SpaceX Debuts +19% in Record IPO Yet ASTS Crashes -15.53%

Hey, Dongchun here.

KOSPI and KOSDAQ open on June 13, 2026 after US markets closed with Nasdaq +0.31% and S&P 500 +0.50%. Here is the Korean stock market preview for foreign investors.

DONGCHUN'S TAKE

The one thing that matters from Friday is SpaceX's record debut lighting a risk-on fire across the tape. Raising $75B for a ~$2.1T valuation, the IPO was read as the opening signal for a wave of AI and space capital hitting public markets, and all three US indices rose with it. It matters because the very same theme produced the opposite outcome elsewhere — ASTS crashed -15.53% as cash rotated into the new heavyweight in a classic shakeout.

Watch one thing next session: whether the macro combo of a gold record and a -4% oil collapse keeps feeding risk appetite, or whether it fades.

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1. US Market Close: Impact on Korean Stocks

All three major US indices closed higher Friday, with the Dow leading at +0.70% to 51,202.26 and the S&P 500 up +0.50% to 7,431.46. The Nasdaq added +0.31% to 25,888.84, and small-cap Russell 2000 outperformed at +0.79%, a healthy breadth signal.

The session's defining event was SpaceX's market debut. Elon Musk's rocket company listed on the Nasdaq under SPCX and closed +19.34% at $160.95 versus its $135 offering price, after briefly spiking over +30% intraday. The $75B raise — the largest IPO ever — lifted its valuation to roughly $2.1T and was read on the Street as a signal of an AI- and space-capital IPO wave to come.

The advance was broad, not narrow. Just two of eleven sectors fell, with materials, financials, and utilities leading. The SOX chip index rose +1.52% to 13,371.47, and the VIX collapsed -9.05% to 17.68, underscoring a firm risk-on tone.

Index	Close	Change
S&P 500	7,431.46	+0.50%
Nasdaq	25,888.84	+0.31%
Dow Jones	51,202.26	+0.70%
Russell 2000	2,943.99	+0.79%

2. KOSPI and KOSDAQ Today: Korean Market Opening Outlook

This is set up by Friday's Korea session, since markets are closed over the weekend and the next session is Monday. The KOSPI closed Friday +4.63% at 8,123.62, topping 8,000 for the first time ever, while the KOSDAQ rose +3.22% to 1,029.05. The level marks a historic milestone, but the fade from a +8.46% intraday peak flags lingering profit-taking risk.

Foreigners bought a net +2,667 B KRW on the KOSPI, ending a 25-session selling streak that began May 7, with buying concentrated in large-cap semiconductors. Institutions added a net +3,600 B KRW in a dual-engine large-cap bid. The key question is whether this foreign reversal persists into Monday.

Retail investors were the sellers, dumping a net -6,078 B KRW into the spike. Foreigners also sold -472 B KRW on the KOSDAQ, so the conviction did not spread to small caps — the first thing to confirm Monday is whether foreigners keep buying chips.

Index	Prev Close	Change	Key Level
KOSPI	8,123.62	+4.63%	8,000 historic support
KOSDAQ	1,029.05	+3.22%	1,000 support

Investor	KOSPI Net	KOSDAQ Net	Trend
Foreigners	+2,667 B KRW	-472 B KRW	First net buy in 25 sessions
Institutions	+3,600 B KRW	+520 B KRW	Dual-engine large-cap bid
Retail	-6,078 B KRW	-80 B KRW	Profit-taking into the spike

3. Korean Sector Breakdown: What is Moving Today

The dominant US theme was a materials-led advance, with gold, silver, and copper all surging in tandem. This was a macro and risk-on story driven by a collapse in oil and a renewed safe-haven and industrial bid for metals, not an earnings story.

The two strongest groups beyond materials were financials and utilities, while the SpaceX debut electrified the space and aerospace complex. SOX chips rose +1.52%, a supportive read-through for Korean memory names Samsung Electronics (005930) and SK Hynix (000660) into Monday.

The clearest loser was the existing space-stock cohort. ASTS crashed -15.53% as cash rotated into SpaceX, a shakeout rather than a fundamental shift. For Korea, the gold record favors materials and machinery names, while the -4% oil drop pressures refiners and chemicals.

