Key Points
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Ark Invest purchased over 3 million SpaceX shares on the IPO day.
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SpaceX shares have recently drifted toward their IPO price, losing upward momentum.
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Wood added SpaceX to four Ark ETFs as the stock continued to decline.
Ark Invest CEO Cathie Wood has again taken an aggressive stance on a company led by Elon Musk. On June 12, her firm acquired 3.3 million shares of Space Exploration Technologies (NASDAQ: SPCX) across several of Ark’s exchange‑traded funds.
Ten days later, Ark added another 210,121 shares to the Ark Innovation (NYSEMKT: ARKK), Ark Autonomous Technology & Robotics (NYSEMKT: ARKQ), Ark Next Generation Internet (NYSEMKT: ARKW) and Ark Space & Defense Innovation (NYSEMKT: ARKX) funds as SpaceX’s stock slipped after its initial IPO surge. These moves illustrate Wood’s tendency to double‑down on long‑term disruptive themes during short‑term weakness.
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Breaking down Ark’s SpaceX position
SpaceX now appears across four of Ark’s ETFs. On June 12, ARKK acquired 1,690,839 shares, ARKQ bought 736,442 shares, ARKW added 325,562 shares, and ARKX purchased 538,341 shares. On June 22, the buying continued across all four of these funds.
The consistent presence of SpaceX in ARKK, ARKQ, ARKW, and ARKX shows that Wood is spreading exposure while still concentrating capital in her highest‑conviction holdings.
Why did Cathie Wood buy the dip in SpaceX stock?
Wood’s decision to purchase SpaceX stock both on its IPO day and after the sell‑off likely stems from her long‑standing admiration for Musk’s ability to execute ambitious visions in capital‑intensive industries. For years, Wood has repeatedly expressed an abnormally high conviction in Tesla (NASDAQ: TSLA) — maintaining a large position in the electric‑vehicle stock through multiple drawdowns. She believes Tesla will ultimately dominate autonomous transportation through its robotaxi program.
At its core, Tesla exemplifies the step‑change technology Wood seeks in her portfolio. SpaceX fits the same pattern: reusable rockets, low‑orbit satellite constellations, and an aggressive expansion into artificial‑intelligence infrastructure could unlock trillions in economic value over the coming decades.
When SpaceX sold off after the initial IPO pop, Wood appears to have viewed the weakness as an opportunity to buy shares at a lower valuation, rather than as a signal to retreat. Ark’s history shows that it is willing to tolerate volatility in growth stocks, as long as the underlying innovation thesis remains intact.
Should you buy the dip in SpaceX stock?
Retail investors considering following Wood’s lead must weigh both the pros and cons of investing in SpaceX stock right now. On the positive side, Wood’s early and persistent Tesla position has delivered multibagger returns as she stayed the course for many years. Given SpaceX’s competitive edge in launch and satellite services, buying shares after an IPO‑related sell‑off could capture value if the company’s long‑term narrative holds.
However, Ark funds themselves have experienced sharp drawdowns when sentiment around concentrated bets sours.
ARKK data by YCharts.
SpaceX carries unique risks related to the regulatory environment, competition from other launch providers, and execution challenges on ambitious AI‑related timelines. Investors who lack Wood’s research resources, multi‑year time horizon, and tolerance for double‑digit percentage swings may find it more prudent to gain indirect exposure through diversified space or technology‑themed funds, rather than replicating the exact Ark playbook.
Ultimately, mirroring any single money manager’s concentrated position requires matching both their conviction and their risk tolerance. In my view, the better play right now is to let SpaceX’s volatility play out and watch from the sidelines. Investors will have many more opportunities to buy company shares, both directly and indirectly through passive funds, over time.
