Rinehart, 72, is the chairwoman 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.
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.
“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.”
“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.
