The SPAC Of Elon Musk-Led SpaceX's Partner Velo3D Is Down 8.6% This Year And Cathie Wood Sees Opportunity

Cathie Wood-led Ark Invest has been continuously piling up a stake in Jaws Spitfire Acquisition Corp SPFR this year. The special purpose acquisition company is set to take a partner of Elon Musk-led SpaceX public.

Ark Invest has piled up a total of 3.75 million shares — worth $37.54 million — as of Friday’s trades. 

Shares of the company, backed by tennis player Serena Williams and founded by billionaire Barry Sternlicht— the chairman of Miami-based investment firm Starwood Capital Group— have fallen 8.6% at $9.99 so far this year.

Jaws Spitfire is expected to take 3D printing company Velo3D public later this year, which is expected to list under the "VLD" ticker on the New York Stock Exchange.

Velo3D is a 3D printer supplier for SpaceX, the space exploration company led by Musk, who also heads Tesla Inc TSLA.

Ark Invest owns shares in Jaws Spitfire via the Ark Autonomous Technology & Robotics ETF ARKQ and the Ark Space Exploration & Innovation ETF ARKX.