Cathie Wood’s Ark Invest purchased $51 million of SpaceX shares following a 45% drop from its post-IPO peak.
Ark Invest, led by Cathie Wood, acquired $51 million worth of SpaceX (SPCX) stock after the company’s shares fell 45% from their post-IPO high. The purchase follows a long-term investment strategy, with Ark holding SpaceX shares even before its recent public debut on NASDAQ.
SpaceX, known for its leadership in space launches and satellite communications, has yet to report earnings, leaving its valuation a subject of debate. The stock’s decline has prompted speculation about potential undervaluation, though concerns persist over its lack of profitability.
The move by Wood’s firm has drawn attention from investors tracking high-profile trades, particularly in disruptive technology sectors. SpaceX’s ventures into AI-driven satellite technology may also factor into Ark’s investment thesis.