Cathie Wood’s Ark Invest purchased $21.3 million of SpaceX stock on Monday, adding to the position across four funds as the space company’s stock slid nearly 35% from its record one-month high. The buying occurred through the ARK Innovation ETF (ARKK), ARK Autonomous Technology & Robotics ETF (ARKQ), ARK Next Generation Internet ETF (ARKW), and ARK Space & Defense Innovation ETF (ARKX). This move follows recent purchases worth millions of dollars last week, as investors weigh the company’s long-term ambitions against near-term volatility following its public debut.

Ark’s largest acquisition of SpaceX shares came from ARKK, which bought 88,957 shares. ARKQ purchased 32,556 shares, ARKW bought 23,008 shares, and ARKX added 8,728 shares. The transactions were valued based on the stock’s closing price of $139.14. The stock has remained in focus amid debate over its valuation and execution risks, particularly regarding CEO Elon Musk’s comments on flying orbital data centers next year.

Simultaneously, Ark Invest reduced its exposure to Advanced Micro Devices (AMD), selling shares from ARKQ, ARKW, and ARKX. The firm sold 22,919 shares from ARKQ, 16,311 shares from ARKW, and 2,309 shares from ARKX. This continued selling reflects caution around the chipmaker amid a broader tech pullback, profit-taking, and concerns over global supply-chain conditions and geopolitical tensions.

Ark Invest also made several other key trades, increasing positions in various companies. The firm bought 340,300 shares of Cantor Equity Partners II Inc. (SECZ) in the ARK Fintech Innovation ETF (ARKF). Additionally, Ark purchased 182,272 shares of Block Inc. (XYZ) in ARKF and 53,346 shares in ARKW.

Other purchases included 246,729 shares of Prime Medicine, Inc. (PRME) in the ARK Genomic Revolution Multi-Sector ETF (ARKG). Ark also bought 100,854 shares of Oklo Inc. (OKLO) in ARKQ. Furthermore, the firm acquired 79,938 shares of Kratos Defense and Security Solutions Inc. (KTOS) in ARKQ and another 12,897 shares in ARKX.

Key Trades Overview

Elon Musk announced on Thursday that SpaceX’s Starlink can now provide reliable 10-gigabit-per-second upload and download connectivity anywhere in the world, marking a major step in the satellite internet network’s push from consumer broadband to high-capacity global data service. The announcement follows Starlink’s rapid growth, with the service surpassing 12 million active users across more than 160 countries, up from 9 million users reported in 2025. This capability is critical for supporting growing artificial intelligence data needs and bypassing Earth's regulatory and power constraints.

Gen3 Network Specifications

The multi-gigabit rollout aligns with SpaceX’s recent application to the Federal Communications Commission (FCC) for a third-generation Starlink constellation. The plan seeks approval for up to 100,000 satellites in very low Earth orbit to deliver ultra-low latency, multi-gigabit symmetrical throughput to companies, governments, and AI-powered devices. The proposed Gen3 satellites would fly in two stacked altitude bands, roughly 323 to 327.5 kilometers and 473 to 477.5 kilometers above Earth. This request is separate from SpaceX’s earlier application to deploy up to 1 million satellites for orbital data centers, which would use satellites between 500 kilometers and 2,000 kilometers above Earth.

Starlink Satellite Comparison

Starship Deployment Strategy

SpaceX’s manufacturing roadmap includes an 11-million-square-foot Gigasat facility in Bastrop, Texas, targeting AI satellite production by late 2027. Gen3 satellites are expected to be larger and more capable than previous generations, making the Starship central to deployment. Musk has indicated Starlink V3 satellites will have ">10X bandwidth" of V2 satellites and fly at about 350 kilometers, which he said would cut minimum latency by about half. SpaceX says Starship is designed to be fully reusable and carry more than 100 metric tons to orbit.

Regulatory and Market Context

The filing arrives as the FCC prepares to vote on July 22 on a Space Modernization Order that would streamline satellite licensing and extend many space station licenses to 20 years. Competition is intensifying in the sector. Rocket Lab Corp. agreed to acquire Iridium Communications Inc. in an $8 billion deal that would combine Rocket Lab’s launch and spacecraft operations with Iridium’s global satellite network. Amazon.com Inc. is also moving closer to service, expecting to begin initial internet service with its Leo broadband satellite network later this year after its latest launch pushed the constellation above 390 satellites.