우주 시대의 개막인가, 머스크의 거대한 도박인가: 스페이스X IPO가 던진 질문들 > K-wave Trends

Space But behind the flashy debut lies the painful reality of net losses amounting to billions of dollars. In particular, as the operating loss of xAI, an AI company recently merged with Space With enormous capital expenditures (CAPEX) being poured into building Grok learning GPUs and data centers, market analysts are closely watching whether such aggressive investments will lead to large-scale surpluses in the future as predicted by Musk, or whether they will become a temporary swamp of cash burn. Nevertheless, the fact that the Starlink business division is recording an operating profit surplus and supporting stable sales is considered the only hope for supporting SpaceX's fundamentals.

The domestic financial market is also moving quickly in response to the huge wave of SpaceX's listing. Domestic management companies are rushing to launch space-themed ETFs to absorb indirect investment demand from individual investors, and major management companies such as Mirae Asset, Samsung, and Korea Investment Trust Management are setting the proportion of SpaceX inclusion up to 25% with their own strategies. In particular, Hantu Management adopted a strategy of maximizing initial profits from listing by securing volumes from the IPO stage, while other management companies chose to sequentially incorporate assets within 1 to 2 trading days after listing to minimize market shock. In this process, investors should be aware that the rate of return can vary greatly depending on the actual inclusion point and constituents of each product, and it is being pointed out that they should not make the mistake of simply following the name of the space theme.

The stock prices of space-related stocks showed extreme volatility ahead of the listing of SpaceX, stimulating investor sentiment. Related companies such as Rocket Lab, Redwire, and AST Space Mobile have repeatedly experienced rapid ups and downs in anticipation of a trickle-down effect from Space With macroeconomic factors such as the decline in oil prices due to expectations of peace negotiations between the United States and Iran and the rebound in semiconductor stocks, the space industry has now become an indicator that reacts sensitively to the liquidity and geopolitical situation of the overall stock market rather than an independent growth engine. In this situation, financial authorities are busy preparing safety measures to protect investors, such as warning that excessive overseas investment marketing during a high exchange rate situation may lead to damage to investors, and ordering securities companies to refrain from reckless events.

SpaceX's future value ultimately depends on how the two axes, space and AI, will create synergy. Musk is presenting a blueprint to become a data infrastructure dinosaur beyond a simple rocket launch company by combining the establishment of a global communication network through Starlink and the development of general artificial intelligence through xAI. However, the price-to-sales ratio (PSR) of 94 times is enough to raise concerns that the current stock price is reflecting future growth too early. In particular, the fact that it is difficult for ordinary shareholders to check Musk's arbitrary management decisions due to the differential voting rights structure acts as a major risk factor for long-term investors. In the end, we cannot deny the fact that this investment is not about trusting the financial statements of a company called Space