Rinehart's SpaceX IPO Play
Gina Rinehart's Hancock Prospecting Invests Billions in SpaceX IPO, Boosting Tech Portfolio
Key Points
Rinehart and Hancock highlighted Musk’s role in the Trump administration’s controversial efficiency drive, known as DOGE, saying he contributed significantly to his country through “his leading role in DOGE.”
Reports say Rinehart has sought closer alignment with Musk personally and politically, noting she has met him “several times” and was photographed with him at Mar-a-Lago after the 2024 US election.
Hancock Chief Executive Garry Korte flagged possible “mutually beneficial arrangements” between Hancock and SpaceX, but a Hancock spokesman also said the company “had no further plans to invest in space.”
Hancock provided additional context that its stake was part of a $1.765 trillion IPO (per its disclosure) and that SpaceX offered 4.3% of the company in the raise; Business News also reported the Wall Street Journal estimated Hancock’s investment was in excess of US$1 billion.
The investment further extends Rinehart’s existing portfolio beyond space/tech, with one report listing Hancock holdings that include Tesla, Nvidia, Trump Media & Technology Group, US defense stocks, and critical-minerals positions in MP Materials, Liontown Resources, and Azure Minerals.
Gina Rinehart's Hancock Prospecting has bought a A$1.4 billion stake in SpaceX, making it the largest investment the Australian mining giant has ever made outside iron ore. Daily Telegraph reported the purchase as part of SpaceX's record-breaking IPO, which raised $75 billion and valued the company at $2.1 trillion — making Elon Musk the world's first trillionaire.
SpaceX shares priced at $135 and opened trading on the Nasdaq under the ticker SPCX at $150 on June 12. They closed the day at $160.95, a jump of 19.2%, according to Business News Australia. The $75 billion raise shattered the previous IPO record of $29.4 billion set by Saudi Aramco in 2019.
Hancock's Biggest Bet Beyond the Iron Ore Pit
Hancock confirmed the investment on June 15, calling SpaceX "one of the defining companies of the 21st century," according to Hancock Prospecting. Rinehart praised Musk as a "truly exceptional person" who "has not just imagined the future — he has built companies capable of delivering it." The stake is roughly 0.06% of SpaceX, since the IPO offered only 4.3% of the company to the public.
Hancock CEO Garry Korte flagged the company already uses Musk's Grok AI platform. He also raised the prospect of "mutually beneficial arrangements" with SpaceX around critical minerals — materials needed to build Starlink satellites and Starship rockets. A Hancock spokesman later said the company had "no further plans to invest in space," Gold Coast Bulletin reported.
Rinehart Cites Musk, DOGE, and Western Tech Leadership
Rinehart pointed to SpaceX's record in reusable rockets, orbital milestones, and Starlink's broadband network as reasons for the long-term bet. She also singled out Musk's role in the Trump administration's Department of Government Efficiency — known as DOGE — saying he had contributed significantly to his country through "his leading role in DOGE," according to Hancock Prospecting.
The investment fits a broader pattern. Rinehart has met Musk "several times" and was photographed with him at Mar-a-Lago after the 2024 US election, The Nightly reported. Hancock's portfolio now includes Tesla, Nvidia, Trump Media & Technology Group, US defense stocks, and critical minerals positions in MP Materials, Liontown Resources, and Azure Minerals.
SpaceX's Finances: Record Revenue, Growing Losses
SpaceX posted $18.7 billion in revenue in 2025 but also recorded a net loss of $4.94 billion, driven by heavy spending on xAI data centers, according to Prof G Media. The stock trades at over 90 times annual sales — a valuation that analyst Scott Galloway called "ugly." Critics warn a correction could come when a 2027 investor lock-up period expires.
Musk holds 85% of SpaceX's voting power, giving him near-total control over company strategy. Senator Elizabeth Warren warned that this gives him an "unprecedented level of power" over public investors, Forbes reported. Supporters, meanwhile, argue SpaceX is a vertically integrated monopoly across launch, connectivity, and AI — with an almost limitless long-term market.
Australian Retail Investors Rush to Join the Rocket Ship
The enthusiasm was not limited to billionaires. Australian retail platform Stake recorded $21 million in SPCX trades on the first day of trading — 34 times the volume of other recent high-profile IPOs, Kyabram Free Press reported. The listing made SpaceX the sixth-largest US company by market value, sitting at $2.1 trillion.
The IPO marks the end of nearly 25 years of SpaceX operating as a private company. Musk said the mission remains to "make humanity multiplanetary" and "extend the light of consciousness to the stars." For Rinehart, the bet is simpler: back the person building it, and secure a seat at the table as demand grows for the minerals that make it possible.
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