This article was displayed on the MoneyMove (MM) site of ChosunBiz 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 several hundred billion won in the company, now stands to collect up to 10 times revenue. If SpaceX is recognized at a 2,200 trillion won valuation at the time of listing, as foreign media estimate, the value of the equity held by Mirae Asset is projected to rise by nearly tenfold. Even against the current valuation, it amounts to five to six times. Mirae Asset is said to have split the equity investment among Mirae Asset Securities and Mirae Asset Venture Investment.
According to the investment banking (IB) industry on the 17th, SpaceX Chief Financial Officer (CFO) Bret Johnson recently said in a letter to shareholders 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 close to $800 billion (1,182 trillion won. SpaceX also said it is preparing to push for 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) in two rounds in July and December 2022, and made a follow-on investment of $135 million (about 200 billion won) in June 2023, the following year.
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 officials familiar with the SpaceX investment, the value of Mirae Asset's SpaceX equity has jumped to five to six times the amount invested. There is a high possibility that the valuation will be even higher at the time of listing, and in that case, projections say the value of Mirae Asset's equity will rise by nearly tenfold.
Foreign media including Bloomberg 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 is recognized at this valuation and succeeds in listing, it will set a new record with the largest IPO ever, surpassing Aramco (which raised $29 billion). From Mirae Asset's standpoint, it would book an appraisal gain in the 3 trillion won range.
The SpaceX investment is well known as a deal directly 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's nephew. Thomas Park was also known to have bet $250 million (about 350 billion won) on X (formerly Twitter) to win the SpaceX investment deal.