South Korean individual investors showed strong interest in SpaceX by purchasing a net 1.2 trillion won worth of shares on the company's first day of trading on the stock market. This amount stood out as one of the highest single-session purchases by Korean individual investors in a single U.S. stock.
The purchases took place through 11 brokerage firms starting June 12. Transactions conducted via firms such as Mirae Asset Securities, Korea Investment & Securities, and Toss Securities made SpaceX one of the largest overseas stock acquisitions by Korean investors in recent years.
First-day demand surpasses U.S. market
Net purchases by individual investors in the U.S. on the first day ranged between 117 million and 118 million dollars. It was noted that the secondary market purchases by Korean investors were more than five times the individual demand in the U.S.
SpaceX's first-day purchases also exceeded Korean investors' interest in other overseas products. The second most purchased asset of the day, the ProShares UltraPro QQQ ETF, saw net purchases of 24.9 million dollars.
Earlier this month, the most popular overseas product was the Direxion Daily Semiconductors Bull 3X Shares ETF, which attracted net purchases of 514.2 million dollars on June 4. SpaceX surpassed this level in a single trading day, reaching approximately 661 million dollars in purchases.
Stock price reached $176 during the day
SpaceX shares were priced at $135 during the IPO and started trading at $150. The stock rose to as high as $176 during the day, closing at $161.11, marking a 19.3% increase over the IPO price.
It is estimated that Korean individual investors accumulated about 5 million shares based on the closing price. The upward trend continued on the second trading day, with the stock rising another 19.6% on June 15.
Net purchases in the first two trading sessions are expected to exceed 2 trillion won. This pace indicates that SpaceX quickly became one of the main overseas positions for South Korean individual investors.
SpaceX quickly became one of the most held U.S. stocks
After just one trading day, the company rose into the top 30 most held stocks in the U.S., joining major tech companies like Nvidia, Tesla, Apple, Microsoft, and Alphabet.
The strong buying interest in SpaceX was recorded as a new example of South Korean individual investors' enthusiasm for U.S. technology and growth companies. The stock's first-day performance also highlighted the high demand that quickly developed in the overseas market.
