Australian mining magnate Gina Rinehart has acquired a stake worth over $1 billion in Elon Musk's Space Exploration Technologies Corp. (SpaceX) through its record-breaking initial public offering. The investment, made via her firm Hancock Prospecting, underscores a strategic shift beyond traditional mining into frontier technologies critical to Western nations. Rinehart, cited by the Australian Financial Review, praised Musk for building two of the world's top-10 companies by market capitalization and keeping American technology at the forefront.

SpaceX's highly anticipated IPO proved one of the most sought-after listings in recent memory, with the aerospace giant surging almost 20% on its market debut and reaching a valuation of about $2.1 trillion. While Hancock did not disclose the exact size of its holding, the Wall Street Journal reported that Rinehart's stake was worth more than $1 billion. The company confirmed it had not bought or sold any additional shares after receiving its allocation in the $75 billion IPO. SpaceX debuted at $150 a share, above its $135 issue price, before closing at $192.50 after only two trading sessions.

For Rinehart, whose fortune Forbes places at around $25 billion, the investment fits within a broader strategy extending beyond mining. Hancock Prospecting is the world's fifth-largest iron ore producer and holds significant positions in critical minerals through stakes in Lynas Rare Earths Limited, Liontown Resources, and Arafura Rare Earths Limited. Roughly 10% of Rinehart's wealth is tied to rare earth investments. In the United States, Hancock holds a $860 million stake in MP Materials Corp., a company deemed strategically important to America's supply chain security.

The SpaceX stake highlights the growing interconnectedness between mining and frontier technologies. Rare earth elements Hancock is backing are critical ingredients in permanent magnets used in satellites, rockets, and electric vehicles. Every expansion of SpaceX's Starlink network and launch capabilities has the potential to increase demand for these materials, including Neodymium and Praseodymium. Synergies also extend to Tesla Inc., another Musk-led enterprise.

Hancock chief executive Garry Korte said the relationship between the two businesses could eventually extend beyond a shareholding. "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," Korte said. He revealed Rinehart had held several meetings with Musk, describing SpaceX's allocation of shares to Hancock as a significant endorsement.

SpaceX shares were up 8.99% at $209.80 during premarket trading on Tuesday, trading at a new 52-week high. The stock's performance reflects strong investor interest in the company's future prospects.

Space Exploration Technologies Corp. has entered into a definitive agreement to acquire Anysphere, Inc., known as Cursor, for an implied equity value of $60.0 billion. The all-stock transaction will see Cursor merge with X67 Inc., a wholly owned subsidiary of SpaceX, with Cursor surviving as a wholly owned subsidiary of the acquirer. The deal is expected to close during the third quarter of 2026, pending the satisfaction of standard closing conditions and receipt of requisite regulatory approvals.

Under the terms of the Merger Agreement, each share of Cursor's common and preferred stock outstanding immediately prior to the effective time will convert into the right to receive shares of SpaceX's Class A common stock. The exchange ratio is based on an implied equity value of $60.0 billion for Cursor. The price per share of SpaceX's Class A common stock will be determined by the volume-weighted average closing price over the seven consecutive trading days immediately preceding the closing of the merger.

The transaction structure ensures that Cursor becomes a wholly owned subsidiary of Space Exploration Technologies Corp. upon completion. The merger consideration is entirely in the form of SpaceX Class A common stock, with no cash component specified in the agreement. The effective time of the merger will trigger the automatic conversion of all outstanding Cursor equity securities.

Transaction Details

The merger is subject to customary closing conditions, including the receipt of necessary regulatory approvals and the waiver of certain conditions. Space Exploration Technologies Corp. currently anticipates finalizing the transaction in the third quarter of 2026.