Gina Rinehart's SpaceX Bet Targets Asteroid Mining, Not Just Returns

The size of Rinehart's investment was not disclosed. The deal was structured as a direct equity stake in SpaceX, the people said. SpaceX remains one of the most valuable private companies in the world, with a valuation estimated at roughly $180 billion in its most recent tender offer. Rinehart's entry signals that the world's largest mining fortunes see a path to revenue beyond Earth.

Hancock Prospecting did not comment on future plans. The company's existing portfolio includes copper, nickel, and rare earths, all critical for electrification. Asteroid mining would expand that into platinum group metals, nickel-iron, and potentially water for space fuel depots. SpaceX's internal roadmaps have long included refueling in orbit, a capability that asteroid water could support.

For now, the move is a hedge. Rinehart's wealth comes from terrestrial extraction. A space-based supply chain would take a decade or more to build. The bet says she expects that timeline to shrink. Starship's first orbital test flights are ongoing. The rocket's payload capacity is orders of magnitude larger than anything currently flying.

SpaceX has identified asteroid mining as a potential future opportunity, according to people familiar with the company's internal discussions. Rinehart's investment gives her a seat at the table if that discussion becomes real.