Gina Rinehart, the richest person in Australia, has made a bet that's a little out of this world—literally. The mining billionaire, known for building a fortune on iron ore, has taken a stake worth over $1 billion in Elon Musk's SpaceX, the newly public space exploration company trading under the ticker SpaceX (SPCX).

Rinehart's firm, Hancock Prospecting, didn't disclose the exact size of its holding, but the Wall Street Journal reported the stake was worth more than $1 billion. The company confirmed it hasn't bought or sold any additional shares since receiving its allocation in SpaceX's record-breaking $75 billion IPO.

“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.”

It's a big move for someone whose fortune—Forbes estimates it at around $25 billion—was built on digging stuff out of the ground. But Rinehart has been diversifying, and this investment fits a broader strategy that increasingly extends beyond traditional mining.

SpaceX IPO Draws Major Investor Interest

SpaceX's initial public offering was one of the most sought-after listings in recent memory. The aerospace giant surged almost 20% on its market debut, reaching a valuation of about $2.1 trillion. Shares debuted at $150, above the $135 issue price, and closed at $192.50 after just two trading sessions. As of Tuesday premarket, SpaceX shares were up 8.99% at $209.80, hitting a new 52-week high.

The IPO was a landmark event, drawing in big-name investors like Rinehart, who clearly sees more than just a financial return. Her admiration for Musk is evident, but there's also a strategic play here.

Beyond Mining

Rinehart's empire is still anchored in mining—Hancock is the world's fifth-largest iron ore producer—but she's been building significant positions in critical minerals. She holds stakes in Lynas Rare Earths Limited (LYSDY), Arafura Rare Earths Limited (ARAFF), and Liontown Resources. Roughly 10% of her wealth is tied to rare earth investments.

She's also expanded aggressively into the United States. Hancock holds an $860 million stake in MP Materials Corp. (MP), a rare-earths producer deemed strategically important to America's supply chain security. As geopolitical competition intensifies, Rinehart has increased her exposure to sectors aligned with defense and advanced manufacturing.

Critical Mineral Synergies

So what does a mining company see in a rocket company? More than you might think. The rare earth elements Hancock is backing—like neodymium and praseodymium—are critical ingredients in the permanent magnets used across advanced technologies, from satellites and rockets to electric vehicles and robotics.

Every expansion of SpaceX's Starlink network and launch capabilities has the potential to increase demand for those materials. And the synergies don't stop there—they also extend to Tesla Inc. (TSLA), another Musk company that uses rare earths in its electric motors.

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.

Korte revealed Rinehart had held several meetings with Musk, describing SpaceX's allocation of shares to Hancock as a significant endorsement. “We look forward to the potential of working with the SpaceX team on its exciting journey,” he said.

For Rinehart, this isn't just a financial bet—it's a bet on the future of technology, and on the idea that Western nations will continue to lead in strategic technologies. And if that future involves rockets, satellites, and electric cars, she wants to be supplying the materials that make it all possible.