The purchases were likely funded by reducing other holdings, according to the data. ARK also remains one of the most outspoken Bitcoin bulls, with a long-term price target that extends to $1 million by 2030.
ARK Invest bought nearly 3.3 million shares of SpaceX (SPCX) as Elon Musk’s company debuted in what became the largest IPO on record on Friday, building a position worth more than $500 million by the end of the trading session.
The stock was priced at $135 in the offering and closed its first day at $160.95, posting a gain of over 19%.
In the days leading up to the listing, Cathie Wood’s firm sold roughly $280 million in equities, followed by additional disposals on Friday of about 948,000 shares across 13 companies—including Advanced Micro Devices, Roku, and Baidu—worth at least $48 million, according to daily disclosures.
Most of the SpaceX accumulation came through the ARK Innovation ETF (ARKK), which ended the session with a 3.28% allocation to the stock.
The strong first-day surge of nearly 20% in the largest IPO ever highlights renewed institutional demand for high-beta innovation assets. While Bitcoin is often viewed as the highest-beta macro asset, investor attention is currently shifting toward a wave of AI and space-related listings, with companies such as OpenAI and Anthropic also preparing for public markets.
With capital allocation limited, even a prominent Bitcoin supporter like Wood rotating into equities suggests that short-term flows may continue to drift away from crypto.
ARK’s models project a $2.5 trillion valuation for SpaceX by 2030 in its base case, with a bullish scenario reaching $3.1 trillion, based on a prior private valuation of around $350 billion in 2024.
Alongside its equity strategy, ARK also operates a spot Bitcoin ETF, and Wood remains one of the most vocal long-term advocates for Bitcoin, with price targets stretching into seven-figure territory.
