Cathie Wood’s ARK Invest has continued buying SpaceX stock as shares sank below the company’s $135 initial public offering price for the first time, closing at $131.11 on July 16, 2026. Four ARK funds, including the flagship ARK Innovation ETF, purchased approximately 123,000 SpaceX shares worth nearly $17 million on Wednesday, according to Barron’s.
The purchases mark the latest in a sustained buying campaign since SpaceX went public on June 12. ARK Invest accumulated roughly 3.3 million shares on IPO day, worth more than $500 million, and continued adding to the position through early July, buying $7 million worth of shares after the stock had fallen 30 percent from its peak, according to Yahoo Finance and Fortune.
SpaceX shares have declined for five consecutive days and nine of the past 11 trading sessions, according to Barron’s. The stock fell to an intraday low of $132.75 on Wednesday before closing at $135.27, according to Yahoo Finance. The pullback erased all gains from the stock’s red-hot debut, when it opened at $150 and briefly climbed above $200 in the days following the IPO.
Multiple factors have pressured the stock. Valuation concerns loom large, with SpaceX trading at roughly 45 times estimated 2026 sales, according to Barron’s. Equally significant is investor worry about lockup expirations—20 percent of outstanding shares will unlock and become available to trade after the company’s second-quarter earnings report, due in early August, creating the potential for additional selling pressure.
The decline reflects a pattern common in newly public companies. SpaceX sold less than 5 percent of its shares to the public during the IPO, creating artificial scarcity that initially propped up the price, according to Business Insider. As that scarcity effect fades and early investors gain the right to sell, supply-and-demand dynamics shift. Reuters reported that SpaceX shares currently trade about 33 percent below their post-IPO highs, and the selloff is seen as an ominous signal ahead of larger lockup expirations.
Wood’s continued buying reflects ARK’s conviction in the company despite near-term volatility. SpaceX was the sixth-largest position in the ARK Innovation ETF as of July 16, accounting for about 4.4 percent of assets, according to ARK’s website. Wood’s firm has a history of buying into weakness in companies it believes offer long-term transformational potential. Tesla, another Elon Musk venture, remains ARK’s largest holding in the Innovation ETF, according to Barron’s.
The timing of Wood’s purchases coincides with SpaceX’s preparations for the 13th test of its fully reusable Starship rocket, scheduled for July 17. The test is expected to include deployment of Starlink V3 satellites and an in-space engine relight attempt. A successful outcome could provide the stock with momentum, though investors will be watching closely for any signs of demand recovery before the earnings report and lockup expirations take center stage.
Sources
- Barron’s — SpaceX stock closing below IPO price, ARK purchase details, valuation metrics, and lockup expiration timeline
- Yahoo Finance — SpaceX stock intraday low and closing prices, ARK purchases in early July
- Fortune — ARK purchase of $7 million SpaceX shares in early July
- Reuters — SpaceX shares trading 33 percent below post-IPO highs, lockup expiration concerns
- Business Insider — IPO scarcity effect and supply dynamics
