Hana Securities on the 23rd said that if SpaceX goes public, the biggest beneficiary will be Mirae Asset Securities, not Mirae Asset Venture Investment. It maintained a Buy rating and a target price of 26,000 won. Mirae Asset Securities' previous closing price was 23,000 won.
As Mirae Asset Group's investment in SpaceX has drawn attention recently, the share price of Mirae Asset Venture Investment rose 114% over the past five days.
Ko Yeon-su, an analyst at Hana Securities, said, "However, given the actual investment structure and size, the substantial beneficiaries of the SpaceX investment will be concentrated at Mirae Asset Securities, not Mirae Asset Venture Investment."
Mirae Asset Group invested in SpaceX twice in 2022, and the group-level total investment is estimated at $278 million (about 400 billion won). For the investment, Mirae Asset Capital created a fund, and affiliates, including Mirae Asset Securities, and retail participated as limited partners (LPs).
Of this, the amount contributed by Mirae Asset Securities is said to be about 200 billion won.
Ko said, "Including the portion invested by overseas subsidiaries of Mirae Asset Securities, Mirae Asset Securities is understood to account for more than half based on the SpaceX investment amount," adding, "Meanwhile, according to media reports, Mirae Asset Venture Investment's investment amount is about 4 billion won, a negligible level."
Accordingly, it projected that the ensuing valuation gains as SpaceX's corporate value rises will be meaningfully reflected in Mirae Asset Securities' results.
As of the third quarter of 2025, Mirae Asset Securities' investment-purpose assets total about 10.5 trillion won, encompassing domestic and overseas marketable securities, unlisted stocks, and overseas real estate funds.
Although it is difficult to isolate and verify only the valuation gains from unlisted stocks, SpaceX's corporate value was estimated at about $440 billion as of August this year. As of December this year, figures of at least $800 billion are being discussed.
Ko explained, "Accordingly, regardless of whether it lists or not, the likelihood of additional valuation gains related to SpaceX is high, and investments in other innovative companies such as artificial intelligence (AI) and space are also expected to act as mid- to long-term upside factors for earnings."