Spear Won't Name Its Aerospace Customer. The Filing Still Gives Up 12%.
Spear disclosed an ₩11.58 billion special-alloy contract worth 12.1% of revenue. The counterparty is withheld, described only as a 'US global aerospace launch company' — but the amount and ratio are not.
AI-assisted, human-reviewed sourcing. Figures are pulled programmatically from the official sources listed at the end of this article and checked by an editor before publication.
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Spear (KRX: 347700) filed a single sale/supply contract disclosure on 23 September, 2026, for a special-alloy supply deal worth 12.10% of its revenue. Korean disclosure rules let a company withhold a counterparty’s name when the counterparty requests confidentiality — this filing uses that provision, identifying the buyer only as “a US global aerospace launch company.”
The filing, as stated
| Field | Value |
|---|---|
| Contract content | Special-alloy supply contract |
| Contract amount | ₩11,576,320,000 |
| Ratio to revenue | 12.10% |
| Counterparty | Withheld: “US global aerospace launch company” |
| Counterparty’s business | Withheld: “counterparty’s business-confidentiality request” |
What the filing withholds, and what it doesn’t
The identity of the buyer and its line of business are the two fields the filing withholds, both citing the same stated reason — the counterparty’s own request. Everything else required under Korea’s single sale/supply contract disclosure rule is reported in full: the contract amount, the ratio to Spear’s revenue, and the type of goods (special alloys). This is a narrower withholding than the embargo mechanism used elsewhere in Korean disclosures, where an entire amount can be withheld for a stated period — here, only identity fields are blanked, and no embargo deadline is listed.
What this filing does and doesn’t tell you
The filing confirms the size and category of the deal without confirming who is buying. “US global aerospace launch company” narrows the field of plausible counterparties but does not identify one, and we have not independently confirmed the buyer’s identity for this piece. What the filing does establish, on its own terms, is that a materials contract equal to roughly one-eighth of Spear’s revenue was signed with a customer large enough, and sensitive enough about its supply chain, to require anonymity as a condition of the deal being disclosed at all.
This is not investment advice. Figures are drawn from official regulatory filings and are presented for data-quality reporting, not as a trading signal.
Data & Verification Notes
- Data as of
- Sources
- Financial Services Commission (Republic of Korea) / DART — Single sale/supply contract filing, rcept_no 20260923900306, filed 23 September 2026
- Cross-checks
- Contract amount stated in the filing: ₩11,576,320,000. Ratio to revenue stated directly in the filing: 12.10%.
- Counterparty field states: '미국 글로벌 우주항공 발사업체' (a US global aerospace launch company), with the company's main business also withheld and replaced with the note 'counterparty's business-confidentiality request' (계약상대방의 영업기밀 비공개 요청).
- Contract content, per the filing: '특수합금 공급계약' — special-alloy supply contract.
- Excluded figures
- The counterparty's identity — the filing withholds it at the counterparty's explicit request, and we have not independently identified it from other sources for this piece.
- The specific alloy grade or its end use in the buyer's launch vehicles — the filing's contract-content field states only 'special alloy supply contract' without further specification.
- Whether Spear has prior or ongoing contracts with the same undisclosed counterparty — the filing's field for 'performance of similar contracts with this company in the past three years' was not extracted for this piece.
- Instruments
- 347700
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