Asian investors chase proxy bets as SpaceX IPO locks out most of the region

Asian Investors Find Creative Ways to Trade SpaceX IPO

As SpaceX begins trading on the Nasdaq on Friday under the ticker SPCX in what is the largest initial public offering in history, investors across Asia who were largely shut out of the $75 billion deal have scrambled to find indirect ways to ride the wave.

Locked Out, Looking In

Japan and Australia are the only countries in the Asia-Pacific region where retail investors have direct access to SpaceX’s IPO, according to Bloomberg. That has left traders from Seoul to Shanghai hunting for proxy plays — supply chain stocks, space-themed ETFs, and broad Nasdaq 100-tracking funds — in hopes of capturing some of the gains expected once shares hit the open market.bloomberg

In South Korea, some investors sought allocations through Mirae Asset Securities via a private placement that sold out within one minute, according to Yonhap Infomax News. For everyone else, the supply chain became the next-best bet.moneycontrol

“The level of interest around SpaceX feels less like a normal IPO inquiry and more like investors trying to secure a seat before the rocket leaves the launchpad,” said Hebe Chen, an analyst at Vantage Global Prime.moneycontrol

Supply Chain Stocks Surge

Companies linked to SpaceX’s Starlink satellite network have seen dramatic gains. In Taiwan, WNC Corp, which supplies Starlink components, has surged 175% this year, while Chin-Poon Industrial is up 91% and Universal Microwave Technology has soared 147%. All three have said they supply parts used by SpaceX, helping them outperform even the Taiex, which has gained 49% this year.moneycontrol

In China, Shenzhen Sunway Communication, which supplies Starlink-related ground terminal components, is up 60% this year, while Lens Technology has jumped 41% — both well ahead of the CSI 300 Index’s 2% gain.moneycontrol

Crypto Markets Imply Premium Valuation

Meanwhile, crypto perpetual futures tied to SpaceX were trading around $173 on Hyperliquid on Friday morning in Hong Kong, implying a valuation exceeding $2.2 trillion — well above the $1.75 trillion IPO valuation. Similar contracts were observed on Binance.bloomberglaw

The ETF route has also drawn heavy interest, with the ARK Space and Defense Innovation ETF set for its second consecutive quarter of at least $200 million in inflows. Others are betting that SpaceX’s enormous market value will quickly make it a component of major technology indexes, potentially entering the Nasdaq-100 as soon as 15 trading days after its debut.moneycontrol

Whether these proxy trades deliver SpaceX-like returns remains uncertain, but the frenzy underscores how the mega listing has become a dominant investment theme for retail investors across the region.