Cathie Wood-led Ark Invest purchased an estimated $47.4 million in Space Exploration Technologies Corp. (SpaceX) shares on Wednesday. Ark acquired 348,406 shares altogether, with the estimated value calculated using Wednesday's closing price of $135.92. ARK Innovation ETF (ARKK) bought 224,483 shares. ARK Autonomous Technology & Robotics ETF (ARKQ) purchased 63,478 shares. ARK Next Generation Technology ETF (ARKW) acquired 60,445 shares.
SpaceX shares declined on Wednesday after the U.S. midterm elections. Bloomberg data shows that CEO Elon Musk's estimated wealth dropped about $33.5 billion to $865 billion after Democrats swept Congress in the 2026 midterms. Falling Tesla and SpaceX shares reduced the value of Musk's holdings by billions of dollars. Musk reportedly spent substantial sums supporting Republican candidates. The incoming Democratic-controlled Congress could subject Musk's businesses to greater scrutiny over government contracts, autonomous vehicle operations and AI ambitions.
Ark sold approximately $17.5 million in Alphabet and Amazon shares combined. Ark sold 31,480 Alphabet Class C shares through ARKK. Ark sold another 14,684 Alphabet Class C shares through ARKQ. The Alphabet sales totaled 46,164 shares, valued at approximately $13.3 million using Wednesday's closing price of $287.30. Ark had sold 12,530 Alphabet shares through ARKQ on Tuesday in a transaction valued at $3.5 million.
Alphabet shares gained on Wednesday during a broader market rally following the midterms. Google Cloud separately broadened the tools available for the AlloyDB database. A preview allows developers to query Apache Iceberg table data together with live database records. Reuters reported that Google planned $15 billion of investment in Malaysia during 2027 and 2028, including new data center campuses.
Ark sold 15,750 Amazon shares through ARKQ. The sale's estimated value was $4.2 million, calculated using Wednesday's closing price of $266.03. Amazon drew attention alongside other large cloud providers as investors assessed AI infrastructure spending against the sector's earnings outlook. CNBC's Jim Cramer had identified capital spending by Amazon, Alphabet and Microsoft as a crucial test for AI data center stocks before last month's earnings reports.
Benzinga Edge Rankings indicate that SpaceX is underperforming on short-term, medium-term and long-term price trends.
Ark Invest Buys $47.4M in SpaceX Amid Democratic Congress Outlook
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Summary
Ark Invest added $47.4 million in SpaceX on Wednesday, with ARKK, ARKQ, and ARKW buying 224,483, 63,478, and 60,445 shares respectively. The move aligns with a shifting market outlook as a Democratic-led Congress may intensify regulatory focus on Elon Musk’s ventures. ETF inflows were evident as Ark also sold $17.5 million in Alphabet and Amazon shares. Alphabet shares rose in line with a broader market rally after the U.S. midterms.
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