Australian Mining Magnate Gina Rinehart Invests Over $1B in SpaceX IPO

Gina Rinehart, the Australian mining magnate and the country's wealthiest individual, has acquired a stake exceeding US$1 billion in SpaceX's record-setting $75 billion initial public offering, according to a report from the Wall Street Journal.

While Rinehart's company, Hancock Prospecting, did not officially confirm the investment's size, she acknowledged its importance in a statement. "This is a significant investment for Hancock, and we are pleased to have received an allocation in what has been an extremely popular and oversubscribed IPO." She also praised Elon Musk for having built two of the world's top 10 largest companies.

The investment underscores a strategic move by the iron ore-focused company into advanced technology sectors. "We see SpaceX as a rare business: led ⁠by a truly exceptional person, technically exceptional and operating in sectors that are crucial, and with long-term potential," stated Rinehart. Hancock Prospecting now aims to work with SpaceX on supplying its mineral needs.

This potential synergy was detailed by Hancock CEO Garry Korte. "In the future, we also see the possibility of mutually beneficial arrangements between SpaceX and Hancock Prospecting’s significant critical minerals investments, as demand grows for the materials and infrastructure needed to support advanced technology," Korte said. Hancock is a major investor in a range of rare earths firms, including U.S.-based MP Materials, Rare Earths Americas, Australia's Lynas Rare Earths, and lithium producer Liontown Resources. Filings from last month showed Hancock had increased its defence, gold, and rare-earths holdings within its $3.3 billion U.S. portfolio this year.

The SpaceX investment delivered immediate returns. Shares surged 19% in their trading debut last Friday, elevating the company's valuation beyond $2 trillion and positioning it as the sixth-largest U.S. company as investors sought exposure to Musk's empire spanning rockets, satellites, and AI.

Beyond Musk's business achievements, Rinehart also commended him as a patriot for his role in reducing U.S. federal jobs through President Donald Trump's Department of Government Efficiency (DOGE). "SpaceX is yet another clear example of ⁠why the world needs more enterprise, more builders and much less bureaucracy," Rinehart added.