SpaceX Surges Past Amazon as Gina Rinehart Buys Over $1 Billion in Shares
SpaceX surged another 10% on Wall Street to a valuation of $2.77 trillion, extending a rally of about 55% since last Thursday’s giant listing. At one point the stock climbed more than 14% to $2.94 trillion, briefly topping Microsoft, which was then valued at $2.93 trillion. SpaceX is now worth more than Amazon, at $2.66 trillion, and ranks fifth among the world’s most valuable companies.
Earlier in the day, SpaceX also announced it would buy Anysphere, the software company behind the popular AI agent Cursor, for $60 billion. The listing, described as the largest in history, also drew Gina Rinehart, Australia’s richest woman, who bought more than $1 billion in shares. According to The Wall Street Journal, it is Hancock Prospecting’s largest investment outside its core iron ore business.
Rinehart said the investment reflects Hancock’s confidence in Elon Musk and her view that the West must keep investing in technology and innovation. She called SpaceX a rare company led by an exceptional figure, with technical expertise, operations in critical sectors, and long-term potential. She also said it is unique in combining hardware and software in its core fields of space, connectivity and AI, and that its activity will shape industries, economies and opportunities for decades.
Hancock Prospecting chief executive Greg Curt said the company wants to work with SpaceX in future, including possible arrangements tied to critical minerals as demand grows for advanced technology infrastructure. Under the listing terms, Rinehart, like smaller investors, will not have direct influence over SpaceX decisions because most voting rights remain with Musk, who became the world’s first trillionaire after the offering. Rinehart, whose personal wealth is estimated at $25.2 billion, has grown closer to Musk in recent years through shared political views and support for Donald Trump, including attendance at Mar-a-Lago on election night in November 2024 and a reported private meeting with Musk the next day.
Her investment strategy also fits Hancock’s broader push into rare earths and other U.S. assets. The company recently disclosed buying 1.2 million shares of Rare Earths Americas, a 6.3% stake worth $22.8 million, and it holds significant stakes in MP Materials and Lynas Rare Earths. Hancock has also added U.S. defense, technology and gold-mining holdings this year, including CrowdStrike, Lockheed, Northrop Grumman and RTX, while continuing to own Amazon, Meta, Alphabet and Musk’s Tesla.
