Cathie Wood’s $1.75 Trillion Bet on SpaceX

ARK first secured its position in SpaceX in late 2023, when the company’s valuation sat below $200 billion. The firm has since expanded its exposure through additional purchases in 2025 and an increased stake in xAI, which recently merged with Musk’s aerospace venture. Beyond SpaceX, ARK’s venture portfolio includes significant positions in OpenAI and Anthropic, both of which are expected to seek public listings. This pipeline of mega-IPOs offers a rare opportunity for the $16 billion manager to reclaim its reputation after the flagship fund’s assets plummeted by two-thirds following the 2022 market downturn.

While Morningstar analyst Robby Greengold remains cautious, citing persistent concerns over ARK’s risk management and the inherent volatility of its holdings, the firm’s leadership remains unmoved. ARK’s chief futurist, Brett Winton, argues that the firm’s focus on long-term thematic shifts—rather than quarterly earnings—is finally paying off as AI-driven software development and space exploration reach a commercial tipping point. Wood continues to align her firm’s future with Elon Musk’s unconventional business model, betting that his ability to blur traditional sector lines will yield returns that standard market analysts have historically failed to capture.