SpaceX shares have taken a beating — down 45% from their post-IPO peak — but Cathie Wood's ARK Invest is buying the dip. The firm dropped $52.1 million on SpaceX stock this week, according to a filing, as the price slid to $124.
The selloff in numbers
SpaceX went public in late 2025 to massive fanfare. The stock more than doubled in its first few months, hitting a high above $225. Since then, it's been mostly downhill. The 45% decline from that peak puts the company's market cap well below the $180 billion valuation it commanded in private rounds just two years ago. At $124, the stock is trading at roughly the same level as its IPO price.
Why ARK is buying
ARK Invest has been a longtime bull on space-related tech. The firm already holds stakes in other Musk-linked companies. This week's purchase — alongside buys of Coinbase and Circle — suggests Wood sees the pullback as an entry point rather than a red flag. ARK didn't comment on the trade, but the timing is notable: the buy came just as SpaceX's stock hit its lowest level since listing.
Coinbase and Circle, too
ARK didn't stop at SpaceX. The same filing shows the firm added to its positions in Coinbase and Circle, the stablecoin issuer. Both crypto firms have had a rough 2026 so far, with Coinbase down about 30% from its January high. Circle, which went public via a SPAC last year, has also struggled to hold its listing price. The combined crypto buys suggest ARK is doubling down on digital assets despite the broader market slump.
The next catalyst for SpaceX is the upcoming Starship test flight, expected within weeks. A successful launch could reignite investor enthusiasm. A failure — or another delay — could push the stock lower. For now, ARK's $52 million bet is a vote of confidence, but the market is waiting for more than just a filing.
