Cathie Wood’s Ark Invest purchased SpaceX stock as shares fell below their $135 IPO price, targeting long-term growth potential.
Ark Invest, led by Cathie Wood, acquired $21.3 million of SpaceX stock as shares dropped 45% from their peak. The purchase occurred while SpaceX traded below its $135 IPO price, reflecting Wood’s strategy of investing in high-growth assets during pullbacks.
SpaceX, a top holding in Ark’s Innovation ETF, accounts for 4.5% of the fund’s assets. Wall Street analysts project a median price target of $243.81, suggesting 111.5% upside from current levels. The company estimates its total addressable market at $28.5 trillion, compared to its $1.5 trillion valuation.
The move aligns with Ark’s focus on disruptive innovation, though SpaceX’s recent correction has tested investor sentiment. Analysts remain divided on the stock’s near-term trajectory but acknowledge its long-term potential.