Cathie Wood Goes All-In On SpaceX Debut, Dumps Rocket Lab Stock The Same Day

ARK doubled down on SpaceX while cutting its Rocket Lab position, a stock SpaceX's own S-1 names as a direct competitor.

• ARK Invest purchased 3,291,184 shares of SpaceX on the stock's Nasdaq debut day on Friday.
• The SpaceX IPO raised $75 billion from the sale of 555.6 million shares, making it the largest public market debut in history.
• Friday's buying followed ARK's offloading of shares in 20 companies worth roughly $222.87 million the day before.

Cathie Wood's ARK Invest bought aggressively into SpaceX (SPCX) on Friday, snapping up shares across four of its exchange-traded funds (ETFs) on the same day the company made its long-awaited Nasdaq (NDAQ) debut.

According to ARK's daily trade disclosures, the firm purchased a combined 3,291,184 shares of SpaceX across the ARK Innovation ETF (ARKK), ARK Autonomous Technology & Robotics ETF (ARKQ), ARK Next Generation Internet ETF (ARKW), and ARK Space Exploration & Innovation ETF (ARKX). The position was largest in ARKX, representing 6.89% of the fund and making it one of ARKX's top holdings on day one. 

Cathie Wood’s firm held Elon Musk’s SpaceX as the largest position in its ARK Venture Fund, where it represents over 11% of net assets, ahead of OpenAI (OPEAZZX) and Anthropic (ANTHZZX).

SPCX’s stock was up over 3% during after-hours trading. On Stocktwits, the retail sentiment around SPCX remained in the ‘extremely bullish’ zone, while chatter around it stayed in the ‘extremely high’ levels over the past day. 

The SpaceX IPO on Friday raised $75 billion from the sale of 555.6 million shares, making it the largest public market debut in history. 

ARK Rotates Out Of Rocket Lab

ARK's SpaceX buy came alongside a notable sale. The firm trimmed its Rocket Lab (RKLB) position across both ARKQ and ARKX on the same trading day. 

In an S-1 filing from last month, SpaceX called Rocket Lab a competitor, describing it as a company that "operates in the small-lift launch market but is expanding into medium-lift payloads,” making ARK's decision to sell RKLB on the same day it loaded up on SPCX a pointed one.

The relationship between Ark Invest and SpaceX goes back to late 2023, when ARK first entered SpaceX through its ARK Venture Fund at a valuation below $200 billion, a fraction of the $2.11 trillion market cap it commands today. 

“Based on ARK’s research, the company’s ability to re-use rockets results in structurally lower launch costs than competitors that will prove difficult to match,” wrote Ark Invest in its investment thesis. 

Making Room For SpaceX

Friday's purchases came after Cathie Wood's ARK Invest offloaded shares in 20 companies, selling roughly $222.87 million across its ETFs.

The largest transaction was Teradyne (TER), with ARK selling $76.6 million in shares across ARKK, ARKQ, and ARKX. Other notable divestments included Twist Bioscience (TWST), Iridium Communications (IRDM), and Robinhood Markets (HOOD), totaling $64.2 million. Wood's funds also trimmed positions in other companies.

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