Early private investment, IPO expectations drive asset revaluation

Mirae Asset Securities' headquarters in central Seoul (Mirae Asset Securities)
Mirae Asset Securities' headquarters in central Seoul (Mirae Asset Securities)

Shares of Mirae Asset Securities jumped to a new high during trading Monday as the brokerage firm's valuation was lifted by earlier investments in SpaceX -- which is widely expected to pursue what could be the largest initial public offering in history.

Mirae Asset Securities rose to a 52-week high of 30,400 won ($20.70) in intraday trading, extending gains after hitting a fresh peak last week, according to the Korea Exchange.

After reaching the high, the stock pared part of the gains and closed daytime trading at 28,650 won, advancing 1,550 won, or 5.72 percent, from the previous session.

With the rally, the brokerage house’s market capitalization stands at 16.25 trillion won, more than triple the 4.7 trillion won valuation recorded at the end of 2024.

The recent surge in Mirae Asset Securities’ share price has been driven in part by optimism surrounding its investment in SpaceX.

SpaceX is reportedly moving forward with plans for a major initial public offering targeting mid-to-late 2026, aiming to raise significantly over $30 billion at a valuation potentially reaching $1.5 trillion. The listing is expected to be the largest IPO ever, surpassing Saudi Aramco.

The brokerage is reported to have invested roughly 200 billion won in the US aerospace firm, a stake that has driven a revaluation of its investment assets.

“As of the end of the third quarter of 2025, Mirae Asset Securities’ investment-purpose assets stood at around 10 trillion won, and valuation gains from unlisted investments, including SpaceX, are likely to be increasingly reflected going forward,” said Koh Yeon-soo, an analyst at Hana Securities.

“While market views remain divided over the base interest rate, it is encouraging that valuation gains on these assets are not dependent on a rate-cut decision,” Koh said, setting the stock’s target price at 36,000 won.

Expectations surrounding SpaceX’s market debut have also been priced into shares of Mirae Asset Venture Investment, the group’s venture capital arm, as the Mirae Asset group is estimated to have invested an additional 200 billion won in the rocket company.

As of Monday’s close, Mirae Asset Venture Investment was valued at about 773 billion won. The stock has more than tripled over the past year, rising from 4,580 won at the end of 2024 to close at 14,560 won on Monday. Last year, it hit a 52-week high of 22,200 won on Dec. 22.

Recent gains in Mirae Asset Securities and Mirae Asset Venture Investment have led Mirae Asset Financial Group’s combined market cap to more than triple over the past year.

The total market cap of the group — including Mirae Asset Securities, Mirae Asset Venture Investment and the other listed affiliate Mirae Asset Life Insurance — amounts to 18.63 trillion won, marking a more than threefold increase from the 5.88 trillion won recorded at the end of 2024.

Market analysts say recent earnings momentum is also driving the rally in Mirae Asset Securities shares. With a buoyant domestic stock market driving higher trading volumes, the brokerage is expected to have posted strong earnings for the fourth quarter of last year.

“Domestic stock market trading value surged 123 percent year-on-year in the fourth quarter, and Mirae Asset Securities’ brokerage commission income is estimated to have risen by about 82 percent,” said Ahn Young-joon, an analyst at Kiwoom Securities.


silverstar@heraldcorp.com