ARK Invest Pours $14.3M into SpaceX, Adds to Solana Bet

Cathie Wood's ARK Invest has been making waves in the market with its recent trades, and the latest batch of moves is no exception. The firm has added to its stake in SpaceX, buying $14.3 million worth of shares across four ETFs. This marks a fifth consecutive week of accumulation in the stock.

The purchase comes despite the fact that SpaceX's share price has been battered by a 49% drawdown since its IPO. However, ARK's internal valuation model still pegs the company's enterprise value at $2.5 trillion to $3.1 trillion by 2030, based on Starlink and future satellite communications revenue.

ARK also added to its Solana exposure through the 3iQ Solana Staking ETF (SOLQ.U), purchasing 4,799 shares worth around $30,000. This move follows a larger purchase of SOLQ.U shares just two trading days prior, which signaled that Wood is layering her position rather than making a single directional call.

On the other hand, ARK trimmed its stake in Robinhood, selling 12,119 shares worth around $1.16 million. This marks the latest in a series of trims by the firm, as it seeks to rebalance its portfolio and take profits from recent gains.