Aerospace special alloy company Sphere is trending upward in early trading on the 4th. The stock has surged for two consecutive trading days following news of a long-term supply agreement with SpaceX.
As of 9:15 a.m. on that day, Sphere's stock is trading at 15,290 won, an increase of 7.90% (1,120 won) compared to the previous trading day in the Korea Securities Dealers Automated Quotations (KOSDAQ) market.
Sphere has surged for two consecutive trading days. On the 1st, it headed straight to the upper limit price (the highest daily price limit) right after the market opened.
This is due to the aftermath of the news that Sphere has signed a long-term supply contract with SpaceX.
Sphere announced on the 1st that it has signed a long-term supply contract with SpaceX worth up to $1.054 billion (approximately 1.47 trillion won) by 2035. The contracted products include nickel and superalloys used in rocket launch engines and nozzles. The confirmed contract amount for next year is 77.4 billion won and is expected to contribute to an annual operating profit of 20 billion won.