Australian billionaire Gina Rinehart’s Hancock Prospecting makes what multiple outlets describe as a record-breaking investment in Elon Musk’s SpaceX as the company begins trading. Several reports say Hancock Prospecting buys a stake worth about US$1 billion, reported as approximately A$1.4 billion, during SpaceX’s initial public offering process. Rinehart publicly characterises the move as a “significant investment,” citing her confidence in SpaceX’s performance and leadership and referring to sectors she says the company operates in.
A number of sources add that Hancock Prospecting expects collaboration between SpaceX and Rinehart’s own mining and agribusiness interests, with one outlet noting the company’s ambition to work with SpaceX on areas that include rockets and satellite-related activities. The reports also note that Rinehart has previously voiced admiration for Musk and that her investment occurs as SpaceX posts milestones associated with its market debut. While most outlets report the size of the stake as roughly US$1 billion, at least one source says the exact figure is not confirmed by Rinehart. The investment is framed by outlets as Hancock Prospecting’s largest non-iron-ore investment to date.
