Key facts
- ARK Invest bought over $32 million in SpaceX shares on Monday.
- The purchases were made across ARK's innovation, autonomous tech and robotics, next gen internet, and space and defense ETFs.
- SpaceX stock experienced significant volatility after its IPO, dropping below $150 at one point.
- The stock's price on Tuesday represented a more than 28% decline from its high.
- Only a small portion of SpaceX shares are publicly traded, with more expected to be released after lockup periods expire.
Cathie Wood's ARK Invest significantly increased its stake in SpaceX during the company's volatile post-initial public offering trading period. The investment firm acquired more than $32 million worth of SpaceX shares on Monday, distributing the purchases across its innovation, autonomous technology and robotics, next-generation internet, and space and defense exchange-traded funds.
SpaceX stock experienced considerable fluctuations after its IPO, trading around $158 late Tuesday. The shares had previously dipped below $150, extending a three-day losing streak to 26% and closing Monday down over 16%. This price action represented a more than 28% decline from the stock's peak.
ARK Invest has a history of being bullish on Elon Musk's ventures, including SpaceX, having been an early investor prior to the IPO. Experts had cautioned about potential volatility in SpaceX's early trading, attributing it partly to retail investor participation and a limited free float of shares. Currently, only about 4.3% of SpaceX shares are publicly traded, with a staggered release of additional shares expected as lockup periods expire in the coming months.