[Asia Economy Reporter Hyunseok Yoo] Kencoa Aerospace is showing strong performance. It appears that the news of Elon Musk's SpaceX raising $850 million (approximately 941.3 billion KRW) last week influenced the stock price.
As of 9:32 AM on the 28th, Kencoa Aerospace was trading at 12,600 KRW, up 5.88% (700 KRW) compared to the previous trading day.
According to major foreign media, the private space exploration company SpaceX recently secured new investment at $419.99 per share. Through this process, the company was valued at $74 billion (approximately 82 trillion KRW).
The amount of funds aiming to invest in SpaceX over three days reached $6 billion.
SpaceX started the beta service of its satellite internet "Starlink" at the end of last year. According to documents submitted to the U.S. Federal Communications Commission (FCC), the number of users exceeded 10,000 within three months of service launch.
Starlink consists of more than 1,000 small satellites. The satellites remain in orbit and provide ultra-high-speed internet service to the ground.
All of Kencoa Aerospace's U.S. affiliates are involved in the space industry.
Kencoa Aerospace affiliate California Metal has registered as a vendor code for SpaceX and signed a raw material supply contract. It supplies special raw materials for space to NASA, SpaceX, Blue Origin, and others.
California Metal currently supplies special raw materials for the space industry to more than 30 companies in the space sector, including NASA and SpaceX. Revenue related to the space industry began to occur in earnest since 2018. The proportion of consolidated sales in the early stages of the business was 1%, and it is expected to grow to over 10% this year. As the space industry in the U.S. is explosively growing, the supply chain is currently being formed, and sales to the launch vehicle supply chain are increasing.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
