Longtime SpaceX Investor Cathie Wood Made This Move on IPO Day. Should You Follow?
The Ark Venture Fund was an early investor in the space giant.
Longtime SpaceX Investor Cathie Wood Made This Move on IPO Day. Should You Follow?
Overview
Cathie Wood, the founder of Ark Invest, is known for her support of Elon Musk's innovations and ambitions. Wood's biggest holding in the flagship Ark Innovation fund is Tesla, and SpaceX (NASDAQ: SPCX) is the top holding in the Ark Venture fund. Musk is the chief executive officer of both companies.
It's not surprising that Wood holds shares of Musk-led companies because her investment strategy involves getting in on innovators early -- before they accomplish major goals. Wood has spoken about the promise of robotaxis as a growth engine for Tesla. As for SpaceX, Ark wrote prior to its IPO: "The existing business segments, at their current trajectories, are plenty sufficient to justify a compelling investment case."
Details
Wood's SpaceX holding, through the Ark Venture Fund, took place in the private market, as the company's valuation climbed from $350 billion in 2024 to the current valuation of more than $2.1 trillion. The stock began trading on June 12, after raising $75 billion in the world's biggest IPO on record.
Source
Originally published at www.fool.com.
