SpaceX and Circle have become two of the largest holdings in Cathie Wood's Ark Innovation ETF (ARKK), according to a holdings report published Thursday, reflecting the fund's continued emphasis on companies positioned at the intersection of disruptive technology platforms.

SpaceX now ranks as ARKK's fifth-largest position, carrying a market value of nearly $282 million and a 4.73% portfolio weighting. Circle holds the eighth spot at approximately $233 million, representing 3.90% of the fund. The two companies join Tesla, Coinbase, Robinhood, OpenAI, Bitmine, and Palantir among ARKK's top positions, underscoring Ark's sustained focus on artificial intelligence, cryptocurrency, fintech, and other technology-driven sectors. Access to SpaceX, which remains privately held, has historically been limited to institutional and accredited investors, making its prominent weighting in a retail-accessible ETF a notable feature of Ark's portfolio construction.

Ark's most recent trading disclosure indicates the firm continued purchasing shares of both companies following their second-quarter earnings reports. Across four exchange-traded funds including ARKK, Ark acquired 181,830 SpaceX shares. It also purchased 273,343 Circle shares across ARKK and two other funds. Based on the companies' closing prices, the SpaceX purchase was valued at approximately $20 million and the Circle purchase at roughly $17.3 million.

The buying follows second-quarter earnings results reported this week by both companies.

Circle shares were little changed after the stablecoin issuer posted $701 million in second-quarter revenue and reserve income, representing a 7% year-over-year increase. Adjusted EBITDA climbed 8% to $143 million. USDC circulation reached $73.3 billion, up 19%, while on-chain transaction volume surged 151% to $14.8 trillion. The figures come as stablecoins increasingly serve as settlement rails for crypto markets, cross-border payments, and institutional treasury operations, with USDC ranking as the second-largest stablecoin by circulation behind Tether's USDT.

SpaceX shares declined 13.6% despite the company reporting a 92% jump in quarterly revenue to $7.8 billion. Market attention instead centered on the company's $18.4 billion in capital expenditures, which executives said would finance expanded artificial intelligence capabilities. The revenue growth underscores SpaceX's expanding commercial launch, satellite internet via Starlink, and government contract operations, while the elevated spending signals sustained infrastructure investment.

The disclosures also follow a broader rebalancing of several crypto-related holdings conducted by Ark approximately one week earlier. In late July, the firm sold shares of Bitmine, Robinhood, Block, and Bullish while purchasing roughly $43.5 million in Coinbase and Circle stock and approximately $14.5 million in SpaceX shares. The moves indicate a consolidation around larger, more established crypto and fintech positions amid ongoing regulatory and market developments affecting digital asset markets.