Cathie Wood is standing firmly behind Space Exploration Technologies Corp (SPCX) even as the company's post-IPO selloff shows little sign of easing.

Her firm, ARK Invest, bought another 124,543 SpaceX shares worth about $14.1 million on Monday across several of its actively managed ETFs, extending a buying streak that has seen the firm repeatedly add to its position throughout the stock's steep decline. The firm now holds around 4.4 million SpaceX shares across its ETFs as of Tuesday.

The flagship ARK Innovation ETF (ARKK) accounted for the largest purchase, followed by the ARK Autonomous Technology & Robotics ETF (ARKQ), ARK Next Generation Internet ETF (ARKW) and ARK Space Exploration & Innovation ETF (ARKX).

The latest purchases come less than a week after ARK acquired another 121,384 SpaceX shares valued at roughly $15 million, continuing what has become a consistent buy-the-dip strategy.

SpaceX shares closed at $113.50 on Monday, down 1.4% for the day and marking their 13th decline in the past 16 trading sessions. The stock has now fallen nearly 50% from its June high of $225.64, erasing more than $1.2 trillion in market value.

Despite the selloff, ARK has invested more than $475 million in SpaceX since the company went public in June and has yet to report selling any shares from its public ETFs, underscoring the stock's status as one of the firm's highest-conviction holdings.

Wood Sees Opportunity, Not Weakness

Wood has remained publicly bullish even as investors have continued to sell the stock.

Following SpaceX's 13th Starship test flight, she argued on X that the market was overlooking a major technological milestone.

"The equity market is climbing a 'wall of worry'. Bull markets do not end in this way. They end when everyone believes the sky is the limit!," said Wood in a post on X.

Her optimism stands in contrast to recent trading action. SpaceX has continued to slide despite successfully deploying operational Starlink V3 satellites, relighting a Raptor engine in space and completing an intact splashdown during the latest Starship mission.

Last week, speaking to Fox Business, Wood called SpaceX a company that could become "the most important company in global history," arguing that its opportunity extends far beyond rockets into global telecommunications through Starlink.

Two Major Catalysts Ahead

Investors are now turning their attention to SpaceX's first earnings report as a public company, scheduled for Aug 4. The results will provide the market's first detailed look at the company's financial performance since its blockbuster IPO.

Another major event follows two days later, when approximately 911.5 million shares are expected to become eligible for sale as the first tranche of the IPO lockup expires. While Elon Musk and certain insiders remain subject to longer lockup restrictions, the expiration is expected to significantly increase the stock's public float and could add to near-term volatility.

For Wood, however, the recent weakness appears to have reinforced rather than weakened her conviction. By adding nearly $30 million worth of SpaceX shares in less than a week, ARK is signaling that it views the post-IPO slump as an opportunity to build its position ahead of what could be a pivotal period for the company.

Photo: Courtesy Ark Invest