Cathie Wood’s ARK buys another $7 million of SpaceX after 13% slide

Cathie Wood’s ARK Invest added about $7 million of SpaceX stock as the shares extended their post-IPO decline, underscoring the firm’s conviction that Elon Musk’s rocket company could grow far beyond its current scale. The latest purchase is ARK’s third buy-the-dip move since SpaceX’s IPO last month, after an initial purchase of about 3.3 million shares across several ETFs on debut and another $32 million investment late last month following the stock’s first major selloff. Following the latest buy, ARK’s flagship Innovation ETF holds 1.78 million SpaceX shares worth nearly $266 million. The stock is now the fund’s seventh-largest holding and represents 4% of total holdings. To fund the transaction, ARK sold roughly 570,000 shares of Alibaba, continuing a portfolio shift after the firm reopened its Alibaba position last year with a $16.3 million purchase across two ETFs following a four-year absence. The move comes as SpaceX shares weakened. As of Wednesday, the stock was trading at $149, down 13% over five days and below its debut price from three weeks earlier. The shares have also fallen 29% from their highest-ever close of $211 last month. SpaceX currently has a market cap of $1.9 trillion. ARK’s bullish long-term view is laid out in its Big Ideas report for 2026, which says SpaceX could reach an enterprise value of $3.1 trillion by 2030 in a best-case scenario, driven by AI, data centers, and aerospace. The report also says SpaceX has cut the cost of sending mass into space by about 95% since 2008 to about $1,000 per kilogram, and argues that cost could eventually fall to $100 per kilogram, a shift ARK sees as important for potential orbital data centers (computing facilities in space). Wood has echoed Musk’s view that increasingly powerful AI models may require more computing capacity than can be delivered on Earth at practical cost, though critics have said orbital data centers remain years away and would require heavy, expensive solar infrastructure. Wood has also remained publicly supportive of Musk during periods of political and corporate controversy.