The mining conglomerate is a major player in rare earths and minerals, expanding its US portfolio this year to include defense, gold and rare-earth assets.

Rinehart’s broader political activity in Australia is noted, including outreach related to the One Nation party.

Hancock Prospecting’s CEO Garry Korte signals potential collaboration by noting Grok AI could supply critical minerals to SpaceX’s technology infrastructure.

The investment underscores Hancock Prospecting’s diversification into high-growth, tech-enabled sectors and marks a formal relationship with SpaceX post-IPO.

Rinehart envisions mutually beneficial arrangements between SpaceX and Hancock Prospecting’s minerals activities as demand for tech infrastructure grows.

Rinehart praised SpaceX founder Elon Musk, calling SpaceX a technically exceptional company with long-term potential.

She framed the investment as a vote of confidence in Musk and in Western tech leadership, highlighting SpaceX’s cost efficiency and rapid execution.

Hancock Prospecting, led by Gina Rinehart, has reportedly made a significant investment in Elon Musk’s SpaceX, with figures suggesting at least US$1.4 billion as SpaceX began trading publicly.

SpaceX priced its IPO at a level that raised about US$75 billion and values the company at roughly US$2.1 trillion on debut, signaling ambitions to orbit up to a million data centers and pursue settlements on the Moon and Mars, though the prospectus cautions it may never turn profit and could incur heavy annual losses.

SpaceX’s stock surge of around 19% on the first day pushed its market value above the US$2 trillion mark, reinforcing its status as a major player in rockets, satellites and AI.

Rinehart’s move aligns her with Musk, reflecting a public association and past interactions during Musk’s era of efficiency initiatives associated with DOGE.

Hancock Prospecting already holds stakes in Tesla, Nvidia, Trump Media & Technology Group, and several US defense stocks, while also pursuing critical minerals through MP Materials, Liontown Resources and Azure Minerals.