SPCX Stock Slips Overnight: Cathie Wood’s ARK Buys The Dip, Peter Schiff Says Musk’s Paper Loss Tops Buffett’s Net Worth

• ARK’s biggest purchase came through ARKK, which bought 131,837 shares.
• Peter Schiff mocked the selloff, saying Musk lost about $150 billion on paper, “more than Warren Buffett’s entire net worth.”
• Valuation concerns intensified as analyst Mohamed El-Erian called SPCX’s post-IPO swing “Wild!” and Future Fund’s Gary Black said the stock has “no room for error.”

Shares of SpaceX extended their post-IPO slide overnight late Monday by nearly 1% even as Cathie Wood’s ARK Invest added more shares and economist Peter Schiff mocked Elon Musk’s Buffett-sized paper loss.

SPCX stock fell 16% on Monday to close at $154.6, deepening a three-day selloff that has erased 24% from the stock after its blockbuster public debut. The pullback came after shares surged from their $135 IPO price to $220, briefly lifting SpaceX’s market cap above Amazon and Microsoft. 

ARK Buys The SpaceX Dip 

Cathie Wood’s ARK Invest used the weakness to add to its SpaceX bet. On Monday, the firm bought a combined 210,121 shares of SPCX across four ETFs. The largest purchase came through the ARK Innovation ETF (ARKK), which bought 131,837 shares. The ARK Autonomous Technology & Robotics ETF (ARKQ) added 43,486 shares, the ARK Next Generation Internet ETF (ARKW) bought 21,506 shares, and the ARK Space Exploration & Innovation ETF (ARKX) picked up 13,292 shares. At Monday’s closing price, the disclosed purchases were worth $32.5 million.

The latest buying adds to ARK’s already aggressive exposure to SpaceX. On SpaceX’s Nasdaq debut, ARK bought over 3.29 million shares across several ETFs. SpaceX was also already the largest position in ARK’s Venture Fund, representing more than 11% of net assets, ahead of OpenAI and Anthropic.

Schiff Says Musk Lost $150B On Paper 

The same selloff that ARK treated as a buying opportunity gave Peter Schiff a fresh opening to needle Musk on X: “$SPCX fell 16.5% today. On paper, @elonmusk lost about $150 billion, more than Warren Buffett's entire net worth. However, he's still the world's only trillionaire, so don't feel sorry for him.”

According to the Bloomberg Billionaires Index, Musk’s net worth stands at $1.08 trillion, while Buffett’s is at $146 billion. 

SPCX Valuation Comes Under Fire 

SpaceX’s IPO raised $75 billion from the sale of 555.6 million shares, making it the largest public market debut in history. Mohamed El-Erian, chief economic advisor at Allianz, called the move “Wild!” on X. “In less than ten trading sessions, SpaceX priced its IPO at $135, surged to almost $220, and has now retraced to $166,” he said. “Investors who were lucky enough to acquire their exposure at the IPO are currently up 23%, while those who were very unlucky and bought at the high are down almost 25%.”

Gary Black, managing partner of The Future Fund, also questioned the stock’s valuation after the sell-off. “With $SPCX now at $166... it’s hilarious listening to bullish analysts on CNBC and Bloomberg justify their aggressive price targets,” Black said, pointing to a Wall Street consensus target of $235.

Black said SpaceX is “uniquely positioned with great ambition,” but argued it remains “hard to justify analytically,” pointing to multiples of 175x fiscal 2026 EV/EBITDA and 62x EV/revenue. He also said SPCX’s valuation has “no room for error.”

SpaceX’s AI Deal Draws Focus 

SpaceX recently signed a major compute deal with Reflection AI, giving the open-source AI startup access to Nvidia GB300 chips. Reflection agreed to pay SpaceX $150 million per month beginning July 1 through 2029, a deal that could total about $6.3 billion if it runs through the full term.

The company has also struck compute deals with Anthropic, Google and Cursor, positioning its Colossus infrastructure as a new revenue engine beyond rockets and Starlink. Bloomberg reported last week that bankers were preparing investor calls for a potential SpaceX bond offering of at least $20 billion, expected to refinance a temporary bridge loan. SpaceX disclosed $100.8 billion in cash and cash equivalents as of June 19, but the company also posted a $4.9 billion net loss in 2025 and a $4.28 billion loss in the first quarter.

How Do Retail Traders Feel About SPCX?

On Stocktwits, retail sentiment for SPCX has quickly soured to ‘bearish’ from ‘extremely bullish’ levels at the time of IPO amid a 1,653% surge in 24-hour message volumes.

However, a Stocktwits poll showed that 45% of 5,600 respondents named SPCX as the space stock they are most bullish on for the next five years, ahead of Rocket Lab at 26%, AST SpaceMobile at 23%, and Planet Labs at 6%.

One user said, “$SPCX Wow! What an epic collapse after breaching $220. Definitely going below IPO price of $135. IPO was way overpriced and hyped. I’ll buy [it for] $95.”

Another user said, “$SPCX this isn't SpaceX, the rocket company. This is a collection of failed AI companies that bleed money, and Twitter. The rocket company would have been a good investment.”

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