In early trading on the 3rd, Mirae Asset Securities jumped 10%, setting a 52-week high. Investor sentiment appeared to be boosted by news that a merger between space corporations SpaceX and artificial intelligence (AI) corporations xAI, led by Elon Musk, could be announced this week.
As of 9:16 a.m. that day, Mirae Asset Securities was trading at 44,150 won on the Korea Exchange, up 4,100 won (10.24%) from the previous session. It also rose to as high as 44,800 won intraday, setting a 52-week high.
Bloomberg reported on the 2nd (local time), citing multiple sources, that SpaceX and xAI are in "advanced talks" over a merger and have shared related plans with some investors. However, the sources said that while the merger announcement is expected this week, it could be delayed or fall through depending on the outcome of the talks.
The market is focusing on the potential for a revaluation of corporations' value if the merger goes through. Mirae Asset Group invested a total of $278 million (about 400 billion won) in SpaceX in two rounds in 2022. Mirae Asset Capital created the fund, and affiliates including Mirae Asset Securities and Mirae Asset Venture Investment, as well as retail capital, participated as limited partners (LPs).
SpaceX's corporate value is currently estimated at about $800 billion, and there are projections that its market capitalization could exceed $1 trillion (about 1,450 trillion won) after a future initial public offering (IPO). As of November last year, xAI was valued at $230 billion (about 330 trillion won).