Korea Investment & Securities has drawn attention by laying out a scenario for Samsung Electronics (005930.KS) to invest in Boston Dynamics (BD). The plan envisions Samsung Electronics acquiring SoftBank's stake in BD, followed by Google participating in a pre-IPO round, and then an initial public offering (IPO).
On Tuesday, Korea Investment & Securities, in a report titled "Hello, Boston Dynamics! This is Google," analyzed that Boston Dynamics' corporate value could rise significantly depending on future investment participation from big tech companies such as Google.
Currently, HMG Global, controlled by the Hyundai Motor (005380.KS) Group, holds a 56.3% stake in Boston Dynamics. Hyundai Motor Group Executive Chairman Euisun Chung holds 22.5%, Hyundai Glovis holds 11.25%, and SoftBank holds 9.9%.
In the report, Korea Investment & Securities estimated that Google likely approached Hyundai Motor late last year about the possibility of investing in Boston Dynamics. It analyzed that Hyundai Motor Group did not accept the proposal at the time due to concerns about dilution of existing stakes, the fact that an objective valuation had not yet been established in the market, and expectations of future increases in corporate value.
The report assessed that since Boston Dynamics has not attracted outside investment after its acquisition by Hyundai Motor Group, no market price has formed, and that an appropriate valuation needs to be established in advance for a successful IPO. In particular, it saw a high likelihood of attracting pre-IPO investment targeting strategic investors such as Google.
The report also focused on the possibility of SoftBank recovering its investment. With SoftBank's put option on its 9.9% stake maturing this month, the analysis suggested that if SoftBank sells the stake to a third party such as Google, a market value for Boston Dynamics could be formed for the first time.
"If SoftBank's stake is sold to a third party, a market price for Boston Dynamics could be formed for the first time," said Kim Chang-ho, a researcher at Korea Investment & Securities. "Over the long term, as discussions on strengthening partnerships and equity investment with big tech companies such as Google continue, Boston Dynamics' fair price will gradually become apparent." Kim estimated that Boston Dynamics' corporate value could be assessed at up to 167 trillion won, up from the previous 123 trillion won.
Kim, who runs a Telegram channel together with researcher Jeon Yu-na, shared the report on the channel and said, "Since Samsung Electronics is also classified as big tech, one could envision a scenario in which it acquires SoftBank's 9.9% BD stake, followed by Google participating in the pre-IPO and an IPO around 2028."
He also presented as a "win-win strategy" the option of Samsung Electronics buying part of the Boston Dynamics stake (22.5%) held by Chairman Euisun Chung. "Chairman Euisun Chung can begin recovering his investment and secure funds for future governance restructuring, while Boston Dynamics can establish a fair value and lay the groundwork for a successful IPO," Kim analyzed.
Kim believes that if such a scenario materializes, a new cooperative structure could form around 2027-2028, in which the major shareholders of Boston Dynamics would consist of Hyundai Motor Group, Samsung Electronics, and Google. The blueprint envisions a global alliance spanning robotics, artificial intelligence (AI), and mobility.
Meanwhile, when one media outlet raised the possibility of Samsung Electronics acquiring a Boston Dynamics stake that day, Samsung Electronics denied the matter, calling it "groundless."
