Asset managers await final allocations ahead of Friday's blockbuster listing, though some remain wary of post-IPO volatility A SpaceX logo is on a screen at the Morgan Stanley building in New York. (Reuters-Yonhap) Korea's investment industry is scrambling for a piece of SpaceX's blockbuster IPO, with asset managers awaiting final allocations ahead of Friday's listing while weighing whether the stock can live up to expectations.According to industry sources on Sunday, several Korean asset managers, including Korea Investment Management, participated in the institutional book-building process and are awaiting pricing night, when underwriters finalize the offering price and allocate shares."We have to stay up all night waiting to find out how many shares we will actually receive," one asset management official said. "We also need to assess how the stock trades after listing and whether the price movement justifies buying more."As expectations grow that SpaceX shares could surge after listing, Korean financial institutions, including asset managers and insurance companies, have been eager to participate in the IPO as institutional investors.Korea Investment Management plans to add allocated shares to the portfolios of its ACE US Space Tech Active ETF and Global Space Technology & Defense Fund."Following discussions with the lead underwriters, we became confident that we could secure a meaningful allocation, which is why we decided to make the announcement," a company official said."The limited float could trigger a sharp rise in the share price shortly after listing. We also expect the stock to continue appreciating over the medium- to long-term as the company demonstrates sustained business growth."The firm also plans to purchase additional shares in the open market after the listing. By combining IPO allocations with post-listing purchases, it aims to raise SpaceX's weighting in its ETF portfolio to as much as 25 percent.Other major asset managers that participated in the IPO have declined to disclose their involvement publicly."We have maintained our public position that nothing has been decided yet," an industry official said. "No one knows for certain how many shares will ultimately be allocated. Making public commitments under such uncertainty carries considerable risk for an asset manager."Despite the excitement, some fund managers have opted to stay on the sidelines due to concerns over valuation and post-listing volatility.KB Asset Management was among those that chose not to participate in the offering."Meta, formerly Facebook, generated tremendous excitement at the time of its IPO, but the stock fell 38 percent over the following six months," a KB Asset Management official said. "We believe it is necessary to monitor how SpaceX trades after listing before making an investment decision."Investor appetite in Korea has also been strong.Mirae Asset Securities, one of the joint bookrunners for the IPO, announced that its first-round private subscription for Korean accredited investors sold out within minutes. The initial allocation amounted to $300 million of the $500 million available to Korean investors.The offering is open only to individuals and institutions registered as professional investors under Korean regulations. With a minimum investment requirement of $100,000, most retail investors are excluded from direct participation.The remaining $200 million tranche is scheduled to be offered Monday.Strong demand has also drawn regulatory scrutiny.The Financial Supervisory Service is reportedly reviewing whether Mirae Asset Securities complied with investor protection requirements and adequately informed investors of key risks, including foreign-exchange volatility.The regulator will examine whether investors received sufficient disclosure regarding investment risks, including currency fluctuations.Biggest IPOs everSpaceX has set its IPO price at $135 per share and plans to raise approximately $75 billion through the offering, making it the largest IPO in history.Market participants estimate the company's post-listing valuation at around $1.75 trillion, which would place it among the world's largest listed companies by market capitalization.According to an amended S-1 filing submitted to the US Securities and Exchange Commission, SpaceX plans to use the proceeds to expand its Starlink satellite internet business and accelerate development of its next-generation Starship launch system.The company is estimated to have generated approximately $18.7 billion in revenue in 2025. Morgan Stanley recently projected that annual revenue could reach $3.4 trillion by 2040.For Korean investors, however, the immediate focus is far less distant: how many shares they receive, and whether the stock can live up to the enormous expectations surrounding its market debut.