Cathie Wood’s ARK buys 3.3M SpaceX shares after IPO
Cathie Wood’s ARK Invest bought nearly 3.3 million SpaceX shares across three ETFs after the company’s Nasdaq debut, citing Starlink, Starship and xAI in its investment thesis.
ARK Invest purchased shares of SpaceX on Friday after the company’s Nasdaq debut, allocating positions across three ETFs. The firm bought 1,690,839 shares for ARK Innovation ETF (ARKK), 736,442 shares for ARK Autonomous Technology & Robotics ETF (ARKQ) and 538,341 shares for ARK Space & Defense Innovation ETF (ARKX), totaling nearly 3.3 million SpaceX shares. At the end of trading, SpaceX represented about 3.28% of ARKK, 2.65% of ARKQ and 6.89% of ARKX.
Filings show the trades followed sales the week before the IPO that freed roughly $280 million in capital. Named disposals included 80,536 Advanced Micro Devices shares valued at about $13 million, 98,835 Roku shares worth about $11.5 million and 67,420 Baidu shares valued near $7.7 million.
ARK framed its investment around Starship, Starlink and xAI. The firm wrote: “Through Starship, Starlink and the acquisition of xAI, we believe SpaceX is building a vertically integrated AI infrastructure for a much larger space economy.” ARK cited lower launch costs, Falcon 9 reusability and the expanding Starlink satellite broadband network as central points in its thesis.
The firm estimated launch costs have fallen roughly 95% since 2008, bringing costs below $1,000 per kilogram. ARK noted it views SpaceX as still early in creating long-term shareholder value.
SpaceX’s Nasdaq debut raised about $75 billion at a $1.75 trillion valuation, with reported demand of roughly $250 billion, about four times the shares available. Founder Elon Musk has projected SpaceX could reach roughly $1 trillion in annual revenue by 2030; an analyst estimate put 2030 revenue nearer $330 billion.
SpaceX reported 18,712 bitcoins on its balance sheet as of March 31, with a fair value of about $1.29 billion at that date.
A prominent investor commented he “wouldn’t doubt” a future merger between Tesla and SpaceX but added such a deal might not appeal to SpaceX shareholders. Another public commentator urged Musk to consider combining the companies.
ARK’s purchases place SpaceX inside three of its innovation-focused ETFs after the company began trading on Nasdaq.
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