ARK Invest Sells $9.4M in SpaceX, Buys $18.6M in Veracyte and $12.1M in Archer Aviation
Why It MattersActive fund rotation out of SpaceX and into eVTOL names like Archer signals shifting institutional appetite within advanced air mobility and aerospace equities.
ARK Invest, led by Cathie Wood, sold 54,873 shares of SpaceX worth approximately $9.4 million on Tuesday through its ARK Next Generation Internet ETF, while deploying capital across AI infrastructure, biotech, and aerospace names. Its largest purchase was approximately $18.6 million in Veracyte Inc. through the ARK Genomic Revolution ETF, followed by about $12.1 million in Archer Aviation Inc. across three funds, $9.2 million in Amazon.com Inc., $9 million in CoreWeave Inc., and $8 million in Meta Platforms Inc. ARK also reduced its Teradyne Inc. position by selling 61,547 shares valued at roughly $27.4 million, and sold 63,466 shares of Robinhood Markets Inc. for about $7.2 million.
The SpaceX sale came alongside reports that the company plans to raise $40 billion to purchase Nvidia AI chips, structured as approximately $10 billion in bank loans and $30 billion in investment-grade debt led by Apollo Global Management. The sale followed ARK's purchase of 9,112 SpaceX shares worth about $1.3 million the prior week; SpaceX shares have climbed approximately 6.8% since its June IPO. Wall Street analysts maintain a broadly bullish view on SpaceX, with 27 Buy ratings, four Holds, and two Sells over the past three months, Goldman Sachs raised its price target to $230 from $220 while maintaining a Buy rating, and Morgan Stanley maintained an Overweight rating with a $300 target, with the consensus average of $215.29 implying roughly 25% upside.
On the aerospace side, ARK purchased 2,566,731 shares of Archer Aviation across ARKK, ARKQ, and ARKX. Archer has recently completed a 40-mile piloted flight between Salinas and Hollister, California, and plans to acquire Boeing's Wisk Aero, Insitu, and SkyGrid businesses. Archer reported $5 million in second-quarter revenue against $284 million in operating expenses, with shares down more than 38% year-to-date, while analysts maintain a Strong Buy consensus with an average price target of $11.60. ARK also added 753,330 shares of Joby Aviation Inc., sold 196,727 shares of DraftKings Inc., and purchased 425,784 shares of Genius Sports Ltd., with the trades occurring as both the S&P 500 and Nasdaq closed at record highs on Tuesday.
