Australian mining billionaire Gina Rinehart has made a significant investment in Elon Musk’s SpaceX. Marking one of the largest technology bets by an Australian business leader and potentially opening the door to future commercial partnerships between the two companies.
The investment was made through Hancock Prospecting, Rinehart’s privately held mining and agriculture company, according to multiple media reports.
While the company did not disclose the size of its stake, reports indicate the holding is worth more than US$1 billion, making it Hancock’s largest investment outside its core iron ore business.
The move comes as SpaceX enjoys a blockbuster stock market debut, attracting strong investor demand and pushing the company’s valuation into record territory.
Future opportunities
Hancock Prospecting has signalled that the investment could extend beyond financial returns, pointing to potential collaboration opportunities linked to the growing demand for critical minerals and advanced technology infrastructure.
"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," said Garry Korte,CEO, Hancock Prospecting.
He described the SpaceX share allocation as "generous".
The comments highlight the potential intersection between SpaceX’s long-term ambitions and Hancock’s expanding portfolio of critical minerals assets.
Critical minerals focus
While Rinehart built her fortune through iron ore, she has increasingly invested in rare earths and other minerals considered essential for modern technologies, renewable energy systems and advanced manufacturing.
Hancock Prospecting holds significant stakes in rare earth producers Lynas Rare Earths and MP Materials, two of the largest suppliers outside China.
As interest grows in space exploration, lunar development and potential future resource extraction projects, demand for critical minerals could rise substantially, creating opportunities for companies operating in the sector.
Confidence in SpaceX
Rinehart, executive chairman of Hancock Prospecting, said the investment reflects her confidence in SpaceX’s leadership and long-term prospects.
"We are pleased to have received an allocation in what has been an extremely popular and oversubscribed IPO," she said.
"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," she added.
Record market debut
SpaceX began trading publicly last week after raising US$75 billion in what was billed as the largest initial public offering on record. Investor demand drove the stock sharply higher, with shares surging nearly 20% on their first trading day.
The company later announced that underwriters had exercised a greenshoe option, increasing total funds raised to more than US$85 billion.
Following further gains, SpaceX’s market capitalisation climbed above US$2 trillion, with the company reaching a valuation of approximately US$2.5 trillion within days of its stock market debut.
The remarkable rise has cemented SpaceX’s position as one of the world’s most valuable companies while drawing the attention of major global investors, including Australia’s richest person.