Hancock Prospecting takes US$1.37B SpaceX stake
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- Hancock Prospecting acquired eight million shares in the recent SpaceX initial public offering.
- The investment drove a 72% increase in the firm's US-traded security holdings to US$5.71 billion.
- The company stated the equity purchases will help diversify its portfolio across multiple long-term technology and defence positions.
Hancock Prospecting purchased eight million shares of SpaceX (NASDAQ:SPCX) for US$1.37 billion to expand its US footprint.
This recent regulatory filing revealed a 72% increase in the firm's overall US equity holdings.
"Our investment in SpaceX reflects our confidence in Elon Musk," said Hancock Prospecting Spokesperson Jane Doe.
The firm also allocated US$260 million to index funds and increased its Trump Media & Technology Group (NASDAQ:DJT) stake.
Finalising these long-term technology allocations followed the announcement the SpaceX share price was unchanged at US$171.25.
The company stated the acquisitions aim to diversify assets away from traditional Western Australian iron-ore operations.
