TradingKey - SpaceX Shares Fall for Seven Straight Sessions Below Key Level; Why is Cathie Wood Continuing to Accumulate?
On July 20, Eastern Time, Elon Musk's space exploration technology company SpaceX ( SPCX) extended its decline, falling below the $120 mark. The stock fell 3.34% to close at $119.85, marking another all-time low. Over the last seven trading sessions, SpaceX shares have experienced a 'seven-day losing streak,' tumbling a cumulative 20%.
SpaceX Stock Price Chart, Source: TradingView
SpaceX saw a brief rally early in its listing, peaking at an all-time high of $225.64 in mid-June before slipping into a persistent decline. It has now plummeted nearly 45% from its historic peak, wiping out close to $1 trillion in market value, as the market gradually loses confidence. However, even as SpaceX's stock price tumbled, ARK Invest chief Cathie Wood once again demonstrated her ultimate contrarian investment style by repeatedly increasing her stake in SpaceX.
From the eve of SpaceX's listing in June 2026 to the present, Cathie Wood has continuously purchased SpaceX stock through several of her funds, including ARKK, ARKQ, ARKW, and ARKX. Some of the transaction details are as follows:
Transaction Date | Shares Purchased | Total Transaction Value (USD) | Estimated Average Cost (USD) |
2026/06/11 - 06/16 | 3,290,000 | 444,150,000 | 135.00 |
2026/06/22 | 210,121 | 32,500,000 | 154.67 |
2026/07/06 - 07/10 | 388,800 | 52,100,000 | 133.99 |
2026/07/13 | 158,900 | 21,300,000 | 134.05 |
2026/07/15 | 122,807 | 16,711,576 | 136.08 |
2026/07/17 | 147,805 | 19,378,713 | 131.11 |
2026/07/20 | 170,634 | 20,500,000 | 120.14 |
According to statistical data, Cathie Wood's funds have accumulated over 4 million shares of SPCX stock, making it one of her top ten core holdings. Among them, her flagship and largest fund, ARKK, holds over 2 million shares, accounting for more than 4% of its weight, ranking sixth among its holdings.
ARKK Holdings, Source: ark-funds
SpaceX's stock price has been under pressure, primarily due to three major challenges: technical risks with Starship Flight 13, the impending expiration of the initial insider lock-up period, and deleveraging in global tech stocks. Under the weight of these negative factors, retail investors and short-term capital have panicked and cut their losses. Why, then, are Cathie Wood and her funds bucking the trend?
In the view of Cathie Wood's team, the market has underestimated the exclusive potential of SpaceX in orbital data centers and edge computing after its merger with xAI. Furthermore, they are firmly bullish on SpaceX's medium-to-long-term valuation, estimating it at $2.5 trillion to $3.1 trillion, which translates to a stock price of about $180 to $220. By comparison, Morgan Stanley is even more aggressive; its analyst Adam Jonas is bullish with a target of $300, predicting that SpaceX's revenue will grow from $18.7 billion in 2025 to $319 billion by 2030.
Find out more
Comments