SpaceX ignites enthusiasm among South Korean retail investors, with $800 million purchased on its first day of listing.

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The enthusiasm of retail investors in South Korea for SpaceX reflects the strong global demand for the rocket and artificial intelligence company.

According to data from the Korea Securities Depository, on SpaceX's official listing day on June 12th (Friday), more than 14 million individual investors in South Korea made a net single-day purchase of $796 million, making it the most popular U.S. stock among Korean retail investors. This single-day net purchase even exceeded the total net purchases of any other U.S. stock over the past three months.

Since listing, SpaceX's share price has cumulatively risen by 49%, with the company's market capitalization reaching $2.65 trillion, about $8 billion higher than Amazon. The large-scale buying by South Korean retail investors happened against the backdrop of these investors previously being excluded from the SpaceX IPO, further highlighting the company's appeal among global retail groups.

South Korean Retail Investors Missed IPO, Accelerate Buying Post-Listing

Unlike Japan and Australia, South Korea did not provide retail investors direct channels to participate in SpaceX IPO subscriptions. Mirae Asset Securities Co., one of the underwriters for this IPO, did offer subscription opportunities to certain specific investors, but ultimately did not obtain any allocation shares.

This oversight has drawn regulatory attention. The Financial Supervisory Service of South Korea later expanded its inspection of Mirae Asset Securities, including its failure to secure SpaceX shares in the IPO as part of its investigation.

South Korean retail investors excluded from the IPO opted to "catch up" in the secondary market. Nearly $800 million in net purchases on the first day visually presented the pent-up demand unleashed after the listing.

Musk Effect: The Long-Term Preference of Korean Retail Investors

South Korean retail investors' passion for Musk's assets has a long history. According to data from the Korea Securities Depository as of June 15, South Korean individual investors held a total market value of $25.9 billion in Tesla stock, making them an important shareholder group for Tesla.

SpaceX-related ETFs are also popular. According to the above data, in the past month, exchange-traded funds investing in SpaceX saw net inflows of $301 million, showing the strong willingness of Korean retail investors to build positions in this asset through various channels.

In the three months ending June 12, Micron and ETFs tracking the Nasdaq 100 index were the second and third most popular U.S. stocks among Korean retail investors, with net purchases of $748 million and $696 million respectively—but both were surpassed by the single-day purchase amount of SpaceX on its first day.

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