Ark Invest Buys $32M of SpaceX After 16% Private Drop

Ark Invest purchased about $32 million of SpaceX shares after the company's private-market price fell 16% in recent secondary trading. The purchases increased Ark's reported exposure to the aerospace and satellite operator.

The transactions were executed by Ark Invest, the active manager led by Cathie Wood. Ark runs several exchange-traded funds and strategies focused on disruptive technology. The added shares represent a direct increase in the firm's allocation to SpaceX at the lower quoted price.

SpaceX is a privately held aerospace and satellite internet company founded and led by Elon Musk. Its shares do not trade on public exchanges; prices for SpaceX stock are set in secondary-market transactions and private tender offers among accredited investors.

Private-market trades can produce large percentage moves when sizable blocks change hands. The 16% decline followed recent secondary-market activity that repriced a portion of SpaceX's outstanding shares. Ark's purchases, disclosed after the repricing, totaled roughly $32 million.

Ark's funds have the flexibility to buy or sell both listed securities and stakes in private companies. The firm did not disclose the exact timing of the trades or which of its funds were used. No comment was provided by Ark Invest or SpaceX.

SpaceX's quoted private valuation is influenced by factors including launch revenue, growth in Starlink subscribers, capital-raising rounds and investor demand in secondary markets. Secondary-market price moves and occasional block trades have affected quoted valuations for the company in recent years.