This article was displayed on the ChosunBiz MoneyMove (MM) site at 2:58 p.m. on Dec. 17, 2025.
As SpaceX, Elon Musk's space and aviation company, formalized its push for a listing, Mirae Asset Financial Group, which made an investment worth hundreds of billions of won in the company, stands to reap up to 10 times the revenue. If SpaceX is valued at 2,200 trillion won at the time of listing, as foreign media estimate, the value of the equity held by Mirae Asset is also expected to rise to nearly 10 times. Even based on the current valuation, it amounts to five to six times. Although Mirae Asset Securities, Mirae Asset Venture Investment, and Mirae Asset Capital split the investment, Mirae Asset Securities is said to have invested by far the largest amount.
According to the investment banking (IB) industry on the 17th, Bret Johnson, SpaceX's chief financial officer (CFO), said in a letter to shareholders recently that "new and existing investors and the company approved a plan to buy up to $2.56 billion worth of shares from internal shareholders at $421 per share." Based on this, the estimated valuation comes to nearly $800 billion (1,182 trillion won). SpaceX also said it is preparing to pursue an initial public offering (IPO) next year.
It is not known whether Mirae Asset will invest again in SpaceX this time to increase its equity. However, the amount already invested exceeds 400 billion won.
Mirae Asset Group previously invested a total of $278 million in SpaceX in 2022 and 2023. At the current exchange rate, that amounts to 410 billion won. It invested a total of $143 million (about 210 billion won) over two rounds in July and December 2022, and followed up with a total of $135 million (about 200 billion won) in June 2023.
When Mirae Asset first invested in SpaceX, the valuation was reportedly only $127 billion (about 187 trillion won). At the time of the second investment, the valuation was around $137 billion (about 202 trillion won).
According to industry sources familiar with the SpaceX investment, the value of SpaceX equity held by Mirae Asset has jumped to about five to six times the investment amount. The valuation at listing is likely to be even higher than now, and in that case, there is a projection that the value of Mirae Asset's equity will rise to nearly 10 times.
Foreign media including Bloomberg have reported that SpaceX will list next year at a valuation of up to $1.5 trillion (about 2,200 trillion won) and raise more than $30 billion (about 44 trillion won). If SpaceX secures this valuation and succeeds in the listing, it will set a new record as the largest IPO ever, surpassing Aramco (which raised $29 billion). From Mirae Asset's perspective, it would book an appraisal gain in the 3 trillion won range.
The SpaceX investment is well known as a deal personally overseen by Mirae Asset Group Chairman Park Hyeon-joo. However, the person who originally sourced the deal is said to be Thomas Park, head of the U.S. unit of Mirae Asset Global Investments and Park Hyeon-joo's nephew. Thomas Park is known to have bet $250 million (about 350 billion won) on X (formerly Twitter) to secure the SpaceX investment deal.