Australia’s richest individual, mining magnate Gina Rinehart, has acquired a stake exceeding $1 billion in the record-setting $75 billion initial public offering of SpaceX, according to a person familiar with the matter. Hancock Prospecting, Rinehart’s company, did not confirm the precise size of the holding but issued a statement acknowledging the investment and the allocation.
In that statement Hancock described the transaction as "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 praised Elon Musk, saying he had built two of the world’s top 10 largest companies and calling SpaceX a rare business led by "a truly exceptional person, technically exceptional and operating in sectors that are crucial, and with long-term potential."
Hancock Prospecting said it aims to work with SpaceX to supply mineral requirements the company may have. Garry Korte, Hancock’s CEO, said in the statement that Hancock foresees "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."
The company noted its own footprint across critical minerals projects, listing investments in U.S.-based MP Materials, Rare Earths Americas, and Australia’s Lynas Rare Earths, as well as in lithium producer Liontown Resources, among others. Filings revealed that Hancock increased its holdings in defence, gold and rare-earths assets as part of a $3.3 billion U.S. portfolio this year.
Rinehart’s investment in SpaceX proved immediately lucrative on the offering’s debut. Shares rose 19% in their first trading session last Friday, lifting SpaceX’s market value above $2 trillion and positioning it as the sixth-biggest U.S. company by market capitalization as investors sought exposure to Musk’s business empire spanning rockets, satellites and AI.
In a broader public statement Rinehart commended Musk’s entrepreneurial capacity and went further to call him a patriot for reducing federal jobs via 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," she said.
Rinehart has also become more active politically, urging some of Australia’s wealthiest voters to shift their support from the opposition Liberal-National coalition to the populist, anti-migration party One Nation.
Market data and investor tools noted alongside the announcement included the following ticker movements:
- LYC +0.62%
- LTR +2.75%
- MP +0.65%
- REA +5.45%
- SPCX +19.22%
Promotional content referenced an AI-based stock selection tool asking whether an investor should allocate $2,000 to LYC, describing how the tool evaluates companies using over 100 financial metrics and citing past winners identified by the system. The article also referenced the inclusion of LYC in AI-picked strategies and displayed an interactive Highcharts snippet summarizing recent price action.
Hancock’s statement and the broader market response to the IPO underscore the intersection between large private space enterprises and providers of critical minerals. Hancock framed its SpaceX holding as strategic, both as an investment and as the start of possible commercial collaboration should demand for specialist materials and infrastructure continue to expand.