Cathie Wood’s funds purchase $7 million of SpaceX stock while reducing exposure to Alibaba amid a shift toward AI and aerospace growth.
Ark Investment Management, led by Cathie Wood, increased its SpaceX holdings by $7 million across multiple ETFs, including ARKK, ARKW, and ARKF. The move follows a reduction in Alibaba shares, with over 570,000 sold to fund the purchase.
Wood’s funds have been reallocating away from Chinese equities, focusing instead on sectors like artificial intelligence and aerospace. Ark projects SpaceX could reach a $3.1 trillion enterprise value by 2030, driven by Starlink’s potential $2 trillion valuation and $300 billion in annual revenue by 2035.
The firm’s bullish outlook on SpaceX contrasts with its recent exits from China-based stocks, signaling a strategic pivot toward high-growth U.S. technology and infrastructure plays.