Shares of Mirae Asset Securities Co. have more than tripled this year as the proxy bets on Elon Musk’s SpaceX ahead of a potential blockbuster initial public offering.
The Seoul-based brokerage is expected to be listed on MSCI Inc. in 2026. making it the top performer on the most comprehensive index of global stocks ever. It has risen the most among the 2,245 stocks in Bloomberg’s world index. Mirae Asset has invested a total of more than $400 million in SpaceX and sister company xAI, according to analyst reports.
The surge in Mirae asset shares shows how investors are struggling to find exposure to the planned listing of a joint SpaceX and XAI, which could be valued at $1.25 trillion. It also highlights continued gains in South Korean stocks on optimism over AI-driven chip demand and governance reforms under President Lee Jae Myung.
Mirae Asset’s fundamentals are improving due to the strong Korean stock market, while its SpaceX stake provides an additional catalyst, “allowing investors to simultaneously capture two sources of value”, said Ha Seokkan, chief investment officer at Eugene Asset Management Co.
Brokers on the Kospi, the world’s best-performing stock index, have been among the top performers this year amid government efforts to boost equity valuations and attract retail investors. SK Securities Co. has also gained nearly 190% this year, while Hanwha Investment & Securities Co. has advanced nearly 100%.
Mirae Asset has benefited from “heavy investments in space and AI names” in its $7.5 billion portfolio, according to Yun Yudong, analyst at NH Investment & Securities Co. Its investors also include US-based Perplexity AI Inc and Chinese drone maker DJI Technology Co, he said.
The results of the company are also improving. Mirae Asset’s brokerage revenue is set to reach a new record in 2025, up 43% from last year, the company said in its earnings call last week.
Still, some say the stock is way ahead of its fundamentals, trading at 21 times forward earnings estimates, three times its five-year average. Kang Seunggun, an analyst at KB Securities Co., warned that the stock is overvalued and the benefits of its high portfolio valuation are unclear.
“Most of the earnings growth is unrealized gains in consolidated funds, limiting the direct impact on standalone capital,” Kang wrote in a Feb. 9 note. “Thus, we see greater uncertainty in converting valuation gains into shareholder returns.”