The ARK Innovation ETF (ARKK) experienced a significant price surge of 5.00% during intraday trading on Monday. The exchange-traded fund, managed by Cathie Wood's ARK Invest, saw increased investor interest following its substantial investment in SpaceX on the company's initial public offering day.

According to recent reports, ARK Innovation ETF was the primary vehicle for ARK Invest's SpaceX acquisition, purchasing 1,690,839 shares of the space exploration company. This holding now represents 3.28% of the ETF's portfolio. SpaceX made its market debut with a record-breaking IPO, closing its first trading day with a 19.2% gain at $160.95 per share, significantly above its $135 offering price.

Cathie Wood has maintained a long-term bullish stance on Elon Musk's enterprises, with ARK Invest already holding positions in SpaceX through its venture fund prior to the public listing. The firm's significant investment in the successful SpaceX IPO appears to have positively impacted investor sentiment toward the ARK Innovation ETF, contributing to its Monday price surge.