Investor Cathie Wood is betting millions SpaceX’s stock, like its rockets, is headed for the moon.
The CEO and chief investment officer of ARK Invest recently put about $7 million into Elon Musk’s rocket company, buying the dip less than a month after its historic IPO—one that briefly made Musk the world’s first trillionaire.
Now, Wood and ARK are putting major money behind their belief SpaceX could, in the best case scenario, reach an enterprise value of $3.1 trillion by 2030, driven by its AI, data center, and aerospace businesses. It currently has a market cap of $1.9 trillion.
This is now the third time ARK has bought the dip since SpaceX’s IPO last month. On the day of its market debut, ARK was among the biggest buyers, purchasing about 3.3 million shares, that could have set it back an estimated $500 million, across several of its ETFs. Late last month, it also put in an additional $32 million into the stock after its first major selloff since its IPO. Since 2023, ARK has also invested in SpaceX through private market transactions.
ARK Invest did not immediately respond to Fortune’s request for comment.
