Hanmi Semicon confirmed on Friday that it will invest about 50 billion won, equivalent to $32.9 million, in SpaceX. The South Korean chipmaker said in a statement that any proceeds generated from this investment are intended to be reinvested into Hanmi's core semiconductor business.
Following the announcement, Hanmi Semicon shares surged, climbing 26% to 367,500 won, marking their strongest level in nearly a month. The company noted the investment also reflects perceived potential in the joint venture between SpaceX and Tesla, known as Terrafab, which aims to develop chipmaking capacity.
South Korean media reports have speculated that Hanmi's financial stake could position the company to secure orders from the Terrafab venture, though the company statement itself did not confirm any such contract awards. Separately, the move appears connected to a long-standing relationship between Hanmi and early SpaceX investor Peter Thiel, according to reporting that links the investment decision to that relationship.
SpaceX completed a large initial public offering on Thursday that raised $75 billion. The IPO sets SpaceX up for a market valuation of $1.77 trillion when it begins trading on the Nasdaq on Friday, details included in the reports.
The market reaction to Hanmi's disclosure was acute: shares jumped sharply on Friday, reflecting investor appetite for a link to a high-profile aerospace and chipmaking initiative. The company explicitly stated it plans to reinvest returns from the SpaceX stake into its semiconductor operations, rather than diverting proceeds elsewhere.
Context and immediate implications
Hanmi's purchase of 50 billion won of SpaceX equity represents a direct financial stake in the company behind the Terrafab alliance with Tesla. The company has framed the investment as a strategic financial allocation, with an explicit plan to recycle investment proceeds into its primary business of chipmaking.
Market commentary in South Korea has pointed to the potential for commercial ties between Hanmi and Terrafab, but those reports are characterized as speculation and are not presented as confirmed agreements by Hanmi.
What to watch next
- Whether any commercial orders or supplier agreements result from the investment or from Terrafab's formation.
- How Hanmi follows through on its stated plan to reinvest returns from the SpaceX stake into its semiconductor business.
- Trading reaction to SpaceX's Nasdaq debut and how that affects the value of Hanmi's equity holding.