SpaceX NASDAQ:SPCX shares remained under the spotlight Thursday as Cathie Wood's ARK Invest bought about $17 million of the stock following its recent decline toward its initial public offering price.
Four ARK Invest funds purchased roughly 123,000 SpaceX shares, lifting the aerospace company to the sixth-largest holding in the flagship ARK Innovation ETF. The buying came after SpaceX stock declined for three consecutive sessions and traded near its $135 IPO price, briefly falling to $134.37 during Thursday's session.
SpaceX has faced pressure from concerns over its valuation, which stands at roughly 45 times expected 2026 sales, as well as an upcoming share unlock. About 20% of outstanding shares are expected to become eligible for trading following the company's August earnings report, raising concerns about additional selling pressure.
Investors are also watching SpaceX's 13th Starship test flight, scheduled for Thursday evening. The mission is expected to deploy 20 Starlink satellites and test an in-space engine restart, with the results likely to provide further insight into the company's progress on its next-generation reusable launch system.