Cathie Wood’s ARK Invest snapped up more SpaceX stock after shares slid to a new post-IPO low, signaling continued conviction in the moonshot company despite a recent operational hiccup.
What happened
- In its July 17 trading disclosure, ARK reported $18.3 million in SpaceX buys after the stock fell 5.43% and closed at $123.99 (intraday low $122.12).
- Four ARK actively managed ETFs purchased a combined 147,623 shares:
- ARK Innovation ETF (ARKK): 95,129 shares (~$11.8M)
- ARK Autonomous Technology & Robotics ETF (ARKQ): 30,464 shares (~$3.78M)
- ARK Space Exploration & Innovation ETF (ARKX): 12,611 shares (~$1.56M)
- ARK Next Generation Internet ETF (ARKW): 9,419 shares (~$1.17M)
Context and track record
- The July 17 buys build on a string of purchases since SpaceX’s June IPO. ARK bought about $52.1 million of SpaceX shares in the week ending July 10, pushing the firm’s total exposure since the June market debut above $475 million, according to Ark Invest Tracker.
- The latest purchases came with SpaceX trading roughly 8.2% below its $135 offering price.
Parallel moves
- While increasing its SpaceX stake, ARK trimmed exposure to Robinhood Markets the same session: ARKW sold 20,089 shares and ARKK sold 5,913 shares (26,002 shares total). Robinhood closed Friday at $99.96, down 5.72%. ARK did not disclose reasons for the sell-off. For crypto-focused readers, Robinhood remains an important retail on-ramp for crypto trading, so flows in and out of the stock can be watched for broader sentiment signals.
Why SpaceX fell
- The drop followed the last-minute cancellation of Starship Flight 13 after pre-flight testing showed at least two Raptor engines on the Super Heavy booster failed to ignite. SpaceX paused the launch minutes before liftoff; Elon Musk said the affected engines will be replaced and the mission was rescheduled for July 20 at 6:45 p.m. ET.
Market reaction
- Analysts and commentators disagreed on the implications: cognitive scientist Gary Marcus suggested the weakness reflects growing doubts about Musk’s performance and predicted further downside risk, while Tesla investor Sawyer Merritt argued traders overreacted and that a short delay doesn’t amount to a major setback.
Why it matters to crypto watchers
- SpaceX and Elon Musk remain high-profile market drivers; operational news and shifts in investor positioning — particularly from firms like ARK that frequently back disruptive tech and have been active around crypto-friendly names — can spill over into broader tech and crypto sentiment. ARK’s latest buying underscores a willingness to “buy the dip” in long-term tech bets even amid short-term disruptions.
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