ARK Invest purchased 3,291,184 shares of SpaceX on Friday, the day the company made its Nasdaq debut. The firm distributed the position across four exchange-traded funds: ARK Innovation ETF (ARKK), ARK Autonomous Technology & Robotics ETF (ARKQ), ARK Next Generation Internet ETF (ARKW), and ARK Space Exploration & Innovation ETF (ARKX). The SpaceX IPO raised $75 billion from the sale of 555.6 million shares, making it the largest public market debut in history. ARK's purchase followed the firm's offloading of shares in 20 companies worth roughly $222.87 million the day before. The SpaceX position represented 6.89% of ARKX on day one, making it one of the fund's top holdings.
ARK Invest Distributes SpaceX Shares Across Four ETFs
According to ARK's daily trade disclosures, the 3,291,184-share purchase was distributed across ARKK, ARKQ, ARKW, and ARKX. The largest allocation went to ARKX, where the position represented 6.89% of the fund. Cathie Wood's firm held SpaceX as the largest position in its ARK Venture Fund, where it represents over 11% of net assets, ahead of OpenAI and Anthropic.
SpaceX Stock Trades Up 3% After Hours Following $75 Billion IPO
SPCX stock was up over 3% during after-hours trading on Friday. On Stocktwits, retail sentiment around SPCX remained in the 'extremely bullish' zone, while chatter around it stayed in the 'extremely high' levels over the past day. The IPO's sale of 555.6 million shares raised $75 billion, setting the record for the largest public market debut in history. SpaceX commands a market cap of $2.11 trillion.
ARK Invest Sells Rocket Lab Shares on SpaceX Debut Day
ARK trimmed its Rocket Lab (RKLB) position across both ARKQ and ARKX on the same trading day it purchased SpaceX shares. In an S-1 filing from last month, SpaceX called Rocket Lab a competitor, describing it as a company that "operates in the small-lift launch market but is expanding into medium-lift payloads."
ARK Invest Entered SpaceX in Late 2023 Below $200 Billion Valuation
The relationship between ARK Invest and SpaceX goes back to late 2023, when ARK first entered SpaceX through its ARK Venture Fund at a valuation below $200 billion. "Based on ARK's research, the company's ability to re-use rockets results in structurally lower launch costs than competitors that will prove difficult to match," wrote ARK Invest in its investment thesis.
ARK Invest Sold $222.87 Million Across 20 Companies Day Before SpaceX Purchase
Friday's purchases came after ARK Invest offloaded shares in 20 companies, selling roughly $222.87 million across its ETFs the day before. The largest transaction was Teradyne (TER), with ARK selling $76.6 million in shares across ARKK, ARKQ, and ARKX. Other notable divestments included Twist Bioscience (TWST), Iridium Communications (IRDM), and Robinhood Markets (HOOD), totaling $64.2 million.
FAQ
How many SpaceX shares did ARK Invest purchase on the IPO day?
ARK Invest purchased 3,291,184 shares of SpaceX on Friday, distributed across four ETFs: ARKK, ARKQ, ARKW, and ARKX. The position represented 6.89% of ARKX.
How much did the SpaceX IPO raise?
The SpaceX IPO raised $75 billion from the sale of 555.6 million shares, making it the largest public market debut in history.
When did ARK Invest first invest in SpaceX?
ARK Invest first entered SpaceX in late 2023 through its ARK Venture Fund at a valuation below $200 billion. SpaceX now commands a market cap of $2.11 trillion.
