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

ARK Invest CEO Cathie Wood is defending her fund's stake in SpaceX, declaring the aerospace and satellite network pioneer could become the "most important company in global history" despite the stock's recent slide and an upcoming $116 billion share unlock.

During an interview on "Mornings with Maria" Wednesday, Wood explained why she remains bullish on SpaceX after funds managed by ARK Invest allocated $80 million to the position following its public debut.

"[Down] from its peak, it is," Wood said, "but of course not from the IPO price. We think this could become the most important company in history, and I mean in global history."

"We're talking about not only really exploring a new world — the universe — in terms of its launch capabilities and helping others to do so as well, but also a global communications network. Really, think telecom, that's been a very local business. In fact, the way to break into countries historically was to buy the [telecommunications companies], no longer."

Just before Wednesday's opening bell, SpaceX stock was trading around $123.50 per share. According to Barron's, the stock is down about 47% from its high of about $225, and has shed nearly $1.4 trillion in market value. This puts SpaceX in eighth place by market capitalization, behind Meta for the first time since its debut.

Wood previously said in a May interview with Bloomberg that she imagines SpaceX will be "volatile," but applauded founder Elon Musk's "incredible" ability to vertically integrate all of his companies, including Tesla, xAI and Neuralink.

Musk warned investors against trying to short-sell the stock last week in a post on X, saying, "The survival probability of firms that maintain a significant short position in SpaceX over time is very low."

NASA budget

• $1,881M for the Human Landing System program to develop and deploy multiple landing
systems that will transport the first woman and first person of color to the Moon to conduct
lunar science, technology demonstrations, and logistics to enable an enduring presence.
• $914M for Gateway development to support human lunar landings and surface activities
• $380M for xEVA and Human Surface Mobility Program to develop the surface suits, rovers,
and other systems for lunar exploration
• $60M for Advanced Cislunar and Surface Capabilities to expand scientific understanding and
identify technologies for lunar sustainability and future human missions to the Moon and Mars”

• Enables the Artemis goal of landing the first woman and first person of color
on the Moon’s south pole
• $2,506M for Space Launch System to focus on successful completion of
Artemis II and preparation required for Artemis III and IV, which includes the
Block 1B configuration and other upgrades
• $1,225M for the Orion program to finalize assembling and testing the Artemis
II crew vehicle and to deliver the system to Exploration Ground Systems at
Kennedy Space Center
• $794M for Exploration Ground Systems to complete preparations for Artemis
II and develop the necessary ground systems including the Mobile Launcher
2, required for assembly, test, and launch of SLS Block 1B on Artemis IV

• $1,036M to provide continuous ISS operations, support extension through 2030, and enable a
transition to commercial LEO destinations once available
• $266M to support research and technology demonstrations for long-duration human deep
space exploration sponsored by NASA Space Technology and Exploration Systems
Development Mission Directorates and the NASA Human Research Program, and basic and
Earth science research by NASA Science Mission Directorate
• Enables development and advancement of a commercial ecosystem in low-Earth orbit,
including stimulation of non-NASA demand funded by ISS and hosting Commercial LEO
Development Program-sponsored activities such as PAMs and CDISS
• Supports the ISS National Laboratory by expanding the breadth of researchers and
companies using ISS and enabling new public-private partnerships

• $1,856M for the Crew and Cargo Program to provide for a regular cadence of crew
rotations and cargo resupply missions to the ISS, contributing to the foundation of a
more affordable and sustainable future for American human spaceflight
• Includes $180M to partner with industry to develop a U.S. deorbit capability for
ISS
• $101M for Commercial Crew Program to continue NASA’s collaboration with the U.S.
commercial space industry to certify and maintain insight into the vehicles that
transport astronauts into space safely, reliably, and affordably from American soil

• $580M for Space Communications and Navigation to provide services for human exploration,
science, and crew and cargo missions
• $154M for Human Research Program for continued research to mitigate risks to astronaut
health during long-duration missions
• $104M for Launch Services to provide safe, reliable, and cost-effective launch vehicle
acquisition and advisory services for over 70 NASA spacecraft missions in various phases of
development
• $102M for Human Space Flight Operations to support readiness and crew health for all NASA
human space flight endeavors
• $59M for Communications Services Program to demonstrate commercial communication and
data relay services to support future NASA missions
• $49M for Rocket Propulsion Test to provide NASA’s rocket testing capability to meet U.S. rocket
testing requirements

• Develops, demonstrates, and transfers revolutionary, high payoff technologies that expand the commercial
space economy and transform NASA Missions
• $551M for Technology Demonstration to conduct ground-based testing and space flight technology
demonstrations such as: Solar Electric Propulsion, OSAM-1, Cryogenic Fluid Management, Fission Surface
Power, Space Nuclear Propulsion, Flight Opportunities and Small Spacecraft Technologies
• $402M for Technology Maturation to advance revolutionary disruptive exploration technologies from proof of
concept to demonstration, maturing transformational and foundational technologies such as a lunar
deployable hopper, 4G/Wireless communications, Sustainable Exploration such as ISRU, autonomous
operations, space transportation, and Entry Descent and Landing technologies
• $138M for Early-Stage Innovation and Partnerships to capitalize on innovation by sourcing ideas from a
broad, diverse base of innovators including our brightest minds in academia and transferring space
technology into the space economy
• $300M for Small Business Innovation Research and Technology Transfer to leverage the Nation’s
innovative small business community to conduct research and development in support of NASA.

