms, which meant the men would still have to report to their local police station twice a week.
The ruling comes after almost four years of legal wrangling after a dramatic police raid on Dotcom's north Auckland mansion in January 2012.
Dozens of police, including New Zealand's elite anti-terrorism police unit, carried out a dawn raid arresting Dotcom, Batato and Ortmann.
The other defendant, Bram van der Kolk, who like Dotcom has permanent residency, was arrested at his upmarket Orakei home.
The FBI warrant sought the four on a range of charges relating to the Megaupload business, from criminal copyright violation through to money laundering and operating an organised criminal conspiracy.
If found guilty in the US, the men could face lengthy jail terms.
