Australia's richest person, mining magnate Gina Rinehart, has acquired a stake worth more than $1 billion in SpaceX (NASDAQ:SPCX) through its record-setting $75 billion initial public offering, according to a report citing a person familiar with the matter.

Key Highlights

  • Gina Rinehart's Hancock Prospecting took a stake exceeding $1 billion in SpaceX's IPO.
  • SpaceX's IPO raised $75 billion, the largest public offering on record.
  • SpaceX shares jumped 19% on their debut, pushing its market value to $2.1 trillion.
  • Hancock Prospecting holds stakes in rare earths firms including MP Materials and Lynas Rare Earths.

Gina Rinehart, Australia's wealthiest individual and the head of mining group Hancock Prospecting, has taken a stake exceeding $1 billion in SpaceX (NASDAQ:SPCX) as part of the rocket maker's record-breaking $75 billion initial public offering, according to a report citing a person familiar with the matter. Hancock Prospecting did not confirm the exact size of its allocation.

In a statement, Rinehart described the move as a significant investment for Hancock, noting that securing an allocation was notable given how heavily oversubscribed the offering had been. She also pointed to the track record of SpaceX founder Elon Musk in building several of the world's largest companies, framing the investment as a bet on an exceptional leader operating in sectors she views as strategically important with substantial long-term potential.

Hancock chief executive Garry Korte said the investment opens the door to potential future collaboration between SpaceX and Hancock's critical minerals businesses, as demand grows for the materials and infrastructure underpinning advanced technology and space-related industries.

The SpaceX stake adds to a broader portfolio shift at Hancock, which has built positions in several rare earths and critical minerals companies, including MP Materials, Rare Earths Americas, and Lynas Rare Earths, alongside lithium producer Liontown Resources. Filings last month showed Hancock had expanded its defence, gold, and rare earths exposure within a US portfolio valued at $3.3 billion.

SpaceX's listing marked the largest initial public offering in history, valuing the company at $75 billion at issue. Shares surged 19% on their first day of trading on Friday, lifting SpaceX's market capitalization to $2.1 trillion and making it one of the most valuable publicly traded companies globally. The debut also pushed Musk's personal net worth past the trillion-dollar mark for the first time.

Rinehart's fortune was built primarily through iron ore mining operations under Hancock Prospecting, and the SpaceX stake represents one of the company's highest-profile forays into the technology and aerospace sectors to date.