Gina Rinehart has backed Elon Musk with a massive investment in SpaceX, describing the tech entrepreneur as a “truly exceptional person”.
Australia’s richest person made a “significant investment” in SpaceX, as the aerospace company raised $75 billion through a record-breaking initial public offering.
The stake in the company, purchased through Hancock Prospecting, is reported to be worth as much as $1.4 billion – although a representative of the company declined to provide an exact figure.
Ms Rinehart, who serves as the executive chairman of Hancock Prospecting, described the IPO as an “extraordinary achievement”.
“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,” she said.
“SpaceX’s record speaks for itself. It was the first private company to launch a liquid-fuel rocket to orbit in 2008, the first to dock a private spacecraft with the International Space Station in 2012… and, very critically, through Starlink, the first to begin deploying large-scale LEO broadband satellite constellations in 2019, which network is critical for communications.”
The Australian mining billionaire said Hancock Prospecting was making the “significant investment” in SpaceX because it favoured investing in industries led by “sensible, hard working, patriotic and exceptional people”.
“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,” Ms Rinehart said.
“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.”
