 |
Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] SEOUL, April 12, 2026 — South Korea’s financial authorities are reviewing the legal feasibility of allowing domestic investors to participate in the initial public offering (IPO) of SpaceX, as Mirae Asset Securities moves to secure and potentially distribute shares locally.
According to industry and regulatory sources, the Financial Supervisory Service has begun preliminary reviews following Mirae Asset’s indication that it may pursue a domestic offering structure tied to the SpaceX IPO.
Mirae Asset is reportedly among more than 20 global investment banks participating in the deal, which is expected to value SpaceX at up to $750 billion (approximately 1,125 trillion won), potentially making it the largest IPO in history — far surpassing the 2019 listing of Saudi Aramco. Industry estimates suggest Mirae Asset is seeking to secure an allocation of around $5 billion worth of shares.
Interest has surged after CEO Elon Musk reportedly considered allocating up to 30% of shares to retail investors, raising the possibility that South Korean individuals could directly participate in what is being dubbed a “once-in-a-generation” deal.
However, regulatory hurdles remain significant. There is no precedent under current Korean law for distributing foreign IPO shares to domestic retail investors through a public offering. U.S. IPO allocation practices — typically driven by institutional bookbuilding — differ from South Korea’s framework, which requires a securities registration statement and formal subscription process for retail offerings.
Timing is also a challenge. With SpaceX’s listing tentatively expected as early as June, Korea’s regulatory process — including a minimum 15-business-day effectiveness period for registration filings — could complicate coordination.
Authorities are also weighing investor protection issues, including disclosure standards and the level of information that must be provided to retail participants.
In addition, regulators are expected to consider the potential impact on foreign exchange markets if large-scale capital flows abroad in a short period.
If regulatory or logistical constraints prove prohibitive, Mirae Asset may instead limit allocations to institutional investors or private funds. However, market participants note that absorbing the full allocation without retail participation could be challenging.
AlphaBIZ Paul Lee(hoondork1977@alphabiz.co.kr)
