Korean retail investors shattered records: $796 million in SPCX on the first day of trading
South Korean retail investors demonstrated a phenomenal appetite for SpaceX (SPCX) shares on the very first day of their listing. On June 12, the net purchase volume of Elon Musk's space company shares by retail traders reached $795.9 million. This event instantly rewrote the history of the local US stock market.
To understand the scale: in a single trading session, SPCX surpassed the three-month accumulation volumes of heavyweights such as Micron Technology (MU) — $748.3 million, the Nasdaq 100 ETF (QQQ) — $696.2 million, and Marvell Technology (MRVL) — $694.5 million. Over 14 million retail investors from South Korea placed their bets specifically on SpaceX.
The Scarcity Effect and "Exit Liquidity"
Such powerful demand is explained not only by the brand's charisma but also by the structure of the offering itself. The largest IPO in history effectively bypassed retail investors, who were cut off from participating in the primary offering. This created a deferred demand effect that spilled over into the secondary market.
However, not all market participants share the euphoria. Analysts point to a warning signal: only about 4% of SPCX shares are in free float, while 96% are locked up for insiders and early investors. Meanwhile, passive funds are already forced to buy additional shares to track the index. This configuration creates a classic "exit liquidity" scenario, where institutions and early holders can offload their positions on the wave of retail frenzy.
The SPCX price has already surged 70% above the IPO price, and this is happening against a backdrop of extremely low free-float. The first unlockings of insider stakes are expected to begin as early as July-August. If the flow of retail buyers dries up by then, the market could face a sharp correction.
My comment as an analyst: This case is a classic example of FOMO (fear of missing out), reinforced by supply scarcity. Investors should remember that the hype around SPCX is not so much about belief in the space future as it is a game on the structural imbalance of supply and demand. After the unlocking of insider shares begins, the price dynamics could change dramatically. Be cautious: buying the future of space is one thing, but becoming "exit liquidity" for insiders is quite another.