SpaceX-linked stocks rose together on the Korean market on the 21st after the company posted better-than-expected results. Mirae Asset Securities (006800), an early investor, climbed more than 4% on expectations that the value of its holdings would recover, while Sphere and HVM, both reported to be part of the SpaceX supply chain, also advanced.
Mirae Asset Securities closed at 25,900 won on the 21st, up 1,000 won or 4.02% from the previous session, according to the Korea Exchange on the 22nd. On the KOSDAQ market, Sphere ended at 22,350 won, up 3.23%, and HVM at 65,900 won, up 2.81%. Both had surged as much as 9.01% and 9.05%, respectively, in early trading before giving back part of their gains.
The rally followed strong SpaceX earnings released before the Korean market opened. SpaceX posted third-quarter revenue of $14.58 billion, up 161% from a year earlier. Operating profit came in at $2.791 billion, swinging to a profit from both a year earlier and the previous quarter. The stock jumped nearly 10% at one point in after-hours trading following the announcement.
The results were driven by the superintelligence (SI) division, which handles the company's AI business. Revenue at the unit reached $7.56 billion, up 830% from a year earlier and 23% above market estimates. Within that, AI infrastructure revenue totaled $7.02 billion, up 192% from the previous quarter even excluding the impact of the Cursor acquisition. The division's share of total revenue widened to 52% from 15% a year earlier.
Existing businesses also performed well. Starlink revenue rose 70% from a year earlier to $5.25 billion. Sales to corporate and government customers climbed 91% to $2.13 billion, underpinning the growth. The space division narrowed its operating loss to $7 million, far smaller than the $430 million market estimate.
Mirae Asset Securities is seen as a beneficiary of any rise in SpaceX's valuation because of the group's early investment. Mirae Asset Group invested about $278 million in 2022 and 2023, before SpaceX went public. As of the second quarter, Mirae Asset Securities said investment gains tied to SpaceX, including those at overseas units, amounted to roughly 5 trillion won.
Swings in the SpaceX share price are also affecting Mirae Asset Securities' quarterly earnings. After listing on the New York Stock Exchange in June, SpaceX shares fell to $108.27 in early August, about 20% below the $135 offering price. The stock later recouped losses to reach $171.92 early this month and closed regular trading at $147.79 on the 20th. Analysts expect Mirae Asset Securities to swing to a loss on valuation losses from the weak third-quarter share price, while watching for a possible return to profit in the fourth quarter on the stock's recovery.
Sphere and HVM gained on expectations of supply chain benefits. Both companies have been cited as SpaceX-related names because they are reported to take part in the company's supply chain. Interest in the suppliers picked up after SpaceX paired solid results with plans to expand its business.
Kim Jae-im, an analyst at Hana Securities, said an increase in freely tradable shares when lockups expire at the end of the year is a short-term risk, but added that expanding computing revenue in 2027, progress in Starship technology and the rollout of the V3 satellite network would widen the stock's upside.
