SpaceX Surges 49% on $796 M Korean Influx as Burry Questions $3 T Valuation
SPCX•South Korean retail investors bought $796 million of SpaceX shares on its trading debut, driving the stock up 49% and lifting market value to $2.65 trillion, surpassing Amazon. Investor Michael Burry flagged that SpaceX’s near-$3 trillion valuation outstrips its sub-$20 billion annual revenue and declined pricey bearish options.
1. Korean Retail Investors Fuel 49% Surge
South Korean retail investors purchased $796 million of SpaceX shares on its first trading day, making it the most popular U.S. stock among more than 14 million individual investors and pushing the stock up 49% in a single session.
2. Market Value Tops $2.65 T, Surpasses Amazon
The rally lifted SpaceX’s market capitalization to $2.65 trillion, roughly $8 billion above Amazon, while a SpaceX-focused ETF drew $301 million in net inflows over the past month.
3. Underwriter Allocation Misstep Spurs Regulatory Review
Mirae Asset Securities, one of the IPO underwriters, failed to allocate shares to Korean investors after promising access, triggering an expanded inspection by the country’s Financial Supervisory Service.
4. Michael Burry Questions $3 T Valuation
Investor Michael Burry, holding no position in SpaceX, noted its sub-$20 billion annual revenue and evaluated bearish put options—priced up to $25 for a December 2028 strike—ultimately passing due to rich premiums.
