Dip-Buying Continues Amid Market Weakness

ARK Invest, managed by Cathie Wood, acquired approximately $18.3 million worth of SpaceX shares on July 17, according to the firm's daily trading disclosure. The purchases occurred as the stock reached a new post-IPO low, closing at $123.99 after declining 5.43% for the session and touching an intraday low of $122.12.

The flagship ARK Innovation ETF (ARKK) led the activity with 95,129 shares valued at about $11.8 million. Additional allocations came from the ARK Autonomous Technology & Robotics ETF (ARKQ) with 30,464 shares, the ARK Space Exploration & Innovation ETF (ARKX) with 12,611 shares, and the ARK Next Generation Internet ETF (ARKW) with 9,419 shares.

Broader Portfolio Adjustments

In the same trading session, ARK trimmed its position in Robinhood Markets, selling a total of 26,002 shares across ARKW and ARKK. Robinhood shares closed at $99.96, down 5.72% on the day. This move accompanied the increased SpaceX exposure as the firm reallocates within its holdings.

Data indicates ARK's total investment in SpaceX has now exceeded $475 million since the company's public listing in June. Earlier in the month, the firm had added roughly $52.1 million in shares during the week ending July 10.

Starship Delay Weighs on Stock Performance

SpaceX shares have fallen about 35% from the $135 IPO price, reflecting profit-taking after an initial surge that briefly exceeded $200. The recent pressure intensified following the postponement of Starship Flight 13. The mission was scrubbed shortly before launch after at least two Raptor engines failed during pre-flight testing.

SpaceX has rescheduled the flight, with CEO Elon Musk indicating the affected engines would be replaced. The incident highlights ongoing technical challenges in the company's push for rapid reusability and high launch cadence, key elements of its valuation narrative.

Context for the Investment Strategy

Wood's firm has consistently viewed pullbacks in SpaceX as opportunities to build positions in a company central to reusable launch technology, satellite broadband via Starlink, and government contracts. The latest purchases occurred as the shares traded roughly 8% below the IPO offer price, deepening an already significant stake.

Elon Musk's net worth also dipped below the $1 trillion mark to around $997 billion during the period, underscoring the linkage between his personal fortune and SpaceX's performance following the public debut.

Analysts remain divided on the short-term outlook, with some attributing the selloff to execution concerns and others seeing the reaction as overstated given the nature of development-stage testing delays.