Cathie Wood’s ARK adds $444M in SpaceX while cutting AMD stake

The largest allocation came through the ARKK Innovation ETF, which bought 1.69 million shares. ARKQ added 736,442 shares, while ARKW and ARKX purchased 325,562 and 538,341 shares, respectively.

At the same time, ARK trimmed its position in AMD by selling 80,536 shares across ARKQ, ARKW, and ARKX. The transaction was valued at roughly $39.3 million and continued a broader reduction in the semiconductor company’s weighting within ARK’s portfolios.

ARK’s aggressive purchase came as investors rushed into SpaceX during its first day as a publicly traded company.

As reported by crypto.news earlier, the company priced its IPO at $135 per share, implying a valuation of roughly $1.77 trillion. Shares climbed as high as $176.52 during their first trading session before closing at $160.95, giving the company a market capitalization above $2.1 trillion.

The rally also pushed Elon Musk’s net worth above the $1 trillion mark, making him the world’s first trillionaire according to multiple wealth estimates published following the debut.

ARK increased its SpaceX exposure after years of backing Musk’s company

ARK’s latest purchase builds on a relationship that began well before SpaceX entered public markets. The investment firm first gained exposure to the company through its ARK Venture Fund in 2023, allowing investors to participate in the aerospace company’s growth while it remained private.

According to ARK data, SpaceX represented 11.38% of the ARK Venture Fund’s net assets as of May 31, making it the fund’s largest holding. Earlier in the year, the position accounted for 17.02% of net assets, indicating that the fund’s weighting has fluctuated over time as valuations and portfolio allocations changed.

Wood has remained one of Musk’s most vocal supporters. Earlier this month, she told Fox Business that “SpaceX has a 10-year lead on any other company,” reflecting ARK’s view that the company maintains a significant competitive advantage in both space transportation and satellite communications.

ARK’s valuation outlook remains above the IPO level

The SpaceX purchase follows a week of heavy portfolio rebalancing at ARK. Company records show the firm sold nearly 10 million shares across 20 companies before Friday’s purchase, with total sales estimated at up to $279 million. Much of that activity occurred on Thursday, when ARK disposed of roughly $234 million worth of stocks, including positions in Teradyne, Twist Bioscience, Iridium Communications, Robinhood, and Roku.

ARK’s long-term forecasts suggest the firm believes SpaceX can continue growing despite its already massive valuation. The company’s internal models project a base-case enterprise value of approximately $2.5 trillion by 2030, while its bull-case scenario reaches around $3.1 trillion. Even ARK’s bear-case estimate stands at roughly $1.7 trillion, close to SpaceX’s IPO valuation.

Wall Street remains divided on the stock’s prospects. Some analysts have published targets as high as $190 per share, arguing that investors are valuing SpaceX as a combination of aerospace, satellite internet, defense, and artificial intelligence businesses. Others have suggested the stock could eventually retreat toward $63 if future growth falls short of expectations embedded in its post-IPO valuation.