Cathie Wood Is Betting Big on SpaceX While Everyone Else Is Selling – Here’s Why

TLDR

• ARK Investment Management bought 124,543 SpaceX shares worth $14.1 million across four ETFs on Monday
• SpaceX stock has fallen from a June high of $225.64 to $113.50, wiping out over $1.2 trillion in market value
• ARK also purchased 27,864 Tesla shares worth about $8.6 million during the selloff
• SpaceX reports its first public earnings on August 4, with up to 911.5 million locked-up shares potentially available for sale on August 6
• Cathie Wood called Starship’s latest splashdown potentially “game-changing” despite the continued stock decline

SpaceX’s post-IPO slide deepened on Monday, with shares falling another 1.4% to $113.50. That puts the stock below its IPO price and marks its 13th decline in the last 16 sessions.

The drop from the June peak of $225.64 has now erased more than $1.2 trillion in market value. That figure is roughly equal to the entire market cap of Tesla.

Space Exploration Technologies Corp., SPCX

ARK Buys Into the Weakness

Cathie Wood’s ARK Investment Management moved to buy the dip on Monday. The firm purchased 124,543 SpaceX shares worth around $14.1 million spread across its ARK Innovation, ARK Autonomous Technology and Robotics, ARK Next Generation Internet, and ARK Space and Defense Innovation ETFs.

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