SpaceX IPO Could Pressure Nvidia, SK Hynix and High-Growth Stocks

Mega $75 Billion Listing May Trigger Capital Outflows from Korean Semiconductor and AI Sectors

U.S. space exploration company SpaceX is expected to go public (IPO, listing) as early as the 12th of next month. This listing is anticipated to value the company at $1.75 trillion and raise approximately $75 billion (around 113 trillion Korean won) in new funds, marking a mega-scale offering. Experts predict that while the impact on the overall stock market may not be significant, investment funds previously concentrated in similar sectors like the existing space industry or artificial intelligence (AI) could shift toward SpaceX. This could reduce the proportion of high-priced growth stocks and semiconductor-related equities, which have seen significant price increases due to future growth expectations, thereby affecting their stock prices.

◇A 113 Trillion Won Mega IPO Show,

SpaceX's listing schedule, initially expected in late next month, has been moved up to the 12th of next month due to swift document reviews by the U.S. Securities and Exchange Commission (SEC). Indian economic media LiveMint analyzed, "This SpaceX listing coincides with a period when investor sentiment toward high-growth tech companies is beginning to recover."

While concerns exist that the massive fundraising scale could strain market supply and demand, most forecasts suggest it will not significantly disrupt the broader market, considering the U.S. stock market's average daily trading volume. During Saudi Aramco's 2019 listing, the newly raised funds accounted for 0.032% of the global stock market's total capitalization. Even if SpaceX raises $75 billion, it would represent just 0.049% of the current global market cap and 0.107% of the U.S. market cap -- only 1.2 to 1.5 times the scale of Aramco's impact.

Conversely, if SpaceX is immediately included in major indices like the Nasdaq 100 after listing, massive fund investments that mechanically replicate these indices could automatically flow in, driving overall market gains.

◇Potential Capital Flight from Space·AI Sectors... Pressure on High-Multiple Growth Stocks

However, there are forecasts that capital could flow out of companies with business profiles similar to SpaceX, acting as a variable in global stock markets. This is because selling pressure may emerge in existing space industry stocks, which were previously seen as alternatives to SpaceX. Additionally, as SpaceX plans to lease its robust computer infrastructure to other AI companies, established cloud firms like Oracle, which have dominated this leasing market, could face strong competition, negatively impacting their performance and stock prices.

Analysts also warn that so-called high-multiple growth stocks could face greater threats due to SpaceX's listing. KB Securities researcher Kim Il-hyeok stated, "High-multiple growth stocks are those where prices are significantly higher than actual earnings, and SpaceX's listing could absorb funds from such stocks." These stocks are traded at high prices based on market expectations of future growth, even if they are not currently profitable. AI-related stocks like Nvidia, Arm, and Palantir, which have recently surged explosively, fall into this category.

British financial media Global Banking & Finance Review noted, "Wall Street is benchmarking SpaceX not as a traditional aerospace company but as a high-growth AI and infrastructure-related stock, assigning it an exceptional $1.75 trillion valuation. If massive funds pour into SpaceX, investment flows to existing high-growth stocks will inevitably decrease."

SpaceX's listing could impact the South Korean stock market. Foreign and domestic investors might sell their existing Korean stocks to invest in SpaceX, leading to capital outflows. A source from a securities firm who requested anonymity said, "Investors are likely to start selling stocks that have risen sharply in price first to invest in SpaceX. The recent sluggishness in domestic semiconductor stocks like Samsung Electronics and SK Hynix, which have seen significant price increases, could be partly due to the SpaceX listing news. Once the official investment roadshow begins, pressure on capital outflows from the Korean market may intensify."