Will SpaceX and Tesla really merge? Can I buy immediately after listing? | Kim Hyun-tae, Yeo Doeun, Heo Jaemu [Morning N Investment]

Will SpaceX and Tesla really merge? Can I buy immediately after listing?_26.05.28. | Kim Hyuntae, Yeo Doeun, Heo Jaemu [Morning N Investment]
Watch on YouTube ↗  |  May 28, 2026 at 02:36  |  26:52  |  3PRO TV (삼프로TV)
Speakers
Kim Hyun-tae — Head of Global Equity Management, Korea Investment Trust Management

Summary

Kim Hyun-tae from Korea Investment Trust Management discusses the upcoming SpaceX IPO and broader space investment. He analyzes SpaceX's high valuation but strong growth via Starlink and AI, recommends space ETFs for diversified exposure, and highlights Echostar as a proxy, Rocket Lab and Planet Labs as specific growth plays. He also believes a SpaceX-Tesla merger is likely.

  • SpaceX IPO expected June 12, 2025, with high valuation (~100x PSR).
  • Starlink drives 60% of SpaceX revenue; subscribers doubled to 10M in a year.
  • SpaceX's largest TAM is AI (enterprise/AI agents), not launch services.
  • Nasdaq index rules were changed to allow early inclusion of SpaceX, potentially inflating its stock.
  • Echostar (SATS) is a proxy for SpaceX due to its large stake; stock rose 6x in a year.
  • Rocket Lab (RKLB) shows 40%+ revenue CAGR and backlog 3x revenue.
  • Planet Labs (PL) deploys AI on satellites for in-orbit analytics, a long-term growth avenue.
  • Space ETFs (including active ones like ACE) offer diversified access to the sector.
Trade Ideas
Kim Hyun-tae Head of Global Equity Management, Korea Investment Trust Management 6:00
SpaceX long-term buy, watch valuation.
SpaceX is fundamentally transformative with Starlink delivering 60% of revenue and growing rapidly (subscribers doubled to 10M in a year), plus a massive AI addressable market via xAI and data centers. However, at a ~100x PSR and $1.75-2T target market cap, short-term overvaluation risk exists. Long-term, Starlink's growth and AI expansion justify a bullish stance, but investors should wait for a reasonable entry point rather than chasing IPO hype.
SPACEX HIGH
Kim Hyun-tae Head of Global Equity Management, Korea Investment Trust Management 12:28
Space ETFs for diversified sector exposure.
Space ETFs provide diversified exposure to the entire space value chain, reducing single-stock risk. As SpaceX listing draws mainstream attention, capital inflows into the space sector will increase, benefiting all players. ETFs allow passive participation without needing to pick winners, especially as new companies constantly emerge. Active ETFs can add SpaceX on listing day, while passive ETFs follow index rules.
ARKX MED
Kim Hyun-tae Head of Global Equity Management, Korea Investment Trust Management 14:53
Echostar as SpaceX proxy before listing.
Echostar (SATS) is a proxy for SpaceX because its largest asset is a SpaceX stake acquired through a spectrum deal. When SpaceX's valuation surged (from ~$212/share pre-split to ~$530 post-xAI merger), Echostar's stock rose 6x. After SpaceX listing, Echostar will track SpaceX's stock price. It can serve as an 'insurance' or option-like investment ahead of the IPO, especially if index-driven overvaluation occurs.
SATS HIGH
Kim Hyun-tae Head of Global Equity Management, Korea Investment Trust Management 22:06
Rocket Lab strong growth and backlog.
Rocket Lab (RKLB) has delivered 40%+ annual revenue growth, 63% YoY in the latest quarter. Its backlog-to-revenue ratio exceeds 3x, meaning three years of orders are already secured. The company continuously raises capital for growth (recent rights offering quickly recovered), indicating strong investor confidence in its expansion trajectory. This is a high-growth space launch and services player worthy of investment.
RKLB HIGH
Kim Hyun-tae Head of Global Equity Management, Korea Investment Trust Management 23:23
Planet Labs long-term space AI play.
Planet Labs (PL) operates 200+ imaging satellites and has transitioned from selling raw images to deploying NVIDIA GPUs on satellites for AI processing in orbit. This shift to edge computing in space (a distributed space data center model) is a long-term growth driver. While not immediately profitable, the gradual adoption of in-space AI analytics makes Planet Labs a compelling long-term bet in the space data value chain.
PL MED
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Market Makers · May 28

This 3PRO TV (삼프로TV) video, published May 28, 2026, features Kim Hyun-tae discussing SPACEX, ARKX, SATS, RKLB, PL. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Kim Hyun-tae  · Tickers: SPACEX, ARKX, SATS, RKLB, PL