SpaceX and the Asia space trade

研报英文原文证据摘录

SpaceX and the Asia space trade

Macquarie Equity Research

10 July 2026

Technology

Equity Strategy

AsiaSpaceX and the Asia space trade

Supplier links, orbital compute and the next

investable bottlenecks Charles Hiroshi

Yonts Yamashina

Key Points

• SpaceX sharpens the Asia space trade. Arthur Kaylin

• Orbital compute is still early, but ambition is accelerating. Lai Tsai

• We refresh our Asia supplier screens and space basket, up 64%/1% over Related ecosystem reports: 1Y/3M.

SpaceX has become the anchor for the orbital-compute debate and the

space economy more broadly. Following Paul Golding’s initiation, SpaceX

(SPCX US) - Building the frontier economy, we refresh our orbital data-

centre framework and add a short Asia supply-chain screen.

SpaceX first: Asian exposure is narrow, but real

• Vertical integration is central to SpaceX's success, but the company still

has meaningful exposure to Asian supply chains.

• Taiwan has the clearest current supplier links: Wistron NeWeb in Starlink

terminals, Compeq in HDI PCBs, UMT and WIN Semi in RF / direct-to-

cell, and TSEC in solar cells.

• Korea has one direct materials contract, Sphere Corp’s Starship

superalloy supply deal, plus Jusung as a solar-equipment option if

SpaceX’s US solar buildout accelerates.

• Japan is more customer and partner than supplier: KDDI, NTT / Docomo

and SoftBank are demand channels, while ispace adds a lunar-logistics

link to Starship. As we have detailed separately, Japan's broader space-

economy exposure is much larger.

Beyond SpaceX: orbital compute still needs an industrial stack Relevant reports:

• SpaceX’s stated ambition to launch 100 GW of compute to space each SpaceX (SPCX US) - Building the frontier economy -

year and Macquarie's projected 5,650 Starship launches by 2031E reset Jul 2026