The latest acquisition, executed across Ark’s ARKK, ARKQ, ARKW, and ARKX funds for the week ending July 10, follows a broader $444 million buying spree surrounding the company’s June 12 market debut. SpaceX shares, which peaked at $225.64 shortly after listing, closed at $131.11 on Thursday, marking a five-session losing streak that has left the stock trading well below its initial offer price.
While Wood’s firm views the dip as a strategic entry point, the stock faces significant headwinds. SpaceX currently trades at roughly 49 times revenue, a valuation premium that contrasts sharply with Tesla’s 15 times multiple. Market observers are also watching the calendar: August brings the expiration of lockup restrictions for early investors and employees, potentially flooding the market with up to 911.5 million shares. Short sellers have already capitalized on the volatility, booking an estimated $8.7 billion in paper gains since the IPO.
Technically, the stock remains trapped in a bearish channel defined by lower highs and lower lows. Current Aroon indicators show sellers maintaining control, with the Average Directional Index signaling that the downward momentum remains robust. Immediate support sits between $128 and $130; should that floor fail, analysts look toward the $125 mark. For the stock to mount a recovery, buyers must reclaim the $133–$135 resistance zone and breach the channel ceiling, a hurdle that has yet to be tested despite Ark’s ongoing accumulation.
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