In early trading on the 23rd, Mirae Asset Securities is surging. The move is seen as stemming from Mirae Asset Securities being cited as a practical beneficiary of a potential listing of SpaceX, the aerospace company led by Tesla CEO Elon Musk.

By contrast, at the same time, Mirae Asset Venture Investment is deepening its intraday losses, falling more than 20%. Given SpaceX's investment structure and the actual size of the capital committed, selling appears to be driven by analysis that Mirae Asset Securities, rather than Mirae Asset Venture Investment, sits at the center of the beneficiaries.

A SpaceX Falcon 9 rocket launches Starlink satellites from Cape Canaveral Space Force Station in Florida, United States, on Dec. 2, 2025./Courtesy of UPI Yonhap

At 9:43 a.m., Mirae Asset Securities preferred is trading at 15,250 won, up 3,510 won (29.9%) from the previous session on the Korea Exchange. At the same time, Mirae Asset Securities is at 25,150 won, up 1,150 won (5%), and Mirae Asset Securities 2 preferred B is at 11,800 won, up 1,000 won (9.26%) from the previous session.

By contrast, at the same time on the KOSDAQ market, Mirae Asset Venture Investment is trading at 17,080 won, down 5,120 won (23.06%) from the previous session. Mirae Asset Venture Investment had risen more than 20% for three straight sessions before turning lower.

SpaceX is widely discussed as having a high likelihood of conducting an initial public offering (IPO) in the second half of next year. In a recent transaction of unlisted shares, SpaceX received a corporate valuation of $800 billion (about 1,180 trillion won). If the IPO goes through, projections say the value of the SpaceX equity held by Mirae Asset Group could expand to about five to six times the current level.

Mirae Asset Group invested $278 million (about 400 billion won) in SpaceX in two rounds in 2022. Mirae Asset Capital formed the fund, and affiliates including Mirae Asset Securities and Mirae Asset Venture Investment, as well as retail, participated as investors (LPs).

However, the market is reassessing that Mirae Asset Securities' share of the investment is overwhelmingly large when looking at the contribution structure. While Mirae Asset Securities committed about 200 billion won, Mirae Asset Venture Investment's investment amounted to about 4 billion won.

Ko Yeon-su, an analyst at Hana Securities, said, "Considering the actual investment structure and size, the practical benefits from the SpaceX investment will be concentrated in Mirae Asset Securities, not Mirae Asset Venture Investment."

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