Korea Space Programme (KASA / KSLV / Danuri)
South Korea's national space programme — restructured under the new Korea Aerospace Administration (KASA, established May 27, 2024) — is anchored by an indigenous launch family (Naro / KSLV-I, Nuri / KSLV-II, and the in-development KSLV-III), the Danuri (KPLO) lunar orbiter that has been in lunar orbit since December 2022, and a published $7B+ five-year programme budget framework targeting a Korean lunar landing in 2032 and crewed-rated capability by the late 2030s [1][2][3][6]. The industrial base is led by listed primes Korea Aerospace Industries (047810.KS) and Hanwha Aerospace (012450.KS) and a fast-growing private sector including Innospace and Perigee Aerospace [4][9][10].
Funding & Contract Structure
Total committed: Korean Space Development Master Plan (2024-2028) targets cumulative public space investment of approximately 100 trillion KRW (~$7.5B at 2024 FX) across launcher, lunar, satellite and KASS programmes; KSLV-III development envelope alone is reported at ~2 trillion KRW (~$1.5B) [2][9]
Annual run-rate: KASA FY2025 budget approved at approximately 1.0 trillion KRW (~$750M), the largest annual Korean civil-space envelope on record; FY2026 request increased to ~1.2 trillion KRW (~$900M) per the National Assembly Strategy and Finance Committee record [9]
Per launch: Nuri (KSLV-II) reference unit cost reported by KARI at approximately 200 billion KRW (~$150M) including launch operations; private-sector Korean launchers (Innospace HANBIT-Nano target price ~$5-10M per launch in the small-launcher class) are materially cheaper but with smaller payload [3][10]
Procurement vehicle: MIXED — Combination of vehicles across program phases.
Congressional status: KASA establishment authorised under Act 19743 with broad National Assembly support (passed January 2024, signed February 2024); Korean Space Development Master Plan endorsed by Presidential Committee on Space Promotion under President Yoon Suk Yeol and continued under successor administration policy [1][2]
GAO / CRS findings
| Date | Finding |
|---|---|
| KASA officially launched May 27 2024 under Act 19743 with headquarters in Sacheon, South Gyeongsang Province; absorbed civil space functions from former Ministry of Science and ICT (MSIT)[1] | |
| Nuri (KSLV-II) third launch on May 25 2023 placed NEXTSat-2 plus seven secondary CubeSats into orbit; second consecutive full-success Nuri flight following June 2022 success[8] | |
| Danuri (KPLO) lunar orbiter entered nominal 100 km circular polar lunar orbit on December 27 2022; mission baseline extended through at least 2026 per KARI / NASA cooperation agreement[6] |
Beneficiary Breakdown
| Contractor | Role | Share | Ticker |
|---|---|---|---|
| Korea Aerospace Industries (KAI) | prime | Largest listed Korean aerospace company; prime contractor for satellite manufacturing, launch vehicle structural assemblies and FA-50 / KF-21 defence aerospace programmes that share KSLV-III manufacturing capacity[4] | 047810.KS |
| Hanwha Aerospace | prime | Nuri launcher integrator since 2022 (KARI awarded Nuri commercialisation prime role to Hanwha); KSLV-III engine development partner; Hanwha Systems and Hanwha Phasor provide satellite payload and ground-segment electronics[5] | 012450.KS |
| Korea Aerospace Research Institute (KARI) | prime | Government R&D institute developing Nuri, KSLV-III, Danuri lunar orbiter, KASS satellite augmentation system; reports to KASA (post-May 2024)[2] | private |
| LIG Nex1 | sub | Listed defence-electronics prime supplying avionics, ground-segment and ISR satellite payloads to Korean civil and military space programmes; KSAT-2 reconnaissance satellite manufacturer[11] | 079550.KS |
| Satrec Initiative | sub | Daejeon-based listed satellite manufacturer (Earth-observation satellites for Korea, UAE, Malaysia); KOMPSAT supplier and SpaceEye-T high-resolution satellite manufacturer[12] | 099320.KS |
| Innospace | supplier | Korean private small-launch startup with hybrid engine HANBIT-Nano (target 90 kg to SSO) and HANBIT-Micro; HANBIT-TLV test flight from Alcântara Brazil March 19 2023[10] | 462350.KQ |
Key Milestones
Naro (KSLV-I) — first successful Korean orbital launch on January 30 2013 (joint Korea-Russia programme)
Nuri (KSLV-II) first launch October 21 2021 — partial success (third stage cutoff 46 seconds early; payload did not reach orbital velocity)
Nuri (KSLV-II) second launch June 21 2022 — full success; first fully indigenous Korean launcher to reach orbit with a payload
Danuri (KPLO) lunar orbiter launched August 4 2022 on SpaceX Falcon 9 from Cape Canaveral SLC-40 — Korea's first lunar mission
