Ark Invest doubles down on SpaceX with $52m weekly buying spree

Cathie Wood’s Ark Invest has increased its exposure to SpaceX with purchases worth about $52.1 million during the week ended July 10, while cutting positions in semiconductor, streaming and genomics companies as it continued adjusting its portfolios.

Summary

• Ark Invest bought about $52.1 million worth of SpaceX shares while adding to positions in Coinbase, Circle and several AI and healthcare companies.
• The firm reduced holdings in AMD, Roku, Deere and multiple genomics stocks as it continued rebalancing its ETF portfolios.
• The latest purchases extend Ark’s recent strategy of increasing its SpaceX position after earlier buying during the stock’s post IPO decline.

According to Ark Invest’s latest weekly trading disclosure, Space Exploration Technologies Corp. (SPCX) received the firm’s largest allocation by value across multiple exchange-traded funds.

The investment manager also bought shares of Eli Lilly, Meta Platforms, X-Energy, Coinbase Global and Circle Internet Group, alongside several healthcare, artificial intelligence and defence-related companies.

Across individual funds, Ark added SpaceX shares to ARKK, ARKQ, ARKW and ARKX. The latest filings also showed fresh purchases of X-Energy across three ETFs, while Block, Kratos Defense & Security Solutions, Oklo, Pony AI, Kodiak AI and WeRide were among other additions. In healthcare, the firm increased positions in companies including Ionis Pharmaceuticals, Beam Therapeutics, Prime Medicine, Alamar Biosciences, Compass Pathways, and Recursion Pharmaceuticals.

Ark continues buying SpaceX after earlier dip purchases

The latest trades extend Ark’s recent buying activity in SpaceX after several purchases made during the stock’s post-listing decline.

Last month, the investment firm bought about $32.5 million worth of SpaceX shares after the stock dropped more than 16% from its post-IPO peak. The purchase followed an even larger investment of roughly $444.3 million made across four ETFs on the company’s Nasdaq debut on June 12.

Ark had also held exposure to SpaceX before its public listing through the ARK Venture Fund, where the aerospace company ranked as the fund’s largest holding. Earlier this month, Cathie Wood told Fox Business that SpaceX held a “10-year lead” over competitors, while Ark’s internal valuation models projected a base-case enterprise value of about $2.5 trillion by 2030 and a bull-case estimate of approximately $3.1 trillion.

Meanwhile, the latest portfolio changes showed the firm reducing holdings in Advanced Micro Devices, Roku, Robinhood Markets, Deere, and Iridium Communications. The disclosures also listed sales of several genomics companies, including Natera, Illumina, Twist Bioscience, 10x Genomics and BioNTech, alongside smaller reductions in Personalis, Absci and Strata Critical Medical.

The changes come ahead of the second-quarter earnings season, with the latest disclosures indicating continued portfolio rebalancing across Ark’s actively managed funds.

The recent buying activity also follows a pattern seen in previous weeks. On June 26, Ark increased its holdings in Coinbase, Circle, Bullish, and Robinhood after all four stocks declined during the trading session. Earlier in June, the firm also purchased about $18.4 million worth of Coinbase shares after the crypto exchange had fallen nearly 13% over the preceding month.

Ark manages its exchange-traded funds under a policy that limits any single holding to no more than 10% of a portfolio. The firm periodically adjusts positions to keep those weightings within its target allocations as share prices change.