Ark Invest Bets Heavy on SpaceX With Massive IPO-Day Share Purchase

The purchases were likely funded by selling down other positions, according to the data. ARK remains one of the most vocal Bitcoin bulls, with a long-term price target of $1 million by 2030.

ARK Invest bought nearly 3.3 million shares of SpaceX (SPCX) as Elon Musk’s company went public in what became the largest IPO ever 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 finished its first day at $160.95, gaining over 19% on debut.

In the days ahead of 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—totaling at least $48 million, according to daily disclosures.

Most of the SpaceX position was built through the ARK Innovation ETF (ARKK), which ended the session with a 3.28% allocation to the stock.

The strong first-day pop in the largest IPO on record highlights renewed institutional appetite for high-growth, high-volatility innovation assets. While Bitcoin is often viewed as the highest-beta macro asset, attention has recently shifted toward a wave of AI and space-related listings, with companies like OpenAI and Anthropic also preparing for public market debuts.

With capital allocation limited, even a well-known Bitcoin supporter like Wood rotating into equities suggests near-term liquidity could continue drifting away from crypto.

ARK’s models assign SpaceX a $2.5 trillion valuation by 2030 in the base case, with a bull scenario reaching $3.1 trillion, based on a prior private valuation of around $350 billion in 2024.

Alongside its equity strategy, ARK also manages a spot Bitcoin ETF, and Wood remains one of the most prominent long-term Bitcoin advocates, with price targets extending into seven-figure territory.