SpaceX, Not a Space Company? Complete Investment Point Analysis

Summary

Oh Giseok analyzes SpaceX’s IPO supply dynamics, predicting short‑term price rise due to index‑inclusion‑driven buying pressure, while arguing SpaceX’s long‑term value lies in its AI infrastructure pivot and space data center ambitions.

• SpaceX IPO floated only 4.9% of shares with staged lock‑ups, creating tight supply.
• Major index inclusions (CRSP, FTSE Russell, MSCI) in June–July will force passive buying of roughly 30 trillion won.
• Institutional IPO buyers are long‑term holders, unlikely to sell, reinforcing the supply squeeze.
• Speaker recommends short‑term trading along the supply events, citing Sandisk’s steady rise during S&P 500 inclusion.
• SpaceX is pivoting to AI infrastructure, acquiring Cursor to strengthen AI coding and B2B AI services.
• Long‑term vision: space‑based data centers using Starship’s full reusability and low cost to avoid terrestrial constraints.
• Current valuation is high on fundamentals, but the AI pivot and Starship success could eventually justify a premium.
• Mention of SPAX, a 2x leveraged SpaceX ETF launched by Rex Shares, with a caution on leveraged risk.