ARK Invest, led by Cathie Wood, made a bold move on June 14, 2026, by purchasing nearly 3.3 million shares of SpaceX on its first day of trading on the Nasdaq. The acquisition was funded by reducing positions in several portfolio holdings, including Teradyne (TER), Iridium Communications (IRDM), Twist Bioscience (TWST), and Archer Aviation (ACHR).
SpaceX shares surged 19% on their debut, closing at $160.95 and giving the company a market capitalization of approximately $2.1 trillion. That valuation places SpaceX as the sixth-largest U.S. company by market cap, according to Reuters. The IPO itself raised a record $75 billion, underscoring strong investor appetite for Elon Musk's space venture despite the company not yet being profitable.
ARK distributed the SpaceX shares across several of its actively managed exchange-traded funds. The ARK Innovation ETF (ARKK) acquired over 1.69 million shares, representing 3.28% of the fund. The ARK Autonomous Technology & Robotics ETF (ARKQ) added more than 736,000 shares, while the ARK Space & Defense Innovation ETF (ARKX) took in about 538,000 shares.
To fund these purchases, ARK sold 207,509 shares of Teradyne, worth roughly $72.1 million, and 400,301 shares of Iridium Communications, valued at approximately $18.3 million. The firm also unloaded 417,558 shares of Twist Bioscience, worth about $28.3 million. Additional sales included positions in Archer Aviation, Baidu (BIDU), Roku (ROKU), L3Harris (LHX), BWX Technologies (BWXT), Cerus (CERS), and Robinhood (HOOD).
Archer Aviation, in particular, saw continued selling pressure from ARK. Over recent days, ARK sold more than $12.3 million of Archer stock from its ETFs. Archer is progressing with its Midnight aircraft through Phase 3 of the FAA type certification and expects to begin U.S. flights this year under the White House's eVTOL Integration Pilot Program. CEO Adam Goldstein emphasized that the company is "far more than an air taxi company," outlining a broader strategic vision. Archer ended the first quarter with about $1.8 billion in liquidity and reported a net loss of $217.7 million, with spending concentrated on certification, flight testing, and production.
The SpaceX listing had a ripple effect on the broader space sector. Shares of Rocket Lab (RKLB) and Planet Labs (PL) each fell about 8% on Friday. Intuitive Machines (LUNR) dropped 11%, and AST SpaceMobile (ASTS) lost more than 12%. Space-focused ETFs, including ARKX, finished between 1% and 6% lower. Talley Léger, chief market strategist at The Wealth Consulting Group, suggested to Reuters that investors may be "capital recycling" to make room for SpaceX in their portfolios.
ARK's aggressive bet on SpaceX highlights Cathie Wood's continued focus on high-growth technology stocks, even as some analysts question elevated valuations. SpaceX's reported revenue of $18.7 billion translates to a price-to-revenue ratio of approximately 112. Todd Schoenberger, CIO at Crosscheck Management, told Reuters it "remains to be seen" whether SpaceX can sustain its early gains.
