Cathie Wood’s firm bought 4.05 million shares in SpaceX last week, signaling confidence in its satellite broadband threat to telecoms.
ARK Invest purchased $54 million worth of SpaceX shares last week as part of a broader trading spree involving 16 companies. The firm acquired 4.05 million shares in SpaceX, alongside stakes in Eli Lilly, Meta, and X-Energy, while selling 2.56 million shares in other holdings.
The move follows Bernstein’s recent price target cuts for AT&T, T-Mobile, and Verizon, citing competitive pressure from SpaceX’s Starlink satellite network. ARK’s investment underscores growing investor interest in SpaceX’s broadband ambitions.
No immediate market reaction was reported, but the purchase highlights shifting dynamics in the telecom sector as satellite-based alternatives gain traction.