Gina Rinehart's Hancock Prospecting bought a stake worth about 1 billion US dollars, roughly 1.4 billion Australian dollars, in SpaceX as part of the company's initial public offering on June 12.
The listing valued Elon Musk's rocket and satellite company at more than 2.1 trillion US dollars and was heavily oversubscribed, with Hancock chief executive Gary Korte describing the group's allocation as "a very pleasing result."
A rare bet outside mining
The purchase marked the largest investment Hancock Prospecting had made outside of iron ore. Rinehart called SpaceX "a rare business, led by a truly exceptional person," pointing to the company's reach across "space, connectivity and AI."
