Cathie Wood's ARK Invest bought nearly $18.3 million worth of SpaceX stock on Friday, July 17, according to a report from CoinGape. The purchase came as SpaceX shares hit a new post-IPO low, though the company remains private and trades only in secondary markets. On the same day, ARK also sold some of its holdings in Robinhood Markets, the trading app that has seen its own stock struggle since its IPO.
Why the SpaceX purchase stands out
SpaceX, Elon Musk's rocket and satellite company, is not publicly listed. ARK Invest has been buying shares through private placements and secondary transactions for years. The latest buy, worth roughly $18.3 million, suggests Wood sees long-term value even as the stock price dipped. The exact price per share was not disclosed, but the reference to a post-IPO low indicates the secondary market valuation has fallen from earlier highs.
Robinhood sale adds context
ARK also trimmed its position in Robinhood Markets on the same Friday. Robinhood went public in July 2021 at $38 per share and has since traded well below that level. The sale of Robinhood shares while buying SpaceX aligns with Wood's strategy of betting on disruptive innovation over traditional financial intermediaries. Robinhood's business has been pressured by lower trading volumes and regulatory scrutiny.
What the moves signal
The simultaneous trades show ARK rebalancing its portfolio toward what it sees as higher-growth opportunities. SpaceX, with its Starlink satellite internet and Starship rocket programs, represents a bet on space infrastructure. Robinhood, while still a major retail brokerage, faces headwinds from competition and a shifting regulatory environment. Wood has been a vocal supporter of both companies in the past, but the sale suggests a shift in conviction.
Neither ARK Invest nor SpaceX commented on the transaction. The purchase was disclosed in a routine filing with the SEC, which requires large institutional investors to report certain holdings. The exact number of SpaceX shares bought was not specified, only the total value.
ARK's next moves will be watched closely by investors tracking the firm's bets on private companies. The fund has also been buying shares of other private tech firms like Epic Games and Freenome. Whether the SpaceX purchase marks a bottom or a continued dip remains an open question.
