Australian mining billionaire Gina Rinehart has acquired a stake worth more than $1 billion in Elon Musk’s SpaceX, making one of the largest technology investments ever undertaken by her privately held company, Hancock Prospecting. The move comes days after SpaceX completed a record-breaking public offering that propelled the company into the ranks of America’s most valuable corporations.
Rinehart, Australia’s wealthiest person and the executive chair of Hancock Prospecting, said the investment reflects confidence in Musk’s leadership and the long-term potential of SpaceX’s businesses spanning space exploration, satellite connectivity and artificial intelligence. The company described the allocation as a significant investment and one of its largest commitments outside its traditional iron ore operations.
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The investment follows SpaceX’s historic initial public offering, which raised approximately $75 billion and valued the company at more than $2 trillion after shares surged in their market debut. The strong market performance also cemented Musk’s status as the world’s first trillionaire on paper, driven largely by his holdings in SpaceX and other ventures.
For Rinehart, the deal represents another step in diversifying Hancock Prospecting beyond mining. The company has expanded its portfolio in recent years through investments in technology, defense and critical minerals, sectors viewed as increasingly important to global supply chains and emerging industries.
Hancock executives indicated there could be opportunities for future collaboration with SpaceX, particularly in the supply of critical minerals needed for advanced manufacturing, artificial intelligence infrastructure and aerospace technologies. The company already holds interests in several rare-earth and critical-minerals businesses in Australia and North America.
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Rinehart and Musk have developed a relationship through shared interests in technology, economic policy and industrial development. While the Australian billionaire has invested in a range of U.S. companies, Hancock said SpaceX stands out because of its integrated approach to space, communications and AI, areas expected to drive economic growth for decades.
The investment underscores growing global enthusiasm for SpaceX following its blockbuster stock market debut. Analysts say the company’s expanding presence in launch services, satellite internet and AI-related infrastructure has attracted investors seeking exposure to technologies that could reshape multiple industries over the coming decade.