ARK Invest Builds $500M-Plus SpaceX Position on IPO Debut
ARK Invest bought nearly 3.3 million SpaceX shares on the company’s first day of public trading, creating a position worth more than $500 million. The move came as Cathie Wood’s firm sold hundreds of millions of dollars in other holdings around the listing.
What happened?
ARK Invest bought nearly 3.3 million SpaceX shares on the company’s first day of public trading, creating a position worth more than $500 million. The move came as Cathie Wood’s firm sold hundreds of millions of dollars in other holdings around the listing.
Why it matters
ARK Invest bought nearly 3.3 million shares of SpaceX on Friday as Elon Musk’s company went public in what CoinDesk described as the largest IPO ever. By the end of the first trading day, the position was worth more than $500 million.
ARK Invest bought nearly 3.3 million shares of SpaceX on Friday as Elon Musk’s company went public in what CoinDesk described as the largest IPO ever. By the end of the first trading day, the position was worth more than $500 million.
The purchase matters because it shows how major growth investors are allocating capital as high-profile technology listings return to public markets. CoinDesk reported that SpaceX shares were priced at $135 for the sale and closed at $160.95, a gain of more than 19% on their first day.
Cathie Wood’s firm appears to have funded part of the SpaceX position by reducing exposure elsewhere. According to CoinDesk, ARK sold almost $280 million of stock in the week before the listing, then sold roughly 948,000 shares across 13 companies on Friday, including Advanced Micro Devices, Roku and Baidu, for at least $48 million.
The ARK Innovation ETF did most of the buying, with SpaceX ending the day at 3.28% of the fund’s portfolio. ARK has also published a model targeting a $2.5 trillion enterprise value for SpaceX in 2030, with a bull case near $3.1 trillion, based on the company’s $350 billion private valuation in 2024.
For crypto readers, the notable context is ARK’s position as a prominent bitcoin bull and operator of a spot bitcoin ETF. CoinDesk framed the move as a sign that some institutional risk capital is favoring AI and space-related public listings over digital assets in the near term, even as Wood remains known for long-term bitcoin targets running into seven figures.