LIG Nex1
South Korean defence electronics and missile systems manufacturer; won the Cheongung-III mid-range SAM development contract at ~$2.2B in 2026.
Last refreshed: 21 May 2026 · Appears in 1 active topic
Can LIG Nex1 turn the Cheongung-III win into South Korea's next billion-dollar export hit?
Timeline for LIG Nex1
Won Cheongung-III contract at ~$2.2B over Hanwha competitor
Drones: Industry & Defence: South Korea pulls Iron Dome forward to 2029- What does LIG Nex1 make and why does it matter?
- LIG Nex1 is South Korea's leading SAM and electronics defence company. It makes Cheongung surface-to-air missiles, ISR radars, and C4I systems. It won the ₩3 trillion Cheongung-III contract in 2026 and sold Cheongung-II to Iraq for $2.78 billion in 2024.Source: KED Global, Army Recognition
- How did LIG Nex1 win the Cheongung-III contract over Hanwha?
- LIG Nex1 outscored Hanwha by 0.1 evaluation points in the DAPA assessment. It will develop the engagement control system (ECS); Hanwha retains radar and launcher development roles.Source: KED Global
- What countries buy LIG Nex1 missiles?
- Iraq signed a $2.78 billion Cheongung-II contract in 2024 — one of South Korea's largest defence exports. The UAE operates Cheongung-II and used it against Iranian strikes in 2026. Further Middle East and Southeast Asian customers are in discussion.Source: MarketScreener, KED Global
Background
LIG Nex1 is South Korea's leading defence electronics and precision-weapons manufacturer, headquartered in Yongin, with trailing 12-month revenue of approximately $3 billion as of end-2025. Founded in 1976 as Goldstar Precision, it became LIG Nex1 in 2007 as a subsidiary of LIG Group. In May 2026 it won the marquee Cheongung-III ECS contract — the command-and-control core of South Korea's next-generation mid-range surface-to-air missile system — edging out Hanwha by just 0.1 evaluation points in a ₩3 trillion (~$2.2 billion) programme. LIG Nex1 is also a named prime contractor on the ₩842 billion LAMD Korean Iron Dome programme alongside Hanwha and ADD.
LIG Nex1's product portfolio spans precision-guided munitions, ISR radars, electronic warfare systems, and C4I communications. Its highest-profile recent export was a $2.78 billion contract to supply Iraq with Cheongung-II surface-to-air missiles in 2024 — one of the largest single defence exports in Korean history. The Cheongung-II received independent validation in the field when UAE batteries intercepted Iranian strikes during the 2026 Gulf conflict, demonstrating the system's combat effectiveness at exactly the moment the Cheongung-III competition was being decided.
LIG Nex1's growing missile export pipeline, combined with Cheongung-III leadership and LAMD prime status, positions it as a significant mid-tier player in global air-defence markets. Alongside Hanwha and Korea Aerospace Industries, it represents the industrial spine of a Korean defence-export sector now targeting a $37 billion total pipeline. It is directly relevant to Korea-specific defence and procurement topics beyond drones.
