SpaceX NASDAQ:SPCX attracted fresh buying from Cathie Wood's ARK Invest on Wednesday, with the investment firm purchasing 181,830 shares valued at about $22.8 million across several exchange-traded funds, extending its recent accumulation of the aerospace company.
The purchase came a day after SpaceX reported its first quarterly results as a public company. Although revenue grew sharply year over year, the stock came under pressure after investors focused on elevated capital spending plans and a large post-IPO lockup expiration that increased the number of shares eligible for trading. Shares closed down about 13.6% on Wednesday.
ARK has continued adding to SpaceX despite the recent selloff, suggesting the firm remains constructive on the company's long-term outlook. SpaceX has also expanded spending on AI infrastructure, including increased purchases of Nvidia-powered systems to support its computing needs.