우주의 경계를 허무는 머스크의 도박: 스페이스X, 2조 달러 제국의 서막 > K-wave Trends

The listing of Space The company, which started with a public offering price of $135 and showed a steep rise immediately after listing, exceeding $2 trillion in corporate value, easily surpassed the previous record set by Aramco, proving the market's overwhelming expectations. The enormous subscription demand amounting to $250 billion reflects investors' absolute trust in Musk and their support for his clear vision of 'making humanity a multi-planet species.' Although the financial reality is that the company has not recorded a surplus for the past 23 years and there are structural limitations that make it impossible to calculate PER, the market is placing a greater premium on the possibility of future expansion than on current profits.

SpaceX's business structure combines the hardware of a space launch vehicle with powerful subscription software called Starlink. Reusable rocket technology, represented by the Falcon 9 and Starship, has dramatically lowered the cost of entering space, which in turn has led to the explosive growth of the Starlink satellite network. In particular, the completion of the triangular formation of space, communications, and artificial intelligence through the merger with xAI last February is interpreted as Musk's careful plan to dominate the future data processing and AI infrastructure markets. The plan to go beyond terrestrial data centers and launch solar-based data centers in space contains the strategic intention of securing unrivaled competitiveness that existing IT companies cannot match in terms of energy efficiency and processing speed.

Of course, behind these brilliant blueprints, there are also harsh criticisms and doubts. Some skeptics on Wall Street point out that Space In fact, the financial situation, which is recording billions of dollars in net losses each quarter, is also a detonator that could lead to significant stock price volatility if Musk's promises are delayed. In particular, the fact that the proportion of individual investors is set to be more than three times higher than that of a typical large IPO is a factor that increases market volatility. If stock prices move in an unexpected direction, the possibility of considerable confusion, such as the triggering of a circuit breaker, cannot be ruled out.

The emergence of SpaceX is causing quite a stir in the domestic industry and investment market. The case of Hanmi Semiconductor, convinced of the future value of Space In addition, Hyundai Motor Group's efforts to secure talent, such as preparing for the listing of Boston Dynamics and introducing a stock compensation system for executives, suggests that the success or failure of technology companies now depends on establishing a 'stock-based virtuous cycle structure' that retains excellent engineers. Influential investors in the market, such as Cathy Wood, are also paying attention to domestic companies that are partnering with Tesla, such as Samsung Electronics and Hyundai Motors, and are predicting the advent of a new industrial ecosystem combining space and AI.