ARK Invest adds $32.5M of SpaceX shares as stock falls

ARK Invest, the investment firm led by Cathie Wood, purchased $32.5 million worth of SpaceX shares on Monday, June 22, seizing on a sharp decline in the aerospace company's stock following its recent initial public offering. The firm acquired 210,121 shares of SpaceX, trading under the ticker SPCX, across four of its exchange-traded funds.

The purchase came after SpaceX shares fell 16.4% on Monday alone, closing at $154.60. The stock has declined approximately 23% over three consecutive trading sessions, erasing more than $600 billion from the company's market capitalization. Despite the selloff, SpaceX maintains a valuation exceeding $2 trillion.

ARK Invest established its initial position in SpaceX on June 12, the company's first day of public trading, buying approximately 3.29 million shares valued at about $444.3 million. Monday's transaction represents a significant expansion of that stake, signaling the firm's conviction that the current downturn is a strategic buying opportunity rather than the start of a prolonged decline. SpaceX now ranks among the largest holdings in several ARK ETFs.

To finance the continued SpaceX purchases, ARK has been selling other holdings. On...