Cathie Wood, CEO of Ark Invest, has doubled down on Space Exploration Technologies (NASDAQ: SPCX) by purchasing $21.3 million worth of shares across multiple funds as the stock tumbled from its record high.
SpaceX listed on Nasdaq on June 12, 2026, under the ticker SPCX, with an initial IPO price of $135 per share, generating immediate and intense investor enthusiasm.
Following its debut, shares surged to approximately $226 in short order, driven by early investor excitement surrounding the Elon Musk-led aerospace company’s historic public market entry.
Since reaching that peak, SpaceX stock has plummeted nearly 45%, falling back below its original IPO price and wiping out close to $1 trillion in market value.
Wood, who is widely known for her aggressive and contrarian investment approach, capitalized on the correction by repeatedly increasing her SpaceX exposure through funds including ARKK, ARKQ, ARKW, and ARKX.
SpaceX currently accounts for approximately 4.5% of the Ark Innovation ETF’s invested assets, making it one of the fund’s most significant positions alongside Tesla, Tempus AI, and CRISPR Therapeutics.
Roughly half of the Ark Innovation ETF’s total assets are concentrated in just 10 companies, reflecting Wood’s characteristically high-conviction and concentrated approach to portfolio construction.
Wall Street analysts remain broadly optimistic on SpaceX despite the sharp selloff, with a median 12-month price target of $243.81, representing approximately 111.5% upside from the current share price.
According to data compiled from 29 analysts over the past three months, price targets range widely from a low of $115 to a high of $800, reflecting sharply divergent views on the company’s long-term trajectory.
The broad spread in analyst estimates underscores the uncertainty surrounding SpaceX as a newly public company, even as the majority of coverage maintains a constructive outlook on the stock’s recovery potential.
Wood’s sustained buying activity from the eve of SpaceX’s June 2026 listing through the present marks one of the more prominent institutional contrarian bets made since the stock began its steep decline.
Whether the aggressive accumulation strategy will pay off for Ark Invest remains to be seen, but Wood’s consistent track record of high-conviction purchases during market downturns has defined her investment philosophy for years.
