SpaceX (SPCX) shares climbed more than 6% on Monday, rebounding from last week's sharp declines as investors responded to a fresh round of buying by Cathie Wood's ARK Invest and a reaffirmed bullish call from Stifel.
The stock was up over 6% by 11:00 AM EDT, with the ARK purchases emerging as the primary catalyst for the move. The rally also coincided with a broad recovery in technology shares, which had been under pressure following an AI-driven selloff the prior week.
ARK Invest adds roughly $96 million in SpaceX shares
ARK Invest accumulated approximately $96 million worth of SpaceX stock across two consecutive trading sessions last week through three of its actively managed exchange-traded funds: the ARK Innovation ETF (ARKK), the ARK Autonomous Technology & Robotics ETF (ARKQ), and the ARK Next Generation Internet ETF (ARKW).
On November 4, the funds bought 348,406 shares valued at about $47.4 million. The next day, as SpaceX shares fell sharply during a wider technology selloff, ARK added another 393,774 shares worth approximately $48.7 million. The combined purchases suggest Wood viewed the post-election decline as an opportunity to build exposure while the stock remains well below its post-IPO highs.
Stifel maintains Buy rating and $190 target
Stifel reiterated its Buy rating on SpaceX and kept its $190 price target unchanged. Analyst Jonathan Siegmann indicated he sees limited near-term disruption for the company, pointing to its investment-grade balance sheet and $40 billion in committed GPU financing.
Siegmann also noted that Qualcomm's selection as a radio supplier for SpaceX's planned macro cell sites would bolster the company's ambitions to build a standalone wireless network. Stifel additionally flagged the upcoming Flight 15 launch, scheduled for Friday, November 13, as a key milestone for Starship's reusability and SpaceX's longer-term orbital computing objectives.
Political backdrop adds uncertainty
The rebound comes during a politically sensitive period for CEO Elon Musk. His support for Republican candidates during the midterm elections has drawn scrutiny following Democratic victories in both chambers of Congress. Investors have grown increasingly concerned that the new political balance could lead to greater regulatory oversight of Musk's businesses, particularly their data center and infrastructure expansion plans.
Broad tech recovery lends support
SpaceX also benefited from a wider rebound in technology stocks as investors sought to recover losses from last week's AI-led selloff. The Nasdaq Composite rose about 2.5%, while the S&P 500 and Dow Jones Industrial Average each gained close to 2%. The Philadelphia Semiconductor Index advanced more than 5%, even as Nvidia shares slipped amid a controversy involving CEO Jensen Huang.
The recovery provided some relief to AI and infrastructure-related names that had faced selling pressure over concerns about data center regulation, financing costs, and the sustainability of AI spending.
This article is for informational purposes only and does not constitute financial advice.