Danuri enters 100 km circular polar lunar orbit December 27 2022 — Korea becomes seventh country with a lunar orbiter
Nuri (KSLV-II) third launch May 25 2023 — full success; placed NEXTSat-2 and seven secondary CubeSats into SSO
Korea Aerospace Administration (KASA) established May 27 2024 under Act 19743; first Director Yoon Young-bin appointed
Planned Nuri (KSLV-II) fourth launch carrying NEXTSat-3 — first under fully KASA-led operations
Planned KSLV-III maiden launch — Korea's first 10-tonne-class indigenous launcher
Planned Korean Lunar Lander first launch on KSLV-III — Korea targets first national soft lunar landing
Catalysts
| Date | Event | Sentiment |
|---|---|---|
| Nuri (KSLV-II) fourth launch carrying NEXTSat-3 primary payload and additional Korean CubeSats; first launch under fully KASA-led operations[3] | bullish | |
| Innospace HANBIT-Nano commercial debut launch from Brazilian Alcântara Launch Centre — first Korean private orbital launch attempt[10] | bullish | |
| Nuri (KSLV-II) fifth launch — operational cadence demonstration ahead of KSLV-III transition[3] | bullish | |
| Planned KSLV-III maiden launch carrying Korean Lunar Lander or commercial GTO payload — Korea's first 10-tonne-class launcher[9] | bullish | |
| Planned Korean Lunar Lander first launch on KSLV-III — Korea targets first national soft lunar landing[9] | bullish |
Risk Register
Competitive Landscape
Investability Map
| Ticker | Exposure | Note |
|---|---|---|
| 047810.KS | high | Korea Aerospace Industries (KRX: 047810) is the largest listed Korean aerospace name; Korean civil space exposure is meaningful but a smaller slice of total revenue dominated by FA-50 / KF-21 defence programmes. |
| 012450.KS | high | Hanwha Aerospace (KRX: 012450) is the Nuri launcher commercialisation prime since 2022 and a KSLV-III engine partner; civil space is the highest-growth segment of an otherwise diversified defence and propulsion business. |
| 079550.KS | medium | LIG Nex1 (KRX: 079550) is a listed defence-electronics prime supplying ground-segment and ISR satellite payloads; Korean civil space is a meaningful but secondary growth driver. |
| 099320.KS | high | Satrec Initiative (KRX: 099320) is a focused Korean satellite manufacturer (KOMPSAT, SpaceEye-T); KASA / KARI satellite procurement is a primary revenue driver. |
| 462350.KQ | high | Innospace (KOSDAQ: 462350) is the only listed Korean private launcher; full commercial-revenue ramp depends on HANBIT-Nano debut launch from Alcântara Brazil. |
Not investment advice. Figures as-quoted from cited sources.
Sources
- [1] Korea Aerospace Administration (KASA) — official English site (established May 27 2024 under Act 19743) (Agency budget doc, accessed )
- [2] Korean Space Development Master Plan (KASA) — 100 trillion KRW envelope across 2024-2028 (Agency budget doc, accessed )
- [3] Korea Aerospace Research Institute (KARI) — Nuri (KSLV-II) and KSLV-III launcher programmes (Agency budget doc, accessed )
- [4] Korea Aerospace Industries (KAI) — corporate site (KRX: 047810) (Official company site, accessed )
- [5] Hanwha Aerospace — Space Launch (Nuri prime contractor since 2022) (KRX: 012450) (Official company site, accessed )
- [6] KARI — Danuri (KPLO) Korea Pathfinder Lunar Orbiter mission page (Agency budget doc, accessed )
- [7] SpaceNews — South Korea establishes KASA aerospace administration (May 2024) (Industry trade press, accessed )
- [8] SpaceNews — Nuri (KSLV-II) third launch success (May 25 2023) (Industry trade press, accessed )
- [9] SpaceNews — KSLV-III and Korean Lunar Lander roadmap under the Korean Space Development Master Plan (Industry trade press, accessed )
- [10] Innospace — corporate site and HANBIT-TLV / HANBIT-Nano launcher programmes (Official company site, accessed )
- [11] LIG Nex1 — Space and satellite payloads programme overview (Official company site, accessed )
- [12] Satrec Initiative — corporate site and satellite manufacturing programme (Official company site, accessed )
- [13] U.S. Department of State — Republic of Korea signs the Artemis Accords (May 27 2021) (Agency budget doc, accessed )
- [14] KASI (Korea Astronomy and Space Science Institute) — corporate site (Danuri ShadowCam coordination) (Agency budget doc, accessed )
- [15] NASA — ShadowCam instrument on Danuri (KPLO) — first NASA payload on a Korean spacecraft (Agency budget doc, accessed )
- [16] Korea Joongang Daily — KASA budget FY2025 / FY2026 National Assembly Strategy and Finance Committee record (Agency press / Congressional record, accessed )