Ark Invest buys $32.5M of SpaceX shares

• Ark Invest purchased approximately US$32.5 million of SpaceX shares after the stock fell more than 16% from its recent high.
• The purchase increased SpaceX's weighting across several Ark exchange-traded funds, including a 4.46% allocation in ARKK.
• Ark continues to add to its SpaceX position as the company begins public trading and pursues long-term growth plans.

Ark Invest purchased 210,121 shares of SpaceX worth approximately US$32.5 million after the stock declined more than 16% from its recent post-listing high.

The acquisition followed SpaceX's drop from an intraday high of US$225.64 on June 16 to a closing price of US$154.60 on Monday after its Nasdaq debut on June 12.

Ark Invest founder and chief executive officer Cathie Wood previously said SpaceX had a “10-year lead on any other company” in its sector.

The latest purchase was spread across the ARKK, ARKQ, ARKW and ARKX exchange-traded funds, with SpaceX representing approximately 4.46% of assets in the flagship ARKK fund.

Ark's purchase followed an earlier acquisition of approximately 3.29 million SpaceX shares valued at about US$444.3 million on the company's first day of public trading, and following the announcement SpaceX shares closed at US$154.60.

SpaceX also announced its first bond offering, with proceeds intended to repay borrowings under a bridge loan facility and support general corporate purposes.

Ark has projected a base-case enterprise value of approximately US$2.5 trillion for SpaceX by 2030, while the firm's bull-case estimate reaches about US$3.1 trillion, according to its valuation models.