Key facts
- Australian mining billionaire Gina Rinehart invested in SpaceX's IPO through Hancock Prospecting.
- The investment is reported to be worth over $1 billion.
- Rinehart's company sees potential for future collaborations with SpaceX, particularly concerning critical minerals.
- SpaceX's IPO raised over $75 billion, with shares surging significantly on their first day of trading.
- SpaceX's market capitalization exceeded $2 trillion after its IPO and greenshoe option exercise.
Australian mining billionaire Gina Rinehart has made a substantial investment in Elon Musk's SpaceX, acquiring a significant stake through her private company, Hancock Prospecting. The investment, reportedly exceeding $1 billion, was part of SpaceX's initial public offering, which raised over $75 billion and saw shares surge nearly 20% on their first day of trading. Hancock Prospecting's CEO, Garry Korte, indicated that the allocation was 'generous' and highlighted the potential for future mutually beneficial arrangements between SpaceX and Rinehart's critical minerals investments. This outlook is informed by SpaceX's long-term ambitions in areas like asteroid mining and lunar resource extraction, which could significantly increase demand for the critical minerals Rinehart has been investing in, such as those produced by Lynas Rare Earths and MP Materials. Rinehart, Australia's richest person, built her fortune on iron ore but has diversified into rare earths and other critical minerals, viewing SpaceX as a technically exceptional company with long-term potential.