SpaceX stock drops 45% from post-IPO high as Cathie Wood buys $51M more

SpaceX shares have cratered 45% from their post-IPO peak, falling from roughly $226 to around $124. That’s actually below the $135 IPO price from just a month ago. Cathie Wood, apparently unbothered, spent another $52.1 million buying the dip.

The Elon Musk-led aerospace company listed on Nasdaq on June 12, 2026, under the ticker SPCX. The initial euphoria pushed shares from the $135 IPO price to approximately $226 in short order.

ARK’s half-billion-dollar SpaceX bet

ARK Invest purchased roughly $52.1 million worth of SPCX shares in the week ending July 10, 2026, bringing the firm’s total post-IPO investment in SpaceX to over $475 million. The bulk of that, approximately $444 million, was purchased on IPO day itself.

ARK’s internal models project SpaceX reaching an enterprise value between $2.5 trillion and $3.1 trillion by 2030. The bull case rests on three pillars: reusable rocket technology, the Starlink satellite internet constellation, and the integration of artificial intelligence into computational operations.

SpaceX currently carries a market capitalization of around $1.6 trillion with no reported earnings and a price-to-sales ratio of approximately 65.5.

The crypto connection: Coinbase and Circle in the same shopping cart

ARK simultaneously increased its holdings in both Coinbase Global and Circle Internet Group during the same trading week as its SPCX purchase.

Coinbase remains the largest publicly traded crypto exchange in the US. Circle is the issuer of USDC, the second-largest stablecoin by market cap.

What this means for crypto investors

ARK’s concentrated bets mean that a prolonged downturn in any of these names, whether SPCX, COIN, or CRCL, could force redemptions in ARK’s funds, potentially triggering selling pressure across the entire portfolio.

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