ARK Invest Wood backs SpaceX before $116 billion unlock

ARK Invest CEO Cathie Wood has reaffirmed her conviction in SpaceX, declaring Elon Musk's company could become "the most important company in global history" despite a steep stock decline and a looming $116 billion share unlock. Wood made the statement in a July 22 interview with Fox Business, emphasizing SpaceX's potential to revolutionize global communications and artificial intelligence infrastructure.

Shares of SpaceX traded near $117 on July 22, approximately 48% below their 52-week high of around $225 and below the company's initial public offering price of $135. The stock's fall has erased roughly $1.4 trillion in market value, dropping SpaceX to eighth place by market capitalization. Despite this, Wood's firm has continued to buy, adding another $80 million to its position following the IPO after an initial purchase of nearly 3.3 million shares.

Wood's bullish thesis extends beyond rocket launches. She highlighted SpaceX's Starlink satellite constellation, which she said controls about 70% of satellites in orbit, as a transformative global communications network that bypasses traditional country-by-country telecom infrastructure. Furthermore, she pointed to the potential...