Tesla CEO Elon Musk’s involvement in the second presidency of Donald Trump has brought renewed attention to his companies. Tesla shares have soared by more than 50% in the past month, and analysts predict continued growth in the valuations of his private ventures, including SpaceX and X (formerly Twitter).
Mirae Asset Financial Group, with South Korea’s largest securities firm as a key affiliate, has garnered recognition for its early investments in both SpaceX and X. The group has committed around $528 million (740 billion won) to the two companies, positioning itself strategically in what some are calling the “Musk era.” Mirae Asset Chairman and Global Strategy Officer (GSO) Park Hyeon-joo is credited with playing a central role in these investment decisions.
According to investment banking sources on Nov. 14, Mirae Asset invested $278 million (390 billion won) in SpaceX between 2022 and 2023. The group made two investments in July and December 2022, totaling $143 million (200 million won). In June 2023, the financial group followed up with an additional $135 million (190 million won) investment in SpaceX. This latest round included $2.85 million (4 billion won) from a fund jointly managed by Mirae Asset Capital and Mirae Asset Venture Investment, which contributed to a 32% surge in Mirae Asset Venture Investment’s stock over the past month.
Chairman Park’s direct involvement in these investments has been seen as essential. Industry insiders point out that while Mirae Asset taps into its global network to find major investment opportunities, Park personally oversees key mergers and acquisitions, along with significant equity investments. “Investing in SpaceX isn’t something just anyone can do,” one expert noted. “Without Park’s global connections, securing this deal would have been difficult.” A senior investment banking executive added, “SpaceX should be viewed more as part of Park’s personal portfolio than a typical Mirae Asset investment.”
When Mirae Asset first invested in SpaceX, the company was valued at $127 billion (179 trillion won). By the second round of funding, its valuation had increased to $137 billion (193 trillion won). In June 2023, SpaceX’s valuation surged to $210 billion (295 trillion won), solidifying its position as one of the world’s most valuable private companies, alongside ByteDance, the Chinese parent company of TikTok, which is valued at $225 billion.
With Musk’s prominent role in the Trump administration, SpaceX’s valuation is widely expected to rise further, strengthening its position as a dominant force in the global market.
