SpaceX posts three straight black days, falling below the $150 opening price; the “female stock goddess” makes a counterintuitive add-on, with ARK holdings nearing $300 million

SpaceX’s stock price plunged more than 16% in a single day on June 22. Its market value reportedly shrank by about $400.8 billion in one day—setting the second-largest single-day contraction record in U.S. corporate history. At the same time, Elon Musk’s personal net worth also fell by about $152 billion. In after-hours trading, the decline continued; it briefly touched $147.6 and officially broke below the symbolic $150 opening price from the first day the stock began trading. Just as market sentiment turned overwhelmingly bleak, ARK Invest CEO Cathie Wood stepped in with a large add-on of roughly $3.25 million, buying more than 210,000 shares, creating the clearest bullish-versus-bearish standoff in the market.
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After three straight black days and after-hours trading breaking below the $150 opening price, SpaceX—only two weeks after listing—has cooled the initial IPO frenzy to a standstill. On June 22, SpaceX closed at $154.6, down more than 16% on the day, and its market capitalization fell to $2.04 trillion.

This marks three consecutive trading sessions closing lower, and in after-hours trading the stock price even slid as far as $147.6—officially going below the $150 opening price on its first day as a listed company. The significance of this number is that it represents the earliest market pricing benchmark on the first day of trading; falling below it means many retail investors who entered right at the open have now been fully trapped.

The female “stock goddess” adds against the trend—ARK’s holdings near $300 million

However, while most investors choose to watch from the sidelines or exit, Cathie Wood, CEO of ARK Invest, decided to enter when the share price was taking a sharp hit. ARK bought about 210.121 thousand shares for roughly $3.25 million. Among the funds, the Ark Innovation ETF bought the most (131.837 thousand shares), followed by the Autonomous Technology and Robotics ETF (43.486 thousand shares). As a result, SpaceX has become a heavily weighted holding across multiple ARK ETFs.

Currently, ARK holds 1.63 million shares of SpaceX in total; based on the closing price, the market value is nearly $300 million. The “female stock goddess” logic for adding positions has always been consistent: build long-term positions amid market panic. But it’s worth noting that even with institutions buying here, whether overall market sentiment has truly reached the bottom still needs time to be proven.

The unlock wave and the Federal Reserve: two pressures that haven’t arrived yet

At present, what’s weighing on SpaceX’s stock price isn’t just short-term pullbacks—there are two structural risks that have not yet been fully released.

The first is the unlock wave. Jeff Jacobson, a strategist at 22V Research, pointed out that after the August earnings report, 20% of insider holdings will gradually unlock. If the share price remains at 30% or more above the IPO pricing (i.e., above $175.5), there will be an additional 10% unlocking. By early September, up to 44% of insider holdings could enter the market, at which point the float size would jump by roughly 900%.

Currently, SpaceX’s free-float ratio is only about 4.2%. Once the unlock wave arrives, the pressure from new supply will be several times higher than it is now.

The second is expectations for interest-rate hikes. This time’s broad selloff in tech stocks is partly related to rising expectations that the Federal Reserve will raise interest rates. Including Google’s parent company Alphabet, Amazon, and Broadcom, all fell by more than 4% yesterday, while the 2-year U.S. Treasury yield rose to 4.23%, hitting a more than one-year high.

Market expectations suggest that if the Federal Reserve actually carries out rate hikes, high-valuation tech stocks typically face even greater discounting pressure.