The purchases appear to have been financed through the reduction of other holdings, according to available data. ARK also remains one of the most prominent Bitcoin bulls, with a long-term price target extending to $1 million by 2030.

ARK Invest acquired nearly 3.3 million shares of SpaceX (SPCX) as Elon Musk’s company went public in what became the largest IPO on record on Friday, building a position valued at more than $500 million by the end of the trading day.

The stock was priced at $135 in the offering and closed its first session at $160.95, a gain of over 19%.

Ahead of the listing, Cathie Wood’s firm sold roughly $280 million worth of equities, followed by further disposals on Friday of around 948,000 shares across 13 companies—including Advanced Micro Devices, Roku, and Baidu—worth at least $48 million, based on daily disclosures.

The bulk of the SpaceX exposure was added through the ARK Innovation ETF (ARKK), which ended the day with a 3.28% weighting in the stock.

The strong nearly 20% debut gain in the largest IPO ever underscores renewed institutional appetite for high-volatility innovation plays. While Bitcoin is widely considered the highest-beta macro asset, investor focus has recently shifted toward a surge in AI and space-related public listings, with firms like OpenAI and Anthropic also moving toward IPOs.

Given limited risk capital, even a known Bitcoin advocate like Wood rotating into equities suggests near-term liquidity may continue flowing away from crypto markets.

ARK’s internal projections value SpaceX at $2.5 trillion by 2030 in a base case, with a bullish estimate of $3.1 trillion, based on a prior private valuation of about $350 billion in 2024.

Alongside its equity strategy, ARK also runs a spot Bitcoin ETF, and Wood remains one of the most vocal long-term Bitcoin proponents, with price forecasts reaching into seven-figure territory.