Benefiting from SpaceX, this South Korean securities firm's stock price has surged by over 200% this year, becoming the best-performing stock globally.

Since the beginning of this year, the stock price of Mirae Asset Securities in South Korea has more than doubled, as investors see it as a bet on Elon Musk's SpaceX, eagerly anticipating the potential massive initial public offering (IPO) of the latter. The Seoul-based brokerage has become the best-performing component stock in the MSCI Global All Market Index up to 2026 as a result. Analyst reports show that Mirae Asset Securities has accumulated investments of over $4 billion in SpaceX and its artificial intelligence (AI) company xAI. The surge in Mirae Asset Securities' stock price reflects investors rushing to position themselves for the planned listing of SpaceX and xAI after their merger, with the combined entity being valued at up to $1.25 trillion. This also reflects the continued strength of the South Korean stock market: the market has optimistic expectations for AI-driven chip demand, and the governance reforms pushed by South Korean President Lee Jae-myung have boosted market confidence. Ha SeokKeun, Chief Investment Officer of Eugene Asset Management, mentioned that benefiting from the strong South Korean stock market, Mirae Asset Securities' fundamentals are continuously improving, and its holdings in SpaceX provide additional upward momentum, allowing investors to capture two major sources of value simultaneously. With the government's efforts to enhance stock valuations and attract retail investors, brokerage stocks have become one of the best-performing sectors in this year's South Korean KOSPI index (the best-performing global index). SK Securities has also seen an increase of around 200% this year, while Hanwha Investment Securities has increased by over 100%. The South Korean Composite Stock Price Index (KOSPI) is the best-performing stock index globally this year, with brokerage stocks being one of the leading sectors in the South Korean stock market this year. Against the backdrop of the government's efforts to boost stock market valuations and attract retail investors, SK Securities has seen an increase of around 200% this year, while Hanwha Investment Securities has risen by over 100%. Yoon Yoodong, an analyst at NH Investment & Securities Co., pointed out that Mirae Asset Securities' $7.5 billion investment portfolio heavily focuses on the space and AI sectors, which is a key reason for its stock price increase. Its investment targets also include American AI company Perplexity AI and Chinese drone company DJI Innovations. The company's performance is also impressive. Mirae Asset Securities announced during last week's earnings conference that its securities business revenue hit a record high in 2025, with a 43% year-on-year growth. However, some believe that the stock's increase has far exceeded fundamental support: its expected price-to-earnings ratio is 21 times, three times the five-year average. Kang Seunggun, an analyst at KB Securities Co., warned that the current valuation is too high, and the actual returns from the increase in portfolio valuation are not clear. He wrote in a research report on February 9th: "Most of the profit growth comes from unrealized gains in merger funds, with limited direct impact on the company's independent capital. Therefore, there is still significant uncertainty in the process of converting valuation gains into shareholder returns."