Billionaire Bet Supercharges SpaceX

Australia’s richest person just placed a $1.4 billion bet on Elon Musk’s SpaceX — and it could signal a new era where the world’s biggest fortunes chase resources beyond Earth.

Quick Take

Gina Rinehart’s company, Hancock Prospecting, bought more than $1 billion worth of SpaceX shares in the company’s record-setting initial public offering.
Rinehart called Elon Musk “truly exceptional” and said SpaceX operates in sectors with decades of long-term potential.
SpaceX stock hit an all-time high of $179.43 the same day Rinehart announced her investment.
The deal is Hancock Prospecting’s largest investment ever outside of iron ore — and hints at possible future business ties between the two companies.

The Biggest Mining Bet Outside Iron Ore

Gina Rinehart, the wealthiest person in Australia, confirmed on June 15, 2026 that her private company, Hancock Prospecting, was allocated more than $1 billion in SpaceX shares. ^[6] The investment came through SpaceX’s initial public offering, which raised $75 billion — the largest in history. Rinehart called it the biggest financial commitment Hancock has ever made outside the iron ore business, where the company is one of the world’s top exporters.

Rinehart praised SpaceX directly, calling Musk “a truly exceptional person, technically exceptional” and describing the company as operating in sectors that are “crucial and with long-term potential.” ^[3] The SpaceX offering was heavily oversubscribed, meaning demand from investors far exceeded the shares available. That level of interest reflects strong confidence from major institutions willing to pay a premium for a piece of the company.

What Rinehart Is Really Betting On

The investment is not just about rockets. Hancock Prospecting already holds large stakes in rare earth companies, including Lynas Rare Earths and MP Materials. ^[5] Hancock’s chief executive, Garry Korte, flagged the possibility of future commercial arrangements between those assets and SpaceX. Rinehart’s company has also been expanding into lithium in Western Australia, shifting its focus toward critical minerals like cobalt, nickel, and rare earths — materials that matter deeply to space manufacturing and satellite technology.

SpaceX stock jumped to an all-time high of $179.43 on the day of Rinehart’s announcement. ^[2] Part of that surge came from SpaceX being added to major global stock indexes, which forces large index funds managing between $15 trillion and $20 trillion to buy the stock automatically. That built-in demand gives SpaceX unusual price support compared to most newly listed companies.

Big Vision, Real Risks

Space mining — pulling metals and minerals from asteroids or the moon — is the long-term dream behind investments like this. The global space mining market was valued at about $1.44 billion in 2025 and is projected to grow to over $4 billion by 2034. ^[13] But analysts are quick to point out that no company has yet pulled a single ounce of metal from an asteroid for profit. Earlier billionaire-backed ventures, like Planetary Resources — backed by Google founders Larry Page and Eric Schmidt — never achieved commercial extraction and eventually shut down. ^[9]

Australia's wealthiest person, mining baron Gina Rinehart, took a stake of more than $1bn in the record-setting $75bn SpaceX IPO, the WSJ reported. Hancock Prospecting, her firm which made the investment, hopes to supply SPCX with its mineral needs. https://t.co/QqujczNgRi

— Gavin Lumsden (@FundFanatic) June 16, 2026

SpaceX itself carries real financial risk. Its valuation is reported at nearly 100 times annual revenue, far above what most technology companies trade at. ^[2] The company’s massive Starship rocket, which would be central to any deep-space mining mission, has not yet been proven commercially viable. Some analysts have issued sell ratings on the stock, citing governance concerns and heavy dependence on Starship’s success. Rinehart’s endorsement is built largely on confidence in Musk’s leadership rather than on hard data about SpaceX’s profitability or specific mining contracts. ^[3] For everyday investors watching from the sidelines, the message is clear: this is a high-stakes, long-horizon bet — one only the ultra-wealthy can afford to make and wait out.