Sector	US Session	Korea Stock	Korea Watch	Note
Materials	▲ Gold +3.66%, Silver +6.63%	KODEX gold/materials	Metals rally read-through	Record-high gold
Semiconductors	▲ SOX +1.52%	Samsung (005930), SK Hynix (000660)	Foreign chip flow	Memory tailwind intact
Space/Aero	▲ SpaceX +19% / ▼ ASTS -15.53%	Hanwha Aerospace (012450)	Shakeout vs leadership	Cash rotation
Energy	▼ WTI -3.90%	S-Oil (010950)	Refiner margin risk	Iran-deal hopes

4. Korean Stocks on My Radar

Friday split my book: the SpaceX shakeout hammered ASTS while optical name POET surged double digits. Facts only, no buy/sell advice.

Ticker	Price	Session %	Key Event
BMNR	$16.11	-2.48%	ETH treasury 5.54M ETH, $9.6B crypto+cash; #2 global crypto treasury
SMCI	$30.46	-4.72%	$7B equity/equity-linked financing priced; dilution overhang
ASTS	$82.41	-15.53%	Space-stock shakeout after SpaceX IPO; volume 172% above average
POET	$12.53	+11.38%	Lumilens wafer-level photonics deal ($50M initial, up to $500M+); $400M raise
RBLX	$43.31	-0.41%	Roughly flat

ASTS fell -15.53%, the hardest hit, as the SpaceX debut pulled cash out of competing space names; volume reached 54.3M shares, about 172% above its three-month average. Its June 17 BlueBird launch is still ahead, so whether this is a temporary flow dislocation needs confirming.

POET jumped +11.38% on a Lumilens partnership for wafer-level photonic integration, with a $50M initial order that may scale above $500M over five years, plus a $400M raise. The AI optical-interconnect theme caught a fresh bid.

SMCI slipped -4.72% as a $7B equity and equity-linked financing was priced, raising dilution concerns even as it secures funding for a $39B AI-server backlog. BMNR eased -2.48% while holding 5.54M ETH and $9.6B in crypto and cash as the #2 global crypto treasury behind Strategy; RBLX closed roughly flat at -0.41%.

5. How to Trade KOSPI Today: Setup and Levels

This is the most actionable section. US overnight futures are firm after Friday's cash-session gains — Dow futures +1.44%, Nasdaq futures +0.72%, S&P futures +0.54%. Because Korea already surged +4.63% Friday and pre-priced much of the US strength, Monday is more likely to consolidate above 8,000 than to gap sharply higher again, with the firm futures providing a supportive backdrop.

The single most important indicator to watch is foreigners' net buy or sell in Samsung Electronics (005930) at the 9:00–9:05 AM KST open. Friday's 25-session reversal concentrated in large-cap chips, so Samsung flow will signal whether that conviction is durable or a one-off rebound — Samsung flow leads KOSPI direction.

Two areas to focus on Monday: semiconductors via Samsung Electronics (005930) and SK Hynix (000660) on the intact SOX and memory tailwind, and materials names benefiting from the record gold and metals rally. Refiners and chemicals face the opposite pull from the -4% oil drop.

Scenario	Trigger Condition	KOSPI Target
Bull	Foreign net buy in Samsung continues, US futures hold gains	Retests 8,400 intraday high
Neutral	Foreigners turn flat, profit-taking meets buying	8,000–8,200 consolidation
Bear	Retail/foreign profit-taking spreads or oil rebounds	Tests 8,000 support

Base case is consolidation above the historic 8,000 line, with follow-through hinging on whether foreigners keep buying chips after a 25-session reversal. International readers without KRX access can track the move via the EWY (iShares MSCI South Korea ETF) or Samsung Electronics GDRs.

DONGCHUN'S WRAP

Friday was a day risk appetite bloomed in full, but the split within the same space theme — SpaceX soaring while ASTS collapsed — showed the market's real nature. Money always crowds into the strongest name.

So — which way does Korea swing at the open today?

That's the AM breakdown for June 13, 2026. Trade safe.

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