Ark Invest CEO Cathie Wood delivered a sweeping endorsement of SpaceX as shares traded 48% below their peak and 13% under the IPO price, citing Starlink,

ARK Invest bought more SpaceX on Friday after its scrubbed Starship test.

Cathie Wood's ARK Invest bought $20.5 million of SpaceX shares on July 20 while trimming Robinhood, doubling down on its bitcoin-linked SpaceX bet.