As expectations grow for the initial public offering (IPO) of Elon Musk’s space company SpaceX, domestic securities stocks are coming into focus as “indirect investment channels.” Bloomberg reported on the 20th that the share price of Mirae Asset Securities, which holds a stake in SpaceX, has surged more than 200% so far this year, making it one of the best-performing stocks in global equity markets.

According to Bloomberg, Seoul-based Mirae Asset Securities is known to have invested more than USD 400 million (approximately KRW 580 billion) in SpaceX and artificial intelligence (AI) company xAI. The market is paying attention to the possibility that the value of these holdings could be reassessed if a SpaceX listing materializes in the future.

The combined corporate value of SpaceX and xAI is currently estimated at about USD 125 billion (approximately KRW 1,800 trillion). Given the nature of unlisted companies, where direct investment opportunities are limited, analysts say investors are increasingly seeking indirect exposure by investing in listed companies that hold related stakes.

● ‘Indirect investment’ emerging as a gateway to unlisted big tech

This pattern has repeatedly appeared in global markets. When an IPO of a major unlisted technology company is anticipated, it is not uncommon for the share prices of financial institutions or venture capital firms that have invested in that company to react in advance.

Bloomberg assessed that the rise in Mirae Asset Securities’ share price is not merely a theme-driven move. It explained that the upward trend in the domestic stock market and the improvement in securities sector earnings have occurred simultaneously, with corporate fundamentals and investment expectations working in combination.

In fact, Mirae Asset Securities’ brokerage (commission trading) income increased 43% year-on-year last year, showing a trend of earnings improvement. Expanding demand for AI semiconductors and expectations for Korea’s stock market value-up initiatives are also cited as drivers behind the overall rise in securities stocks.

Since the beginning of this year, the domestic securities sector as a whole has been strong, with some stocks such as SK Securities and Hanwha Investment & Securities posting double-digit gains, indicating that investment demand is spreading across the sector.

● Debate over front‑loaded expectations… “Valuation burden”

However, some in the market argue that the pace of the share price increase is excessive relative to the company’s earnings. Mirae Asset Securities’ forward price-to-earnings ratio (PER) currently stands at around 21 times, roughly three times higher than its five-year average.

KB Securities recently stated in a report that uncertainties remain as to whether the increase in the investment value of SpaceX will translate into actual shareholder returns. A substantial portion of the fund valuation gains are unrealized, making it difficult to reflect them directly in short-term earnings, it noted.

Experts say the recent share price rally should not be interpreted solely as a “SpaceX investment effect,” but rather as the result of combined factors including global expectations for the AI and space industries and changes in the domestic stock market environment. The market is also watching the possibility that volatility in related stocks could increase further once the timing and structure of a SpaceX listing become more concrete.

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