This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:21 p.m. on Apr. 13, 2026.
As SpaceX, the private space company led by Tesla CEO Elon Musk, heads toward what could be the largest initial public offering (IPO) ever, Mirae Asset Securities is pushing to allocate the offering to Korean investors. There are still hurdles with financial authorities to clear, but if realized, it would open a new channel directly linking domestic investors with global IPOs.
This strategy by Mirae Asset Securities differs from its "rival" Korea Investment & Securities Co. If Korea Investment & Securities Co. is closer to a traditional mega-investment bank model that deploys its own capital to generate profits, Mirae Asset Securities is closer to a platform-style model that connects domestic retail investors to the global asset market. Mirae Asset Securities' move to seek an allocation of SpaceX IPO shares is seen as a step to secure the domestic retail channel for the global IPO market going forward.
According to the investment banking (IB) industry and financial authorities on the 13th, the Financial Supervisory Service has begun discussions with Mirae Asset Securities regarding the plan to conduct a domestic offering of SpaceX shares.
SpaceX is currently preparing for what would be the largest initial public offering (IPO) ever. The company plans to raise about $75 billion (about 112 trillion won) through the IPO, and its valuation at listing is estimated to reach up to $1.75 trillion (about 2,609 trillion won). That would far exceed the funds raised by Saudi Aramco in its 2019 IPO ($29.4 billion).
Mirae Asset Securities is known to be one of about 20 global investment banks (IBs) participating in the SpaceX IPO underwriting syndicate. According to the industry, Mirae Asset Securities is said to be targeting an allocation of about $1 billion.
Another reason the SpaceX IPO is drawing attention is that its offering structure differs from Wall Street convention. According to Reuters, SpaceX is considering allocating up to 30% of the total offering to retail investors. Given that the individual investor allocation in large IPOs usually ranges from 5% to 10%, this is unusual. With not only the United States but also Korea mentioned as countries where retail investors may participate, the key is which financial firms can attract how much individual capital in each market.
Mirae Asset Securities' bid to allocate SpaceX IPO shares to domestic investors is not a one-off event but part of a broader strategy to secure a new role in the global IPO market.
Mirae Asset Group is already an existing investor in SpaceX, having invested a total of 410 billion won. Including about 310 billion won invested in xAI, which converts into SpaceX shares, the total exceeds 700 billion won. The fact that an existing investor is also seeking to connect domestic retail demand at the IPO stage suggests an intention to engage across the entire chain—"investment-distribution-exit"—beyond merely earning fees.
Observers say this attempt by Mirae Asset Securities reflects a growth strategy different from its competitors. While Korea Investment & Securities Co., which forms a duopoly with Mirae Asset, has grown by deploying its own capital to expand corporate finance assets, Mirae Asset Securities has focused on widening the channel that connects retail investors to global assets.
The two companies both earned the title of first comprehensive investment account (IMA) operator and are mega-IBs with equity capital exceeding 10 trillion won. But their strategies differ. Korea Investment & Securities Co. has raised funds through short-term notes and IMAs and allocated them to corporate finance assets such as real estate project financing (PF) and acquisition finance, thereby growing its own capital (book). Most recently, it even set up a global acquisition finance division to expand into overseas acquisition finance.
Mirae Asset Securities, on the other hand, is focusing on attracting retail demand for overseas investments by strengthening overseas stock trading, global sales and trading (S&T), and its overseas wealth management network.
Mirae Asset Securities is already one of the brokerages leading the overseas stock trading market for domestic retail investors. But a "window that trades listed stocks" and a "window that secures allocations in blockbuster deals not yet listed" carry different weight. An IB industry official said, "If it succeeds in facilitating participation by domestic retail investors in this SpaceX deal, Mirae Asset Securities could be elevated from a simple broker to a key player in the global IPO ecosystem."
A financial investment industry official said, "If Mirae Asset Securities creates a precedent with SpaceX this time, other domestic brokerages are likely to actively seek allocations for Korean retail investors when large overseas IPOs emerge in the future," adding, "It could also trigger a full-fledged competition among 'windows' that connect global IPOs to domestic investors."