Australia’s richest person just bought a SpaceX stake worth more than $1 billion. ‘Elon has done what very few people in history have done’

Gina Rinehart, a mining mogul, is backing the rocket maker, citing Musk’s record on space travel and government.

Since its stock market debut on Friday, SpaceX has already hit a valuation of $2.5 trillion, and the company’s got the attention of Australia’s richest person. 

Gina Rinehart announced on Monday that she’s made a “significant investment” in the company. The mining magnate’s stake is worth more than $1 billion, the Wall Street Journal reported. 

Rinehart, 72, is the executive chairman of Hancock Prospecting, a major iron ore exporter, and is worth $36.9 billion, according to Bloomberg. The SpaceX holding is Hancock’s largest investment outside of iron ore, the Journal reported, reflecting Rinehart’s confidence and interest in the business. 

“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,” she said in a statement. “SpaceX stands apart as the only company globally building integrated hardware and software across its core segments of space, connectivity, and AI.” 

SpaceX stock has surged during its first full day of trading, jumping nearly 20% to close at $192.50 on Monday after opening at $150 on Friday. 

Rinehart has met with Elon Musk several times, the company said. She cited SpaceX’s many firsts in space, including being the first private company to dock at the International Space Station, and being first to deploy a large-scale broadband satellite constellation in low earth orbit. 

“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,” Rinehart continued. 

The major investment in a U.S.-based company is consistent with the Australian’s recent moves. Hancock Prospecting invested almost $100 million in U.S. weapons makers during the first quarter of 2026, including RTX, Northrop Grumman, L3Harris Technologies, and Lockheed Martin. 

The company also bought a 6% stake worth about $34 million in Rare Earths Americas, a new U.S. miner. Outside of her mining business, Rinehart recently built her wealth on rare earth investments and amassed the world’s largest portfolio outside of China since she first started investing in rare earths in 2020, Bloomberg reported. 

“We also see the possibility of mutually beneficial arrangements between SpaceX and Hancock Prospecting’s significant critical minerals investments,” Hancock Prospecting chief executive officer Garry Korte said in the statement. “We look forward to the potential of working with the SpaceX team on its exciting journey.”

Rinehart has been a vocal supporter of President Donald Trump and expressed support for Musk’s efforts to restrict the size of the government through the Department of Government Efficiency (DOGE). 

She was present at Trump’s reelection campaign launch in 2022 and at his Mar-a-Lago election night party in 2024 that Musk also attended. 

“As Elon Musk says: ‘The larger government gets, the less individual freedom you have. Your freedoms have just been eroded year after year with more and more government, laws and regulations, and regulatory authorities,’” the company wrote in the statement, quoting Musk’s stump speech from a Trump campaign rally in 2024.

This story was originally featured on Fortune.com