Cathie Wood’s ARK Invest made SpaceX its biggest buy of the week, purchasing around 205,031 shares worth an estimated $28 million between Aug. 17 and Aug. 21.
Space Exploration Technologies Corp., SPCX
SpaceX went public in June at $135 per share. The company runs the Starlink satellite internet network, launches rockets and spacecraft, and is expanding into AI infrastructure.
The purchase comes despite a rocky post-IPO period. SpaceX shares have moved sharply around earnings reports and lockup expirations. Around 319 million additional shares became eligible for sale on Aug. 20.
Despite the volatility, SpaceX posted strong second-quarter results. Revenue grew 92% year over year to $7.8 billion, driven by Starlink and AI-related services.
Spending is high, though. Quarterly capital expenditures came in at around $18.4 billion, raising questions about whether AI revenue can keep pace with the money going out.
SpaceX was not the only buy. ARK also purchased around $25 million of Cerebras Systems and about $22.8 million of Nvidia during the same week.
These purchases show ARK leaning into AI-linked companies across the board, from chipmakers to satellite internet and AI computing infrastructure.
On the sell side, ARK offloaded around $49 million of Roblox, $34.5 million of Palantir, and $31 million of Advanced Micro Devices during the same period.
These are not small reductions. Roblox, Palantir, and Advanced Micro Devices have all been long-held ARK positions.
The sales do not automatically mean Wood has turned bearish on these names. Portfolio rebalancing is a routine part of how ARK manages its funds.
Still, the contrast between buying SpaceX and trimming these three stocks points to where ARK sees the better opportunity right now.
Investors watching SpaceX will want to track Starlink subscriber growth, AI revenue, and whether the company moves closer to management’s target of $100 billion in annualized revenue.
More lockup expirations are scheduled in the coming months. That means more shares could hit the market, which could create selling pressure regardless of how the business performs.
For Wood, the latest moves suggest she views recent price swings as a buying opportunity rather than a reason to step back.
SpaceX Q2 revenue of $7.8 billion, up 92% year over year, remains the strongest data point supporting that view.
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