Hancock takes stake in SpaceX IPO as Rinehart backs Musk

Hancock Prospecting has taken a significant stake in SpaceX through the company's initial public offering. The mining and investment group received an allocation in what it described as the largest IPO in history.

Executive Chairman Gina Rinehart said the investment reflected Hancock's view of SpaceX as a rare company operating in sectors it sees as strategically important. She linked the decision to confidence in Elon Musk and to a broader belief that Western countries need to maintain leadership in technology and innovation.

The move places one of Australia's best-known private companies into a closely watched US technology listing. It also adds SpaceX to a portfolio better known for iron ore, agriculture and critical minerals, extending Hancock's investment interests beyond its traditional resources base.

Rinehart framed the purchase as a vote of confidence in Musk's record across several businesses.

"I congratulate Elon Musk on this world-leading IPO. Having built two of the world's 10 largest companies by market capitalisation is an extraordinary achievement, as is his significant contribution to his country through his leading role in DOGE.

"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 keep American technology at the forefront.

"SpaceX's record speaks for itself. It was the first private company to launch a liquid-fuel rocket to orbit in 2008 and the first to dock a private spacecraft with the International Space Station in 2012. Through Starlink, it was also the first to begin deploying large-scale LEO broadband satellite constellations in 2019, a network that is critical for communications.

"We see SpaceX as a rare business: led by a truly exceptional person, technically outstanding and operating in crucial sectors with long-term potential. Hancock favours investing in industries led by sensible, hard-working, patriotic and exceptional people. Elon excels in every regard.

"SpaceX stands apart as the only company globally building integrated hardware and software across its core segments of 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.

"This is a significant investment for Hancock, and we are pleased to have received an allocation in what has been an extremely popular and oversubscribed IPO.

"SpaceX is yet another clear example of why the world needs more enterprise, more builders and much less bureaucracy. It has delivered lower costs and greater capability by moving with the urgency and discipline that bureaucracy too often delays or prevents.

"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 comments show Hancock presenting the investment not simply as a financial allocation but as a strategic endorsement of Musk's industrial agenda. They also tie the stake to a broader argument about technology policy, regulation and the role of private investment in capital-intensive sectors.

Broader portfolio

Hancock has expanded well beyond its founding iron ore interests in recent years, building positions in agriculture and critical minerals as it pursues long-term growth themes. The reference to SpaceX's satellite and artificial intelligence activities suggests the company sees overlap between its existing mining assets and the supply chains needed for communications, computing and space infrastructure.

Chief Executive Officer Garry Korte said the size of the share allocation reflected well on Hancock and its Chair.

"In a heavily oversubscribed IPO, Hancock's allocation of SpaceX shares is a very pleasing result. It reflects the international regard for our Chair and company.

"SpaceX is developing a vertically integrated infrastructure business, has cutting-edge engineering capability, and is seeking to drive down costs through manufacturing technique, scale and speed of development. SpaceX is years ahead in launch capability and, critically, satellite communications, and in a short period has built a leading AI platform, Grok, which we use. It continues to innovate through the design and manufacture of its own chips as well as by putting AI compute into orbit.

"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.

"We look forward to the potential of working with the SpaceX team on its exciting journey."

Strategic signals

Korte's remarks point to a possible commercial logic beyond portfolio diversification. Hancock has substantial interests in minerals used across industrial and technology supply chains, and it is openly suggesting that a relationship with SpaceX could one day intersect with those operations if demand grows for inputs used in satellites, launch systems, computing infrastructure and related manufacturing.

That prospect remains tentative, but the message is clear: Hancock wants to be seen as a participant in industries connected to advanced technology as well as a supplier of raw materials. By backing one of the world's most closely watched space companies, it is signalling that its investment horizon now extends to sectors where communications networks, launch systems and AI infrastructure sit alongside mines and processing projects.

SpaceX's listing has attracted attention because of its scale and the company's role across launch services, satellite internet and adjacent technology markets. Hancock's purchase gives an Australian resources group exposure to that mix while also strengthening its links to a business at the centre of debates about industrial policy, national competitiveness and private-sector control of strategic infrastructure.

Hancock described the investment as significant and said it was pleased to receive an allocation in a heavily oversubscribed IPO.