Australia's Richest Person Buys $1B SpaceX Stake After Record IPO
The miner called the SpaceX purchase its biggest investment outside iron ore and said it sees future links in critical minerals and advanced technology.
- On Monday, Hancock Prospecting Executive Chairman Gina Rinehart invested more than $1 billion in SpaceX's record-setting $75 billion IPO, marking the largest investment outside iron ore in the miner's history.
- SpaceX shares surged 19% during their Nasdaq debut last Friday, pushing the company's valuation past $2 trillion as investors capitalized on Elon Musk's sprawling empire spanning rockets, satellites, and AI.
- Rinehart described Musk as a 'truly exceptional' leader and praised his work with President Donald Trump's Department of Government Efficiency, or DOGE, to reduce federal bureaucracy.
- Hancock CEO Garry Korte flagged potential 'mutually beneficial arrangements' between SpaceX and the miner as demand grows for materials needed to support advanced technology.
- This acquisition expands a Hancock portfolio already holding Tesla, Nvidia, and Trump Media, reflecting strategic confidence in the West investing in technology and innovation.
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A mining billionaire made a major bet on SpaceX — and is eyeing potential ties to Musk's company
Australian mining billionaire Gina Rinehart has built major stakes in rare-earth and critical minerals companies alongside her iron-ore business.Philip Gostelow/Bloomberg/Getty ImagesAustralian mining billionaire Gina Rinehart's Hancock Prospecting has invested in SpaceX's record-breaking IPO.Hancock Prospecting says it sees opportunities to work with SpaceX in critical minerals.The IPO raised more than $85 billion and pushed SpaceX's value abov…
More than a billion for SpaceX? For Australia's mining billionaire Gina Rinehart, it is said to have been the largest investment outside its core business.
Gina Rinehart invests in Elon Musk’s space race
Let’s face it. If we left the space race to Energy and Environment Minister Chris Bowen, Australia would be attempting to reach the stars by flapping a rudimentary pair of wings made out of solar panels with an extension cord trailing behind, plugged into a Chinese coal-fired power station. Our aspiration for innovation would be limited by the perplex ceiling of climate guilt. Too often we find ourselves living in a world where science has been …
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