Originally published by David Hannant of News.com.au
15.06.2026
Gina Rinehart’s Hancock Prospecting has announced its biggest ever non-iron ore investment – purchasing a $1.4bn stake in Elon Musk’s SpaceX.
The mining firm, which is chaired by Australia’s richest person, made the huge investment as part of SpaceX’s biggest public offering.
Following its stock exchange listing on June 12, the value eclipse $US2.1 trillion – making Musk the world’s first trillionaire.
And Ms Rinehart revealed that Hancock Prospecting had become a major investor in the company, purchasing a US$1bn (AUD$1.4bn) stake.
“We see SpaceX as a rare business, led by a truly exceptional person, technically exceptional and operating in sectors that are crucial and with long-term potential,” Ms Rinehart said in a statement.
“SpaceX stands apart as the only company globally building integrated hardware and software across its core segments of space, connectivity and AI.
“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 initial public offering.”
Hancock chief executive Gary Korte said the generous allocation of shares was a strong endorsement of the company’s chairman, who has met with Mr Musk on several occasions.
“In a heavily oversubscribed IPO, Hancock’s allocation of SpaceX shares is a very pleasing result.
“In the future, we also see 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.
“We look forward to the potential of working with the SpaceX team on its exciting journey.”
