Australia’s richest person, mining magnate Gina Rinehart, has publicly unveiled the full extent of her substantial investment in Elon Musk’s aerospace company, SpaceX. Filings lodged with the US Securities and Exchange Commission overnight on Friday revealed Hancock Prospecting, owned by Rinehart, held 8 million SpaceX shares valued at US$1.4 billion (A$1.97 billion) at the end of June. SpaceX, a private American aerospace manufacturer and space transportation services company, designs, manufactures, and launches advanced rockets and spacecraft. Rinehart previously indicated she had participated in the company’s initial public offering to the tune of around US$1 billion.
SpaceX’s market journey has been dynamic since its initial debut, which marked the largest IPO in history. The stock initially surged nearly 70 per cent in its first three trading sessions in early June before experiencing a sharp correction, almost halving in value through to the end of July. This month, however, has seen a recovery, with shares climbing 35 per cent in the five sessions since previously locked-up shares became available, adding approximately US$500 billion (A$708 billion) to its market capitalisation and moving back above its US$135 IPO price. Currently valued at US$1.8 trillion, SpaceX ranks as the eighth-largest listed company on the Nasdaq.
Rinehart’s bet on SpaceX now represents her single largest US stockholding, eclipsing her previous top position behind rare earth developer MP Materials. Her updated portfolio for the quarter ending June also reflects minor new stakes in oil and gas explorers Infinity Natural Resources and Gulfport Energy. Additionally, she doubled her investment in Donald Trump-owned Trump Media & Technology and significantly added to her existing positions in defence firms Northrop Grumman, Lockheed Martin, and L3Harris Technology. This aggressive investment strategy saw the total value of Rinehart’s US portfolio surge from US$3.1 billion to US$5.4 billion in the three months to June, reflecting her strong focus on the US market.
