The Richest Australian Backs SpaceX With A Billion-Dollar Bet

The richest Australian, Gina Rinehart , has stepped outside her comfort zone. The billionaire mining magnate has taken a stake worth over $1 billion in Elon Musk’s newly listed Space Exploration Technologies Corp. (NASDAQ: SPCX ) , better known as SpaceX . “Having built two of the world’s top-10 largest companies by market capitalization is an extraordinary achievement … Elon has done what very few people in history have done,” Rinehart said, according to the AFR. “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 added. The investment from her firm, Hancock Prospecting , reflects both her admiration for Musk and her belief that Western nations will continue to lead in strategic technologies. SpaceX IPO Draws Major Investor Interest SpaceX’s highly anticipated initial public offering 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 also confirmed it had not bought or sold any additional shares after receiving its allocation in the record-breaking $75 billion IPO. SpaceX debuted ... Full story available on Benzinga.com