Investor enthusiasm for the aerospace sector is intensifying amid growing expectations that SpaceX, the space company led by Tesla CEO Elon Musk, will pursue a Nasdaq listing.
/Chosun DB
According to the Korea Exchange on March 20, aerospace-related stocks have delivered strong returns this month despite heightened market volatility triggered by geopolitical tensions in the Middle East. Sensorview, a supplier of radar antennas to SpaceX, nearly doubled from 2,010 won at the start of the month to 3,815 won. Compared with the end of last year, the stock has surged about 270%.
Other companies linked to SpaceX have also posted sharp gains. HVM and Spear, both known as first-tier vendors, have risen 114% and 266%, respectively, since late last year. Mirae Asset Securities and Mirae Asset Venture Investment, which hold stakes in SpaceX, gained 199% and 36% over the same period.
“Domestic aerospace stocks have risen an average of 55.6% this year, significantly outperforming the Kospi’s 28.8% return,” said Sung Hyun-dong, an analyst at KB Securities. “Investor sentiment has improved globally on expectations for a SpaceX IPO, coupled with the upcoming launch of NASA’s crewed lunar mission Artemis II next month.”
According to foreign media reports, SpaceX is expected to submit confidential IPO filings to the U.S. Securities and Exchange Commission (SEC) as early as this month. The company is projected to raise more than $50 billion through the offering. The proceeds are likely to be used to advance its next-generation Starship rocket and expand space-based artificial intelligence (AI) data infrastructure.
The rally has also lifted returns of aerospace-related exchange-traded funds (ETFs). The TIGER K-Defense & Aerospace ETF has gained 57% year-to-date, while PLUS Aerospace & UAM and WON U.S. Aerospace & Defense ETFs have risen 74% and 13%, respectively.
Asset managers are also rolling out new products tied to the U.S. aerospace industry. Samsung Asset Management listed the KODEX U.S. Aerospace ETF on March 17, designed to allocate up to 25% to newly listed stocks such as SpaceX. Earlier, Hana Asset Management launched the 1Q U.S. Aerospace Tech ETF in November, stating that it plans to include SpaceX at a weight of around 16% once listed.
However, market participants caution that expectations of SpaceX inclusion alone may not justify aggressive investment. If SpaceX is rapidly added to major indices such as the Nasdaq-100, passive funds tracking those indices could generate an estimated $310 billion in demand—more than six times the anticipated supply.
“Passive funds will need to secure SpaceX shares if it is included in the Nasdaq-100 by year-end, but demand is likely to far exceed supply,” said Jun Woo-je, an analyst at KB Securities. “A supply shortage could emerge early on, driven by pre-emptive buying from active funds and retail investors.”
Some analysts also warn that the recent surge in aerospace stocks may be overdone. With IPO expectations already priced in, certain names are facing valuation pressures relative to their earnings.
“While global industry events and improved policy visibility in Korea have boosted investor sentiment, some stocks appear overvalued with expectations already reflected in prices,” an industry official said. “It may take considerable time after the IPO before SpaceX is actually included in ETFs.”
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