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Cathie Wood bought more SpaceX shares as stock slid below IPO price
The ARK Invest purchases included about 123,000 shares across ARKK, ARKW, and ARKX, and came as investors weigh AI spending and an August lockup that could add supply.
Cathie Wood and ARK Invest bought additional SpaceX shares after the stock fell back below its June IPO price, according to Yahoo Finance. The article says ARK Invest spent about $16.6 million to $16.7 million on SPCX on Wednesday, July 15, adding to more than $50 million of purchases earlier in the month.
Yahoo Finance reports that four ARK funds participated in the trade, including the ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW), and the ARK Space & Defense Innovation ETF (ARKX), for a total of roughly 123,000 shares. The outlet also notes the buying was part of a broader accumulation trend during July, including about $52.1 million in the week ending July 10 and another $21.3 million added on July 13.
The article attributes part of the stock decline to investor concerns about SpaceX’s aggressive AI spending following its acquisition of xAI, along with expectations for continued heavy capital expenditures. It also points to a potential August lockup expiration, which it estimates could release roughly 20% of outstanding shares and create selling pressure.
Despite the pullback, Yahoo Finance says Wood continued purchasing during the decline rather than trimming. The stock is described as down about 44% from its post-IPO peak and trading at roughly 95 times earnings, leaving it among the more expensive large-cap growth names even after the recent weakness.