• $292M supports implementation of four Earth System Observatory missions, to enhance
understanding of Earth systems and observe the effects of climate change
• Over $450M for research and applied sciences to advance our scientific understanding of
Earth as a system and its response to natural and human-induced changes and to improve our
ability to predict climate impacts, weather, and natural hazards
• $203M supportsnear-term launch of high priority missions such as PACE, CLARREO
Pathfinder, andNISAR
• $96M to initiate the Landsat Next mission, which will ensure continuity of the longest space
based record of Earth’s land surface and will provide new capabilities for the next generation of
Landsat users
• Advance greenhouse gas measurement strategies through domestic and international
partnerships, including data integration, tool/technology development, and competed research

• $949M to continue progress on the Mars Sample Return (MSR) mission to bring the first samples of Mars
material back to Earth for detailed study, including samples already collected and cached by the Mars
Perseverance rover. MSR costs may increase beyond the current outyear profile, which would require
either reduced funding for other Science activities or descoping of this mission.
• $692M for development of high priority missions including Europa Clipper, a spacecraft to Jupiter’s moon
Europa; VIPER, a lunar rover to investigate volatiles on the South Pole of the Moon; and Dragonfly a
rotorcraft lander mission to study Titan, the largest moon of Saturn
• $210M to continue development of the Near-Earth Object Surveyor mission for launch in 2028, a planetary
defense mission that will detect, track, and characterize impact hazards from asteroids and comets
• Support at least two CLPS deliveries of science instrument suites per year starting in FY 2023 and provide
innovative investigations to enhance lunar exploration and science on Artemis missions
• $248M for investments in a competitive Discovery program
• Continue support of key international partnerships: European Space Agency’s EnVision, JUICE and
ExoMars missions and the JAXA MMX mission

• $349M supports the operation of Great Observatories such as the James Webb Space
Telescope, the Hubble Space Telescope, and the Chandra X-ray Observatory
1,749.4
• $407M for continued development of the Nancy Grace Roman Space telescope for launch in
2027, a mission designed to unravel the secrets of dark energy and dark matter, search for
and image exoplanets, and explore many topics in infrared astrophysics
• $259M supports a competed Explorer program, with new selections about every three years
• Provides $39M over the next two fiscal years for responsible closeout of the SOFIA mission,
including dispositioning of assets and archiving of science data

• $191M to support a competitive Explorer program with a robust cadence of future mission
launches, including the newly selected missions MUSE and HelioSwarm
• $140M supports continued development of the Interstellar Mapping and Acceleration Probe
(IMAP) for launch in 2025, to help researchers better understand the boundary of the
heliosphere
• $27M for Space Weather investigations and research to enable the Nation to better protect
technology, national infrastructure, and astronauts from space weather, including the HERMES
instrument, a space weather payload on the Gateway
• Orbital Debris and Space Situational Awareness investments to address gaps in orbital object
detection and gaps in our scientific understanding of their interactions with the environment

• $265M for Integrated Aviation Systems to demonstrate transformational in-flight
technologies for improved efficiency and reduced noise and emissions, including the X-59
Low Boom Flight Demonstrator, X-57 Maxwell all-electric aircraft, Electrified Powertrain
Flight Demonstrations, and Sustainable Flight Demonstrator
• $295M for Advanced Air Vehicles to conduct research to meet the Nation’s growing
long-term civil aviation needs such as more efficient aircraft and propulsion technologies
to improve efficiency and reduce carbon emissions from aviation as well as to advance
long-term opportunities for supersonic and hypersonic flight
• $160M for Transformative Aero Concepts to support revolutionary aviation concepts and
university research, including research on zero-emissions aviation
• $159M for Airspace Operations and Safety to work with the Federal Aviation
Administration to modernize and transform the national air traffic management system
• $117M for Aerosciences Evaluation and Test Capabilities to support critical national
ground test infrastructure

• SSMS provides the critical business, infrastructure, and technical capabilities required to enable
mission success across all NASA programs and projects
• $910M for NASA Centers’ Engineering, Safety, and Operations
• $802M for Mission Enabling Services, which provides an enterprise approach to managing
NASA’s business operations and mission support activities
• $22M for the Office of Diversity and Equal Opportunity, which includes NASA’s diversity and equal
opportunity enterprise efforts to prioritize advancing equity, civil rights, racial justice, and equal opportunity
in accordance with NASA’s Equity and DEIA Strategic Plan
• $775M for Infrastructure and Technical Capabilities across NASA
• $682M for the Information Technology Program to modernize IT capabilities and provide strategic
cybersecurity risk management
• $200M for Agency Technical Authority to ensure safety and mission success

https://www.nasa.gov/wp-content/uploads/2023/03/fiscal-year-2024-nasa-budget-summary.pdf?emrc=6912acf3b4f47

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