OpenAI to be added to ARK’s ETF lineup after completing funding round with $852 billion valuation
ARK and buzzy companies go together like early LLMs and hallucinations.
The ARK of the investment universe is long, but it bends toward Cathie Wood’s funds holding the buzziest companies.
ARK Investment Management will be adding exposure to OpenAI in three of its ETFs: the ARK Innovation ETF, ARK Blockchain & Fintech Innovation ETF, and Ark Next Generation Internet ETF. (Its closed-end ARK Venture Fund already holds OpenAI.)
The ChatGPT maker announced on Tuesday that it had completed its long-discussed funding round, which raised $122 billion and valued the firm at $852 billion. Amazon, Nvidia, and SoftBank anchored this round, per OpenAI.
Vehicles that offer exposure to privately held juggernauts, like the Fundrise Innovation Fund and ERShares Private-Public Crossover ETF, have attracted a lot of investor attention. However, they’ve also been subject to mammoth volatility — especially Fundrise’s offering, which spiked nearly 400% in four sessions and saw its value become completely untethered from its underlying holdings before proceeding to give up the lion’s share of that advance in the following four trading days.
