"Curve Investment" SpaceX IPO, this Korean brokerage stock has surged 200% this year!

The stock price of Korea's Future Asset Securities Company has surged nearly twofold this year, becoming a focal point in the global market. This astonishing increase is primarily driven by investors betting on the upcoming initial public offering (IPO) of SpaceX, owned by Elon Musk, highlighting the global enthusiasm for the listing of this space exploration giant.

According to Bloomberg, as the best-performing stock in the MSCI Global Equity Index so far this year, the strong performance of Future Asset indicates that investors are scrambling through various channels to gain risk exposure ahead of the merger listing of SpaceX and xAI. Market estimates value this highly anticipated merged entity at up to $12.5 trillion.

Analyst reports show that Future Asset has cumulatively invested over $400 million in SpaceX and its sister company xAI. This unique holding structure makes it a scarce target in the eyes of investors, benefiting not only from the strength of the Korean domestic stock market but also being viewed as a "shadow stock" participating in Musk's business empire.

This "curved investment" strategy provides the market with opportunities for dual value capture. Against the backdrop of the overall rise in the Korean stock market due to AI demand and governance reforms, the equity in SpaceX provides an additional strong catalyst for Future Asset, allowing it to stand out in fierce market competition.

Dual Value Drivers and Peer Performance

Ha SeokKeun, Chief Investment Officer of Eugene Asset Management, pointed out that the fundamentals of Future Asset are improving due to the strong Korean stock market, while its holdings in SpaceX provide an additional catalyst, enabling investors to "capture two sources of value simultaneously."

Driven by government efforts to enhance stock valuations and attract retail investors, brokerage stocks have become the best-performing sector in this year's Kospi index. Besides Future Asset, SK Securities has also risen by about 200% this year, and Hanwha Investment & Securities has seen an increase of over 100%. The Kospi index itself has continued to rise due to optimistic sentiment surrounding AI chip demand and governance reforms promoted by President Yoon, becoming the best-performing stock index globally.

Diversified AI Holdings and Performance Growth

NH Investment & Securities analyst Yoon Yoodong stated that Future Asset benefits from its $7.5 billion investment portfolio, which has significant exposure to the "space and AI sectors." In addition to SpaceX, its investment targets also include the U.S. AI startup Perplexity AI Inc. and the Chinese drone manufacturer DJI Technology.

Meanwhile, the company's own performance has shown significant growth. In last week's earnings call, Future Asset disclosed that its brokerage business revenue reached a new high in 2025, up 43% from the previous year, demonstrating strong resilience in its core business

Valuation Premium and Potential Risks

Despite the strong upward trend, concerns about the stock's overvaluation have begun to emerge. Currently, the stock's forward price-to-earnings ratio is 21 times, which is three times its five-year average. Some market observers believe that the stock price has detached from its fundamentals, overextending future growth expectations.

KB Securities analyst Kang Seunggun warned that the stock's valuation is at a high level, and the actual returns from a high-valuation portfolio are still unclear. In a report dated February 9, he wrote, “Most of the earnings growth comes from unrealized gains in merged funds, which have limited direct impact on independent capital.” He pointed out that there is significant uncertainty in the process of converting valuation gains into shareholder returns, and investors should be wary of potential pullback risks.

Risk Warning and Disclaimer

The market carries risks, and investments should be made with caution. This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investing based on this is at one's own risk