[Edaily Reporter Lee Hye-ra] As the IPO of Elon Musk’s space company SpaceX approaches, investors continue to engage in a race to “catch the last train” on related domestic stocks. Since retail investors in Korea were unable to subscribe to the IPO, demand to indirectly benefit from the listing through investments in related domestic stocks appears to be continuing right up to the last minute. The securities industry advises caution regarding last-minute chase buying.

According to the securities industry on the 8th, SpaceX is set to list on the U.S. Nasdaq market on the 12th. The industry estimates that investment orders totaling approximately $150 billion (about 230 trillion won)—exceeding the initial public offering (IPO) size of $75 billion (about 115 trillion won)—have poured in for this IPO.
However, in South Korea, only professional investors were eligible to participate in the public offering. As a result, general investors, including individuals, have turned their attention to aerospace-related exchange-traded funds (ETFs) or stocks expected to benefit from the listing.
In fact, "TIGER U.S. Space Tech," the domestic space-related ETF with the largest net asset value, saw new capital inflows of approximately 353.2 billion won over the past week (June 1–5). Inflows over the past month alone have reached 1.8629 trillion won. Considering that the ETF’s total net asset value is approximately 2.6234 trillion won, a simple calculation shows that over 71% of its total net assets have been newly infused in just the past month.
This investor interest is also evident in individual stocks classified as SpaceX beneficiaries.
Since the start of this month (June 1–8), retail investors have purchased #Sphere (9.5 billion won) and #HVM (10.6 billion won)—classified as direct and indirect beneficiaries of SpaceX—as well as the satellite stock #IntellianTech (20.9 billion won).
Reflecting this trend, the asset management industry has also moved to capture investment demand. Shinhan Asset Management will list the “SOL Aerospace Value Chain” ETF on the 16th, which includes leading domestic aerospace materials, parts, and equipment companies. Korea Investment Trust Management plans to allocate the SpaceX shares it received through its IPO participation to the 'ACE U.S. Space Tech Active' and the 'Korea Investment Global Space Technology & Defense Fund,' respectively.
However, securities analysts advise that investors should exercise greater caution when investing in related stocks as the listing date draws nearer.
An analyst covering the aerospace sector at a securities firm stated, “Related stocks, which had been rising since November of last year as expectations for the SpaceX IPO gained momentum, have recently undergone a correction due to the combination of fading catalysts and market volatility,” adding, “It is highly likely that volatility in related stocks will increase for the time being following the IPO.”
This implies that the investment appeal of domestic related stocks—which have effectively served as alternative investment options—may decline, and investors must also consider the possibility that investment demand could shift following the IPO.
The analyst noted, “While the long-term growth story of the space industry remains valid, short-term price fluctuations may widen around the time of the IPO.” He added, “High volatility means there is potential for both gains and losses. Investors should exercise caution against rushing into related stocks immediately before the IPO.”