Gina Rinehart Bets $1 Billion on SpaceX in Boldest Move Yet

Australia's richest person has made one of the most striking moves of her career, taking a stake reported to be worth more than A$1 billion in Elon Musk's SpaceX, the largest single investment Hancock Prospecting has made outside its iron ore heartland.

Hancock, Gina Rinehart's private investment and mining company, confirmed in June 2026 that it had been allocated shares in SpaceX's initial public offering. The company did not disclose the exact size of the holding, but reports placed the investment in the range of A$1.4 billion, with its value climbing sharply as the stock surged in early trading.

A blockbuster listing

SpaceX's market debut was among the most closely watched in history, and the shares rose strongly in early trading, lifting the reported value of Hancock's position.

Why space, and why now

For an empire built on extracting iron ore from the Pilbara, a bet on space technology may look like a departure. But the move fits a pattern in Rinehart's recent strategy. Hancock has been building positions in rare earths, critical minerals and defence, the same materials and technologies that underpin advanced aerospace, satellites and defence manufacturing.

Rinehart has framed the investment in forward-looking terms, and Hancock signalled ambitions to work with SpaceX, pointing to potential intersections between its minerals interests and the company's technology needs. In that light, the stake reads less as a one-off punt and more as an extension of a thesis: that the future of industrial value lies in the materials and platforms of the space and defence age.

A portfolio in transition

The SpaceX holding caps a period of rapid diversification for Hancock, which has expanded a multibillion-dollar book of US-listed equities alongside its Australian mining assets. It also underscores Rinehart's willingness to write very large cheques for assets she believes are strategically important, even outside her traditional areas of expertise.

Whether the SpaceX bet delivers over the long term will depend on the company's post-listing performance. But for now, it has firmly placed Australia's iron ore matriarch among the marquee backers of the world's most valuable space company.

Sources: Bloomberg; Fortune; Forbes Australia

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.