Cathie Wood’s ARK Invest purchased $21.3 million worth of SpaceX stock as shares tumbled below their IPO price, continuing the investment firm’s aggressive buying strategy in Elon Musk’s space and AI company since its June debut.
Four ARK Invest funds, including the flagship ARK Innovation ETF, snapped up about 153,249 SpaceX shares on Monday, July 14, according to reporting by panews.io. The purchase came as SpaceX shares extended a steep decline, with the stock hitting an intraday low of $132.75 on Wednesday, July 16, marking the first time it dipped below its $135 IPO price since going public on June 12.
SpaceX shares have now fallen for five consecutive trading days and nine of the past 11 sessions, according to Barron’s. The sell-off has erased much of the initial enthusiasm that greeted the company’s record-setting IPO, which raised $75 billion and made it the largest stock debut ever.
A Pattern of Conviction Buying
ARK Invest has not wavered in its conviction. Since SpaceX’s June 12 IPO, when the stock opened at $150 and closed at $160.95, the firm has continuously accumulated shares across multiple funds. On IPO day alone, ARK acquired nearly 3.3 million shares worth more than $500 million, according to CoinDesk. The latest purchase brings ARK’s total SpaceX holdings to over $550 million, spread across the ARK Innovation ETF, ARK Autonomous Tech & Robotics ETF, ARK Space & Defense Innovation ETF, and ARK Next Generation Internet ETF, per The Motley Fool’s reporting.
The firm’s aggressive accumulation reflects Wood’s long-standing belief in SpaceX’s potential. ARK began investing in SpaceX before its IPO through its Ark Venture Fund, which targets private companies, and has held those shares continuously since the company went public.
Headwinds Pressuring the Stock
Multiple factors have weighed on investor sentiment since the IPO’s initial pop. SpaceX is valued at approximately 45 times estimated 2026 sales, a premium valuation that has drawn scrutiny as growth stocks face broader market pressure. Additionally, 20 percent of the company’s outstanding shares will unlock and become available to trade after SpaceX reports its second-quarter earnings in the coming weeks, raising concerns about additional selling pressure, according to Barron’s reporting.
The company’s financial structure also presents challenges. While Starlink, the satellite connectivity division, posted an operating profit of $4.4 billion last year, other business units—particularly the AI division, which includes the social media platform X—have posted substantial losses, The Motley Fool noted. SpaceX posted a net loss of $4.9 billion in 2025 and an additional $4.28 billion loss in the first quarter of 2026, per Yahoo Finance.
Despite these headwinds, ARK’s continued buying suggests the firm sees the dip as an opportunity to build a deeper position in a company it views as a multi-faceted technology powerhouse spanning space exploration, satellite communications, artificial intelligence, and social media.
Sources
- panews.io — ARK Invest’s $21.3 million SpaceX purchase on July 14, 2026
- Yahoo Finance — SpaceX stock hitting all-time low of $132.75, falling below $135 IPO price
- Barron’s — Stock decline over five consecutive days and nine of past 11 sessions; valuation at 45x sales; 20% lock-up unlock schedule
- CoinDesk — ARK’s 3.3 million share purchase on IPO day worth $500 million
- The Motley Fool — Total ARK SpaceX holdings exceeding $550 million; Starlink operating profit of $4.4 billion; AI division losses
- Business Insider — SpaceX stock dropping to $132.15 intraday on July 15
