Cathie Wood Buys $18.3M in SpaceX Stock as Shares Hit Record Low

Cathie Wood’s ARK Invest significantly increased its position in Space Exploration Technologies Corp. (NASDAQ: SPCX) on Friday, purchasing approximately $18.3 million worth of shares after the aerospace company's stock fell to a new post-IPO low. At the same time, the investment firm trimmed its exposure to Robinhood Markets, signaling a portfolio reshuffle amid heightened market volatility.

According to ARK Invest’s daily trading report, the firm acquired a total of 147,623 SpaceX shares across four actively managed exchange-traded funds. Based on the stock’s closing price of $123.99, the combined purchase was valued at roughly $18.3 million.

The largest allocation came from the ARK Innovation ETF (ARKK), which purchased 95,129 shares worth about $11.8 million. The ARK Autonomous Technology & Robotics ETF (ARKQ) added 30,464 shares valued at approximately $3.78 million, while the ARK Space Exploration & Innovation ETF (ARKX) bought 12,611 shares worth nearly $1.56 million. The ARK Next Generation Internet ETF (ARKW) also acquired 9,419 shares, valued at around $1.17 million.

SpaceX stock ended Friday at $123.99, down 5.43% for the session after touching an intraday low of $122.12. The shares have now dropped roughly 35% from their $135 initial public offering price, reflecting weaker investor demand since the company's market debut.

Meanwhile, ARK reduced its Robinhood holdings by selling 20,089 shares through ARKW and another 5,913 shares through ARKK. Robinhood stock also declined on Friday, closing at $99.96 after falling 5.72%.

The recent weakness in SpaceX shares followed the cancellation of the highly anticipated Starship Flight 13 launch after at least two Raptor engines on the Super Heavy booster failed to ignite during pre-flight testing. CEO Elon Musk later said the engines would be replaced, with the launch rescheduled for July 20 at 6:45 p.m. ET.

Analysts remain divided on the outlook for SpaceX stock. Cognitive scientist Gary Marcus argued that the decline reflects growing investor concerns about Elon Musk's leadership and suggested further downside is possible. In contrast, Tesla investor Sawyer Merritt described the selloff as an overreaction, arguing that a brief launch delay is unlikely to have a meaningful impact on SpaceX's long-term growth prospects.