Gina Rinehart snags $1.4b stake in SpaceX IPO

Rinehart and Musk’s friendship was cemented through their joint support of US President Donald Trump during the 2024 election, with both making appearances on the campaign trail. The two have also been guests at Mar-a-Lago, Trump’s private resort in Palm Beach, Florida.

“Having built two of the world’s top-10 largest companies by market capitalisation is an extraordinary achievement … Elon has done what very few people in history have done,” Rinehart said.

“He has not just imagined the future, he has built companies capable of delivering it, and helped to keep American technology at the forefront.”

Her stake in the rocket, artificial intelligence and satellite company is the single largest investment outside iron ore made by Rinehart’s Hancock Prospecting.

Although Hancock did not specify the value of the SpaceX investment, The Wall Street Journal reported the stake was worth more than $US1 billion. Hancock has not bought or sold any additional shares since receiving an allocation in the record-breaking $US75 billion IPO.

As the first of the “mega-cap” AI initial public offerings destined for Wall Street over the next year, SpaceX hit the boards in New York on Friday at $US150 a share, above its $US135 issue price. It closed 19.2 per cent higher at $US160.95.

With just 4 per cent of capital made available to the public, Bloomberg reported the IPO drew more than $US350 billion in demand from institutions and retail investors around the world. Of those, roughly one-third missed out.

The limited number of shares made available in the IPO is expected to turbocharge a wave of passive buying once SpaceX is fast-tracked onto the Nasdaq 100 in the next month.

“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,” Rinehart said.

“Hancock favours investing in industries led by sensible, hard-working, patriotic and exceptional people. Elon excels in every regard.”

Rinehart topped the 2026 Financial Review Rich List with an estimated wealth of $39 billion. Roughly 10 per cent is invested in rare earths through stakes in Lynas Rare Earths, Liontown Resources, Arafura Rare Earths, St George Mining and Brazilian Rare Earths.

Hancock is also the world’s fifth-largest iron ore producer, behind rivals such as Rio Tinto, BHP and Brazil’s Vale. Rinehart also owns an $US860 million stake in US rare earths miner MP Materials – a company that Trump identified as a key supplier to the US.

Hancock chief executive Garry Korte said Rinehart had held several meetings with South African-born Musk, and that SpaceX’s “generous allocation” of shares was a strong endorsement for the Australian company.

“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,” Korte said.

“We look forward to the potential of working with the SpaceX team on its exciting journey.”

Rinehart’s long admiration for Musk was on full display last week when a quote from the trillionaire was projected on the exterior of Hancock’s West Perth headquarters.

The quote, emblazoned in red lights, read: “The larger 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.”

The saying is also immortalised in the Hancock staff teppanyaki area inside the building on a plaque – “an important quote from the rather well-known, brilliant Elon Musk”, Rinehart said.

A statue of P’nut, an orphan pet squirrel from New York that Musk and Rinehart bonded over, is also displayed in the headquarters. P’nut was taken from his owner by local authorities in 2024 and euthanised – an event that Musk and Rinehart cited as symbolic of government overreach.

Musk spent four months during 2025 in the Trump administration as the de facto leader of the “department of government efficiency”, but quit over a dispute with the president about tax and spending legislation.