Mining giant Hancock Prospecting has invested over $1 billion in SpaceX as part of its blockbuster IPO, which officially debuted on the Nasdaq this week as the largest capital raise in history.
Mining giant Hancock Prospecting has invested over $1 billion in SpaceX as part of its blockbuster IPO, which officially debuted on the Nasdaq this week as the largest capital raise in history.
The Gina Rinehart-led miner revealed today it had participated in the $1.765 trillion raise.
The company did not reveal the value of its investment, however according to the Wall Street Journal it was in excess of US$1 billion (A$1.4 billion), which would equate to around purchasing around 1.3 per cent of the new shares on offer.
SpaceX offered up just 4.3 per cent of the company in the raise, meaning that 1.3 per cent translates to around 0.06 per cent of company.
In a statement announcing the move, Mrs Rinehart said the investment reflected the company's confidence in Elon Musk.
"Elon has done what very few people in history have done - he has not just imagined the future, he has built companies capable of delivering it, and helped to keep American technology at the forefront," she said.
"SpaceX’s record speaks for itself. It was the first private company to launch a liquid-fuel rocket to orbit in 2008, the first to dock a private spacecraft with the International Space Station in 2012, and other firsts, and, very critically, through Starlink, the first to begin deploying large-scale LEO broadband satellite constellations in 2019, which network is critical for communications," she said.
"We see SpaceX as a rare business: led by a truly exceptional person, technically exceptional and operating in sectors that are crucial, and with long-term potential. Hancock favours investing in industries led by sensible, hard working, patriotic and exceptional people. Elon excels in every regard."
She said SpaceX stood apart from others for its propensity to build entirely integrated hardware and software across space, connectivity and AI.
"It has changed what many thought was possible - from reusable rockets to advanced connectivity - and its work will continue to shape industries, economies and opportunities for decades to come," she said.
Hancock Prospecting chief executive Garry Korte said the mining giant had already integrated SpaceX's AI platform, Grok, into its own systems, hinting at deeper cross-industry cooperation down the track.
"In the future, we also see the possibility of mutually beneficial arrangements between SpaceX and Hancock Prospecting’s significant critical minerals investments, as demand grows for the materials and infrastructure needed to support advanced technology," Mr Korte said.
The institutional backing from Australia’s richest person adds further weight to what has become a seismic event for global financial markets.
Listing under the ticker symbol SPCX, SpaceX priced its shares at US$135 (A$204), raising a historic US$75 billion (A$113.5 billion).
The capital injection eclipsed the previous global IPO record held by state-owned oil giant Saudi Aramco, which raised US$25.6 billion in 2019.
On its first day of trading, investor frenzy pushed the stock up 19.2 per cent to close at US$160.95, briefly driving the company’s market capitalisation past the US$2 trillion mark.
For Mrs Rinehart, it's the latest move in a diversification strategy away from traditional bulk commodities and into the technology and defence supply chains.
The investment follows a series of recent regulatory filings showing Hancock has steadily built up its international portfolio, recently acquiring stakes in US defence contractors like Lockheed Martin and Northrop Grumman, alongside substantial investments in copper and rare earth producers.
