Hancock Prospecting Buys at Least A$1.4 Billion in SpaceX Shares as Company Begins Public Trading
Gina Rinehart’s Hancock Prospecting acquired shares in SpaceX as the company began public trading on Friday. The investment produced a 20% return by market close.
foxbusiness.comHancock Prospecting acquired shares in SpaceX on Friday as the company began public trading. 4 billion (US$1 billion). SpaceX raised US$75 billion in its initial public offering.
1 trillion after the first day of trading. 95. Hancock Prospecting’s investment produced a 20% return by market close.
The company declined to confirm the exact size of its holding when asked about the Wall Street Journal report. Gina Rinehart said Hancock made a “significant investment” in SpaceX and hopes to collaborate on AI infrastructure. “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 said.
She praised SpaceX’s early rocket efforts and Starlink network but expressed particular excitement about its AI prospects. Hancock Prospecting chief executive Garry Korte said the company uses the Grok AI platform and could supply critical minerals to SpaceX. “We look forward to the potential of working with the SpaceX team on its exciting journey,” Korte said.
SpaceX’s investor prospectus states the company may never become profitable and currently runs at a loss of billions annually. ” SpaceX has proposed launching up to 1 million data centres into space. Investors including Rinehart do not have direct voting influence over the company.
Elon Musk owns a majority of both classes of SpaceX shares and became the world’s first trillionaire following the public debut. SpaceX is the eighth-largest company on the Nasdaq by market value, behind only Taiwan Semiconductor Manufacturing Company, Amazon, Microsoft, Apple, Google, and Nvidia, and valued higher than Tesla and Meta.
