Author: Ye Huiwen, Wall Street Insight

Renowned investor Cathie Wood's space exploration-themed ETF has made its first purchase of Tesla shares, sparking market speculation about a potential major restructuring of Elon Musk's business empire.

According to Benzinga, the Ark Space & Defense Innovation ETF (ARKX) bought 35,766 shares of Tesla stock on February 4, last Wednesday. Prior to this transaction, the fund did not hold any Tesla shares. As of Thursday, this position accounted for 1.99% of the ETF's total assets.

Although Ark Invest has long held a significant amount of Tesla shares through other innovative funds, this is the first time it has included Tesla in its space and defense-themed portfolio. This asset allocation adjustment comes at a sensitive time: recent reports indicate that SpaceX and xAI have completed a merger, and discussions in the market about Musk potentially seeking to further integrate this combined entity with Tesla are intensifying.

This rare buying behavior not only highlights the lack of public investment channels for SpaceX but also raises associations with potential capital operations. If Tesla were to merge with the SpaceX/xAI entity, it would involve complex regulatory scrutiny and shareholder approval processes, and Ark Invest's positioning may be aimed at getting ahead of the curve.

Positioning Logic: Betting on a Merger or Robotics Layout

There are two main interpretations regarding the motivation behind ARKX's recent purchase. First, Ark Invest may be building a position in anticipation of a future shareholder vote on whether Tesla will merge with SpaceX/xAI. Some observers view this buying action as a direct bet on the integration of Musk's business landscape.

Secondly, this investment decision may also be based on fundamental logic. The ETF has listed "adaptive robotics" as one of its core investment themes. Considering that Tesla is heavily developing the Optimus robot and is committed to using robotics technology to assist in establishing a "planetary civilization," this aligns with the macro vision of the space exploration fund. Therefore, even as an electric vehicle manufacturer, Tesla's potential in the robotics field provides a rationale for its inclusion in the space ETF.

Positioning Landscape: ARK's Broad Exposure to Musk's Companies

This purchase further solidifies Ark Invest's position as a staunch supporter of Musk's companies. In several other ETFs under Ark Invest, Tesla occupies a core position. Specifically, Tesla is the largest holding in the Ark Innovation ETF (ARKK), Ark Next Generation Internet ETF (ARKW), and Ark Autonomous Technology & Robotics ETF (ARKQ), with holding ratios of approximately 10.99%, 10.39%, and 9.93%, respectively.

Additionally, the Ark Venture Fund, which invests in private and public companies, also holds shares in Musk-related companies. As of January 31, data shows that SpaceX is the fund's largest holding, accounting for 11.23%; xAI is the second largest holding at 6.31%; and Tesla ranks thirtieth at 1.05%. These figures do not yet reflect the latest changes following the merger of SpaceX and xAI.

Market Perspective: Rising Expectations of Integration

Wall Street analysts are highly attentive to the possibility of Musk integrating his business empire. Investor Chamath Palihapitiya has publicly stated that he believes Musk will ultimately complete a "reverse merger," incorporating SpaceX into Tesla, calling it his "reverse prediction" for 2026.

Wedbush analyst Dan Ives recently pointed out that the "opportunity for Tesla to attempt a merger with the newly formed SpaceX/xAI entity is increasing." Ives believes that this growing AI ecosystem will focus on both "space and Earth," and that Musk not only has the motivation to consolidate power but that such integration is logically sound. However, any such merger would require approval from Tesla shareholders and must pass through stringent regulatory scrutiny.

SpaceX's Capital Path and Investment Scarcity

Currently, SpaceX remains one of the largest private companies in the world, with very limited channels for ordinary investors to participate. Aside from Ark Invest's funds, investors mainly gain indirect exposure to SpaceX by holding stocks of publicly traded companies like Bank of America, Alphabet, and EchoStar.

Regarding SpaceX's IPO prospects, Musk has previously seemed to confirm plans for an IPO but has not yet formally submitted any documents. The market speculates that a potential IPO could occur as early as June 2026. Against this backdrop, Ark Invest's direct purchase of Tesla through the space ETF, whether based on optimism for robotics technology or expectations of future mergers, provides a new signal for investors seeking exposure to related assets.

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