Cathie Wood says battered SpaceX could become 'most important company in global history' - Fox Business

What the report says

Fox Business reported that ARK Invest CEO Cathie Wood defended her firm’s position in SpaceX during a Wednesday appearance on “Mornings with Maria,” saying she believes the aerospace and satellite communications company could become “the most important company” in world history. According to the report, ARK funds put $80 million into SpaceX after its public debut, and Wood said she remains optimistic despite a sharp drop from the stock’s peak.

Wood pointed to two main parts of the investment case: SpaceX’s launch and space exploration capabilities, and its potential to reshape global communications through a satellite network. She argued that telecommunications has historically been a local or country-by-country business, while SpaceX’s model could allow a different kind of global reach.

The Fox Business article said SpaceX shares were trading around $123.50 before Wednesday’s market open, citing Barron’s for figures showing the stock down about 47% from a high near $225 and nearly $1.4 trillion lower in market value. The report also noted an upcoming $116 billion share unlock and said SpaceX had fallen behind Meta in market capitalization for the first time since its debut.

For context, Wood and ARK Invest are known for high-conviction bets on disruptive technology companies, often accepting volatility in pursuit of long-term growth. Fox Business also noted Wood’s earlier comments praising Elon Musk’s ability to vertically integrate his companies, and cited Musk’s recent warning on X against maintaining large short positions in SpaceX.