Ark Invest buys $32 million worth of SpaceX shares as stock plunges 16%

Cathie Wood-led investment firm Ark Invest bought nearly $32.5 million worth of SpaceX shares across its four ETFs on Monday, as the stock plunged over 16%.

Ark Invest's Monday trading disclosure shows that the firm purchased 210,121 shares of SPCX for its Innovation (ARKK), Autonomous Technology and Robotics (ARKQ), Next Generation Internet (ARKW), and Space and Defense Innovation (ARKX) ETFs. The purchases were valued at roughly $32.48 million based on today's closing price.

SPCX fell 16.43% to close at $154.60 on Monday, erasing most of the gains recorded since its June 12 debut. The stock opened at $150 on its first trading day and climbed as high as $225.64 on June 16 before reversing course, according to Yahoo Finance data.

Ark's disclosure showed that SpaceX became ARKK's sixth-largest holding, with a 4.46% weighting, or $313.7 million, behind Tesla, Robinhood, Tempus AI, Crispr Therapeutics, and Advanced Micro Devices. SpaceX is also ARKQ's fourth-largest holding, ARKX's largest holding, and ARKW's 10th-largest holding.

Also on Monday, SpaceX announced its first bond sale, without disclosing the size of the offering. The company said it intends to use the proceeds to repay outstanding borrowings under its bridge loan facility in full, as well as cover related expenses and fund general corporate purposes.

Trading frenzy

SpaceX debuted on the Nasdaq with a valuation of roughly $1.77 trillion, making it one of the highest-valued IPOs in history.

Notably, Hyperliquid's HIP-3 perp listing for SPCX (xyz: SPCX) recorded $1.4 billion in volume on the stock's first trading day, with the daily volume peaking at $1.6 billion on June 16, according to The Block's data dashboard. The volume came down to $43.3 million on June 21.

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