Cathie Wood's ARK Invest piled into SpaceX during the stock's post-IPO drop

• Cathie Wood's ARK Invest bought more than 21,000 SpaceX shares on Monday.
• SpaceX stock fell below its initial opening price on Monday before bounding back on Tuesday.
• The stock has been volatile since its public trading debut on June 12.

SpaceX stock hit a rough patch shortly after its historic IPO, but Cathie Wood's ARK Invest seized the moment to buy the dip.

ARK Invest bought more than $32 million in SpaceX shares on Monday. The investment firm, founded and led by Cathie Wood, recorded several trades during the day, including buying over 21,000 SPCX shares across its innovation, autonomous tech and robotics, next gen internet, and space and defense ETFs.

SpaceX stock remained volatile on Tuesday, trading aroud $158 late in the session after bouncing back following a dip below $150, the level it began trading on June 12 after its IPO.

ARK Invest bought more than 21,000 shares on Monday, when the stock closed at 154.60, down more than 16% in the red and extending a three day losing streak to 26%. The purchases made up between 0.1% to 0.3% of the ETFs.

Cathie Wood been bullish on Elon Musk and his various businesses, from Tesla to SpaceX, with ARK Invest being an early investor in the rocket and AI firm long before the IPO earlier this month.

Experts warned that SpaceX's early trading would be volatile going into the historic IPO due largely to retail investor participation and its small free float.

Tuesday's price represented a more than 28% decline from the high. Shares are up about 5% from the open on its first day of trading and up 17% from the IPO price of $135 a share.

Only a small portion, roughly 4.3%, of SpaceX shares are publicly traded. The supply of SpaceX shares available to buy will dramatically increase as the lockup period expires on a staggered schedule in the coming months.

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