Cathie Wood’s ARK Invest purchased 3.3 million SpaceX shares at $135, valuing the stake at over $500 million.
ARK Invest, led by Cathie Wood, bought 3.3 million shares of SpaceX (SPCX) at its IPO on June 12, totaling over $500 million. The shares opened at $135 and closed at $160.95, marking a 19% gain on the first trading day.
Prior to the IPO, ARK liquidated $280 million in holdings, including positions in Advanced Micro Devices (AMD) and Roku (ROKU), to fund the SpaceX purchase. The majority of the SpaceX stake was allocated to the ARK Innovation ETF (ARKK), comprising 3.28% of the fund’s portfolio.
Despite analyst warnings of overvaluation, ARK’s model projects SpaceX’s enterprise value could reach $2.50 trillion by 2030, with a bull case near $3.10 trillion. SPCX shares rose 6% on June 15, trading at $170.67 in premarket.