Australia’s richest person, Gina Rinehart, has acquired a stake valued at approximately $1.42 billion (US$1 billion) in SpaceX, the aerospace and technology company founded by Elon Musk. This investment marks the largest non-mining commitment by Rinehart’s privately owned Hancock Prospecting, which traditionally focuses on iron ore and rare earth minerals. The purchase came as SpaceX completed its initial public offering (IPO) on June 16, securing the largest IPO in history with a market valuation of about US$2.1 trillion on its first trading day.

Rinehart praised SpaceX as a “rare business” led by an “exceptional person,” highlighting the company's pioneering achievements in aerospace technology and satellite communications. She cited milestones such as SpaceX’s 2008 liquid-fuel rocket orbit launch, the 2012 private spacecraft docking with the International Space Station, and the deployment of the Starlink satellite broadband constellation starting in 2019. Hancock Prospecting’s chief executive, Garry Korte, emphasized the strategic alignment between SpaceX’s technological advancements and Hancock’s critical minerals interests, noting potential future collaborations to supply materials essential for SpaceX’s expanding infrastructure and technology requirements.

Rinehart has met Musk on several occasions, including at former U.S. President Donald Trump’s Mar-a-Lago resort, reflecting shared interests across technological and political spheres. She expressed admiration for Musk’s ability to translate visionary ideas into operational companies that she believes will continue to influence industries and economies for decades.

In addition to Rinehart’s investment, billionaire fund manager Ron Baron of Baron Capital also took part in the SpaceX IPO, purchasing a $1 billion stake. Baron, an early investor since 2017, described SpaceX as significantly ahead of its competitors in satellite manufacturing, rocket technology, and network infrastructure. He holds a major portion of his firm's portfolio in SpaceX and Tesla shares and views his investment as a long-term commitment rather than speculative trading.

While Rinehart and Baron’s investments reflect strong confidence in SpaceX’s future, Elon Musk retains majority control of the company’s voting rights—holding roughly 84 to 85 percent—which effectively secures his leadership and strategic direction. Musk’s holdings account for approximately 40 percent of the company’s shares, underscoring his continued influence despite the company’s transition to public ownership.

SpaceX is noted for integrating hardware and software development in its core areas of space exploration, connectivity, and artificial intelligence. Its innovation in reusable rockets and global broadband technology through the Starlink network has been a key factor in its rapid valuation growth and investor interest. The recent IPO signals a significant moment not only for the company but also for investors like Rinehart and Baron who are betting on its potential to reshape technological and industrial landscapes in the coming decades.