ARK Invest bought nearly 3.3 million shares of SpaceX on the company’s IPO day, purchasing that stake during the stock’s public-market debut. The SpaceX initial public offering was the largest IPO ever and set an opening issuance price of $135 per share at listing. Shares closed at $160.95 on the first day of trading, representing a 19.2% gain from the IPO price and marking the session’s official closing level that day.
By the end of SpaceX’s IPO day, ARK Innovation ETF (ARKK) held SpaceX shares that comprised 3.28% of its portfolio, with the stake valued at over $500 million. In anticipation of the IPO, ARK Invest made strategic changes to its portfolio, liquidating nearly $280 million of stock in the week leading up to the listing.
On the day of the IPO, ARK sold approximately 948,000 shares across 13 companies, including Advanced Micro Devices, Roku, and Baidu, totaling at least $48 million. These sales were likely executed to fund the significant investment in SpaceX shares, aligning with ARK’s strategic investment approach and future valuation targets for the company.
The ARK model targets a $2.5 trillion enterprise value for SpaceX by 2030, with a bull case near $3.1 trillion that is based on a $350 billion private valuation in 2024. These numerical targets are presented as the model’s enterprise-value projections and combine a central 2030 estimate with an explicit upside scenario informed by the 2024 private valuation input. ARK also runs a spot bitcoin ETF. Cathie Wood has long-term bitcoin price targets in seven figures.
ARK Invest purchased SpaceX shares during the company’s largest-ever IPO, and ARK Innovation ETF adjusted its portfolio around the listing. Those adjustments included sizable stock liquidations in the week preceding the offering and further sales on the IPO day to fund the new position. ARK also retains stated long-term valuation targets for SpaceX.
