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For years, SpaceX has been the startup boasting the highest corporate value worldwide. Its standing remains firm despite fluctuations in the market.
A company led by the remarkable founder and manager Musk, setting groundbreaking and rapid milestones in the cutting-edge field of rocket technology.
Although SpaceX is in the lead, no one can say for sure if they'll be the ultimate winner in the space industry. Achieving stability and reasonable costs will require immense technological advancement. Real commercialization only starts from there, so right now, this is more of a preparatory phase for a major business. I think that's why even contemporary giants like Jeff Bezos and Richard Branson have dedicated their remaining years to the field of space—they've spotted limitless business opportunities in this very context.
Here in Korea, we've decided to dip our toes into the space industry by investing in early-stage startups.
At first glance, it might seem like a reckless attempt, but that's actually far from the truth. If a good investment is a combination of high probability and big impact, I'm convinced this one ticks many boxes for being a truly great investment.
First, it's due to the unique historical context of manufacturing and the distinctiveness of Korea itself; second, I'm confident that CEO Jaehong Park is an exceptional founder capable of carrying this vision. From the Industrial Revolution through the era of Fordism, mass production through large-scale capital and engineering efficiency has become a mainstream paradigm across most industries.
Naturally, the companies leading this paradigm topped corporate value in their day—Rockefeller's Standard Oil, Carnegie’s US Steel, Ford, Edison’s GE—but scarcely any have kept that throne a century on. Change in technology, management, and new markets has flung open the window of opportunity to latecomers, and founders overflowing with skill and determination have seized it. The rise of China since the 2000s, especially, demonstrates just how much manufacturing hegemony still matters even in the Internet age.
But calling Korea and its companies just bystanders in all this really doesn’t do them justice. In most manufacturing industries, Korean firms are still among the global top tier, excelling at catching up fastest even in environments where capital and technology were nearly absent.
In short, the growth of modern industry can be seen as the West’s success blossoming in the East, and Korea is now confidently center stage in this ‘economics of catching up’. Today, the space industry is one of the hottest fields in the West, and I believe the same catch-up dynamics could play out here. The reason for this is people. Above all, it’s people who turned the catch-up myth into reality—entrepreneurs of exceptional vision and outstanding talent who’ve made impossible missions come true.
Stories like Chung Ju-yung winning a major shipbuilding contract with just a turtle ship-printed banknote as leverage when there wasn’t even a proper shipyard, and building and delivering the ship entirely with borrowed funds, or Lee Byung-chul who bridged a 30-year tech gap in semiconductors—an industry where the gap doubles every two years—using only talent, are all familiar to us. But to outsiders, wouldn’t these sound like hallucinations?
We’ve seen first-hand how great founders and top talent have shaped companies—and history itself. I see the current startup boom as one of the many legacies of the intangible assets built and accumulated through this process, and I have no doubt the space sector will inherit this heritage as well.
In fact, the Korean space industry has seen its share of achievements. It's still early days, but success stories are piling up. Setrec Eye, for example, went public in the midst of the 2008 global financial crisis (I was at an asset management firm at the time, running an IPO fund with a brilliant mentor who grumbled, 'Why are we listing something like this?'—the gripe being about low sales, market cap, and the uncertainty of the market opening). In the end, the company was valued and absorbed into Hanwha Group at about 20 times its IPO price. In the launch vehicle sector Unistellar is entering, the leading names are already in the spotlight. I hear that one has even achieved an overseas orbital launch and is now seeking a special listing. I think that's something to be applauded.
At this early stage, we need partners to collectively chase global giants, compete to achieve both big and small successes, and attract the next wave of talent to the industry. This process has often led to multiple winners—look at Korea’s big three shipbuilders, Samsung and LG in appliances, Hyundai and Kia in cars, Samsung and Hynix in semiconductors. In this sector, where success stories are just starting to be written, I believe CEO Jaehong Park—with a mastery of the world’s fastest tech tree and global experience in rocket science—could well join the ranks of those ‘winners’.
I was curious why someone with the credentials to teach rocket science in Germany—who could have lacked for nothing—chose to start a business back in Korea, even bringing his research team with him. As I went through the investment review, I found myself genuinely resonating with the CEO's conviction and could see just how real it is. Even after half a year raising funds in the toughest market conditions, he’s calmly achieved every milestone in line with his roadmap, never losing composure—a quality that reminds me of the legendary founders mentioned earlier. Is that an overstatement? I wonder. Today, Unistellar is chasing the industry leader at an unprecedented pace—recording lap times (?) even faster than SpaceX.
Frankly, I'm still not quite sure how someone like me, with a non-technical background, can help—and yet, because I share the same brand and level of conviction as the CEO, I trust I can contribute in some small way. I’ll do my utmost to fulfill my role as a venture capitalist, staying true to our adventurous spirit.
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