Prime Highlights

• Gina Rinehart’s Hancock Prospecting invested $1.4 billion in SpaceX as the company completed a record-breaking Nasdaq listing.
• SpaceX shares surged on debut, pushing its valuation to $3 trillion and further boosting Elon Musk’s wealth.

Key Facts

• Hancock Prospecting sees potential collaboration with SpaceX through its critical minerals and technology investments.
• Rinehart oversees a diversified portfolio with holdings across mining, technology, media, and global blue-chip companies.

Background

Australia’s wealthiest woman has placed one of her biggest bets yet, putting $1.4 billion into Elon Musk’s SpaceX as the rocket maker completed a record-breaking stock market debut on the Nasdaq.

Gina Rinehart’s Hancock Prospecting secured a reported $1 billion United States dollar stake in SpaceX as part of an initial public offering that raised $75 billion from new investors, equivalent to $106 billion in Australian dollars.

The float was heavily oversubscribed, and Hancock’s allocation was described by Chief Executive Officer Garry Korte as a direct endorsement of Rinehart’s standing and her personal relationship with Musk.

SpaceX, which bundles the profitable Starlink satellite business and artificial intelligence company xAI under its umbrella, listed at $135 per share and climbed 19 per cent on its first day of trading to close at $160.95.

The surge pushed the company’s market capitalisation to $3 trillion and lifted Musk, who owns more than 40 per cent of SpaceX, to a net worth that makes him the world’s first trillionaire, at least on paper.

According to Rinehart, Musk has distinguished himself by building businesses that convert long-term ideas into practical outcomes, with SpaceX standing out for its focus on execution and innovation.

Korte pointed to SpaceX’s lead in launch technology and satellite communications as key reasons for the investment. He said future business opportunities could emerge between SpaceX and Hancock’s critical minerals operations as global demand for technology-related materials continues to grow.

Rinehart is estimated to have a fortune of about $40 billion. Through Hancock Prospecting, she oversees an investment portfolio worth more than $5 billion, including stakes in major companies such as Tesla, Nvidia, Meta, Amazon and Netflix.