Gina Rinehart Backs SpaceX in Record A$106B Raise

Mining billionaire Gina Rinehart was in the mix to scoop up a stake in Elon Musk's SpaceX when it went public on Friday after raising a record $75 billion (A$106B) from new investors.

The company Hancock Prospecting led by Gina invested a reported $1B (A$1.4B) in the loss-making rocket maker, which encompasses the lucrative satellite business Starlink, as well as the controversial and expensive AI company xAI, behind Grok.

SpaceX shares, which listed at US$135 rose 19% on debut to hit $160.95 (A$228), giving the business a market capitalization of A$3 trillion), and making Musk, who owns more than 40% of the business, the world’s first trillionaire – on paper at least.

Gina praised Musk for his role at Trump’s now disbanded cost-cutting  initiative, DOGE, saying he “contributed significantly to his country,” and SpaceX was “a rare business: led by a truly exceptional person”.

“Elon has done what very few people in history have done – he has not just imagined the future, he has built companies capable of delivering it, and helped to keep American technology at the forefront,” she said.

This is a huge investment for Hancock and we are pleased to be allocated in what has been the most popular and oversubscribed IPO in its history.

Key Highlights:

• Hancock Prospecting invested A$1.4B in SpaceX during its record A$106B fundraising round
• SpaceX shares jumped 19% on debut, valuing the company at A$3 trillion
• The deal could lead to future partnerships in AI, satellite communications, and critical minerals

SpaceX is certainly another good instance of the value of enterprise, builders and minimal bureaucracy in the world. It has achieved reduced costs and enhanced capability – in a manner that is swift and disciplined – that bureaucracy all-too-frequently obstructs or lags.

As Elon Musk says: ‘The larger the government gets the less individual freedom you have. Your freedoms have just been eroded year after year with more and more government, laws and regulations and regulatory authorities’.”

Hancock Prospecting CEO Garry Korte said the allocation was an endorsement of Rinehart, who’s had several meetings with Musk, and flagged future collaboration between the two businesses.

“SpaceX is years ahead in launch capability, and critically, satellite communications, and in a short space of time has built a leading AI platform, Grok, which we use,” he said.

“There may also be some mutually beneficial partnerships in the future between SpaceX and Hancock Prospecting's big critical minerals investment, given that there is increased demand for the materials and infrastructure required to support advanced technology.

Gina Rinehart is believed to have a net worth of approximately $40 billion, which has declined by approximately 20% since it peaked at $50B in 2024, when iron ore prices were higher.

Hancock Prospecting's investment portfolio to the tune of over $5B includes mining companies, tech and media firms such as Tesla, founded by Musk's other venture, as well as Nvidia, Meta, Amazon and Netflix.