Australian billionaire Gina Rinehart has poured what she calls a “significant investment” into Elon Musk’s SpaceX, securing shares as the company began trading on public markets Friday. The figure, which Rinehart would not confirm, is reportedly at least $1.4bn, according to unnamed sources.
Hancock Prospecting, the mining giant Rinehart controls, now joins a roster of high-profile backers of the world’s most valuable private company. The investment signals a bet on Musk’s vision for space, which includes Starship missions to Mars and a growing satellite internet business.
SpaceX’s record-breaking IPO earlier this month valued the company at over $200bn, making Musk the world’s first trillionaire on paper. Rinehart’s stake, though undisclosed precisely, is likely to rank among the largest single investments by an Australian in a US tech firm.
The billionaire said she hopes to collaborate with Musk on AI infrastructure, though no specific projects have been announced. The move also deepens ties between Australian capital and the US space sector, which is increasingly reliant on private investment.
Critics argue that such concentrated wealth in space ventures diverts resources from pressing earthly challenges like climate change. Others question the valuation of SpaceX given its heavy reliance on government contracts.