Mining tycoon Gina Reinhart invests over $1 billion in a space exploration technology company.

Australia's richest person, Gina Rinehart, has invested over $1 billion in a space exploration technology company. She has high hopes for the company's founder, Elon Musk, and believes that the rocket company has the potential to reshape multiple industries over the next few decades. The space exploration technology company recently completed the largest initial public offering in history. This investment by Rinehart's fully owned company, Hancock Prospecting, marks the largest single investment outside of its iron ore business. Hancock Prospecting is one of the world's major iron ore exporters. In a statement released via email on Monday, Rinehart expressed confidence in Musk and emphasized the importance for Western countries to continue investing in technology and innovation. She stated, "The space exploration technology company is a rare high-quality enterprise: its leadership is outstanding, its technological capabilities are top-notch, it operates in a crucial race track, and it has long-term development potential." Rinehart did not disclose the specific investment amount, but a source confirmed that the investment exceeded $1 billion.