Mirae Asset pushing to get SpaceX IPO shares for its investors as gov't reviews regulatory hurdles
![SpaceX's logo and an Elon Musk photo are seen in this illustration created on Dec. 19, 2022. [REUTERS/YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2026/04/12/aaa29519-633f-4b0c-8bfe-81c52f796598.jpg)
SpaceX's logo and an Elon Musk photo are seen in this illustration created on Dec. 19, 2022. [REUTERS/YONHAP]
Mirae Asset Securities is pushing to allocate shares from SpaceX’s initial public offering (IPO) to domestic investors. Financial authorities have already begun reviewing legal feasibility and regulatory compatibility.
The Financial Supervisory Service is in the early stages of confirming details with Mirae Asset Securities and believes a comprehensive legal review is needed to determine whether the differing IPO structures in the United States and Korea can be aligned, according to reports on Sunday.
SpaceX's IPO is expected to be worth as much as $75 billion, potentially surpassing Saudi Aramco as the largest IPO ever. Mirae Asset Securities is reportedly seeking to secure around $5 billion worth of shares in collaboration with global investment banks.
Korean investors are particularly focused on whether domestic retail investors will be able to participate directly in the offering, particularly as CEO Elon Musk is reportedly considering allocating up to 30 percent of the shares to individual investors.
However, there are significant practical constraints. In Korea, a securities registration statement and review process are mandatory when offering shares to retail investors, while U.S. IPOs are typically structured around institutional allocations, creating a substantial regulatory gap. The timeline is also tight, given that it takes at least 15 business days for a registration statement to become effective.
Investor protection is another key issue, including how to align disclosure standards and the level of information provided. Authorities are also expected to examine the potential impact on the foreign exchange market if large amounts of capital flow overseas.
If these regulatory hurdles prove difficult to overcome, Mirae Asset Securities may consider alternatives such as allocating shares primarily to institutional investors or private equity funds.
If realized, the plan could mark the first time domestic investors directly participate in a global megadeal IPO, but how regulatory and practical challenges are addressed will be crucial.
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY JEONG JAE-HONG [yoon.soyeon@joongang.co.kr]
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