Australia’s richest woman takes over $1bn stake in SpaceX after record IPO

MELBOURNE: Australian mining billionaire Gina Rinehart has acquired a stake worth more than $1 billion in SpaceX following the company’s record-breaking $75 billion initial public offering, according to a report by the Wall Street Journal.

While Rinehart’s company, Hancock Prospecting, did not confirm the size of its investment, it described the allocation as a significant commitment and said it was pleased to participate in what it called a heavily oversubscribed offering.

“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,” Rinehart said in a statement.

Rinehart praised SpaceX founder Elon Musk, describing him as an exceptional entrepreneur and noting that he had built two of the world’s 10 largest companies.

She said Hancock viewed SpaceX as a company operating in strategically important sectors with long-term growth potential.

Hancock Prospecting also signalled interest in future commercial cooperation with SpaceX through its investments in critical minerals. Chief Executive Officer Garry Korte said growing demand for materials and infrastructure required for advanced technologies could create opportunities for collaboration between the two companies.

The mining group has invested heavily in rare earths and critical minerals, including stakes in companies such as MP Materials, Lynas Rare Earths, Rare Earths Americas and lithium producer Liontown Resources. Regulatory filings last month showed Hancock had also expanded its holdings in defence, gold and rare earth assets within its $3.3 billion US investment portfolio.

The investment has already delivered an immediate gain. SpaceX shares rose 19% on their Nasdaq debut on Friday, lifting the company’s market value above $2 trillion and making it the sixth-largest listed company in the United States.

The listing attracted strong investor demand as markets sought exposure to Musk’s businesses spanning space launches, satellite communications and artificial intelligence.

Rinehart also praised Musk’s efforts to reduce the size of the US federal workforce through President Donald Trump’s Department of Government Efficiency (DOGE), saying the success of SpaceX highlighted the importance of entrepreneurship and innovation.

Rinehart, whose fortune was built through iron ore mining, has increasingly become involved in political debates in Australia and has recently voiced support for the populist One Nation party.