ARK Invest bought 3.29M SpaceX at $135 for $529.7M while trimming Tesla and other holdings on IPO day June 12, when SpaceX surged 19% and lifted Musk’s net worth past $1T. Starlink remains the only profitable division despite a $41.3B deficit and 30% retail IPO allocation.
On June 12, ARK Invest acquired 3.29 million SpaceX shares at the IPO price of $135, investing $529.7 million and immediately benefiting from a 19% first-day share price jump that boosted Elon Musk’s net worth beyond $1 trillion.
At the same time, ARK trimmed positions in Tesla, Advanced Micro Devices, Rocket Lab, Roku and Baidu, reallocating capital towards its largest public conviction in a shift from its long-standing dependence on Tesla.
SpaceX’s Starlink satellite internet division is its only profitable unit and is expanding rapidly, but the company carried an accumulated deficit of $41.3 billion as of March 31 and featured an unusually high 30% retail allocation in its IPO.
ARK Innovation ETF’s year-to-date gain of 1.61% trails the S&P 500’s roughly 9% advance, and this reweighting underscores Wood’s willingness to concentrate on high-conviction names despite recent fund outflows and historical underperformance.
