Don’t chase what was. Own what’s next. Big Ideas 2026. Download now: ark-invest.com/big-ideas-202…

Anthropic is paying SpaceXAI $1.25 billion per month to rent its Colossus supercomputer cluster. That is $15 billion a year on a $30 billion build. The economics of AI infrastructure are unlike anything we have seen before. @CathieDWood covers the AI infrastructure “boom” in “In The Know.” ark-invest.com/videos/market…

A magic wand that taps to pay sold out in hours. The launch highlights something investors have waited to see. Product velocity is returning to Block. Interesting X Article from @varshikaARK ⬇️

One of the most anticipated initial public offerings (IPO) of the year is here. ARK Invest has held SpaceX in the ARK Venture Fund since 2023. Reusable rockets. Starlink's profitability. A 10-year lead on every competitor. The IPO does not change our thesis. It validates our research and conviction that this is one of the most important infrastructure companies of our lifetime. We intend to hold $SPCX through the listing and into the public markets. Current holdings: ark-ventures.com

The SpaceX pre-IPO perp on @HyperliquidX just crossed $400M in 24h volume, a 10x from $40M in a matter of days. At $177, the market is pricing the launch above a $2T valuation. The real test: how close does this print to the post-IPO price? These markets will start to matter A LOT at 1-2B of OI.

ARK first sized the Starlink opportunity at $34 billion. SpaceX now puts the total addressable market (TAM) at $1.6 trillion. The difference? Building their own phased array antennas to crush the cost curve and unlock markets.

Published on our last newsletter, I write about ECDSA.fail and how AI auto-research loops are optimizing the algo stack of quantum computers. As of now, Google's circuit to run Shor's on ECC-256 is 42.9% optimized. Toffolis have been optimized beyond any prior best a while ago, yet qubits are still about 43 from best (Google low-qubit optimization at 1,175).

SpaceX could be the largest initial public offering (IPO) in history. But the continuing IPO pipeline behind it may be even more significant. Which company are you most interested in seeing go public?

China’s rise in biotech has been fast. Really, really fast. By 2024, for the first time, Chinese companies launched more novel medicines than any other country. And by novel medicines, I mean a new active substance launched for the first time anywhere in the world. The hard part of drug development. Not generics, not a new indication for an existing drug, not a “simple me-too” molecule. This would have been hard to imagine even a decade ago. Until recently, China was largely known for supplying the ingredients to build medicines. Not the actual novel medicines changing treatment paradigms. That's completely changed. We estimate China hit roughly four times the efficiency rate of the US in 2023, with ~16 novel drugs per $10B of R&D. In 2020, the two were at rough parity. And big pharma is rushing to license what China is producing. In 2020, China's share of big pharma licensing deals was just 2%. By 2025 that was 39%. And for 1Q26 it's tracking at 50%. My take is there's a mounting sense of urgency for reform in the US: restoring and improving funding, incentives, and efficiency in drug discovery and development. Indeed, the competitive pressure from China could be one of the most important catalysts for reform of the American biotech industry. Read my full take in @ARKInvest's weekly newsletter 👇

Apple showed its hand about the next generation of Apple Intelligence at WWDC. Siri is getting a major upgrade powered by Gemini, and @wintonARK and @GrousARK think it will become much more personal. In "The Brainstorm," they also break down the AI investments from industry giants Google, SpaceX, Anthropic, and Microsoft and what they signal about the future of computing and enterprise value. ark-invest.com/podcast/the-b…