State Street Corporation has increased its holdings in Lucid Motors by 97.5% during the second quarter, adding 2,593,806 shares in the EV maker.
The Massachusetts-based bank held a total of 5,254,118 shares by the end of June — a record stake since it first invested in the company in November 2021.
The filing, submitted to the US Securities and Exchange Commission (SEC) on August 7, valued the position at $35.2 million as of June 30.
State Street managed $6.3 trillion in assets and held $57.9 trillion in assets under custody as of the same date, making the Lucid stake a fraction of its total portfolio at a 0.001% allocation.
The financial services giant’s move comes alongside a broader wave of institutional buying in Lucid during the quarter.
BlackRock nearly doubled its own position by 94.3% to 12,174,275 shares — a seventh consecutive quarterly record — while Citigroup extended a separate buying streak that had already produced a 67% increase in Q1.
As of Monday, not all institutional investors had disclosed their second-quarter holdings.
From SPAC to Record
State Street opened its Lucid position in the fourth quarter of 2021, shortly after the California-based company went public through a merger with special purpose acquisition company Churchill Capital Corp IV.
On a split-adjusted basis, the initial stake measured around 530,000 shares.
Holdings climbed steadily through 2022 and 2023, crossing 1 million shares by the second quarter of 2022 and reaching approximately 2 million by the end of 2023.
The trajectory has not been linear.
State Street trimmed its position by 23% in Q1 2024 to about 1.5 million shares, and again by smaller margins in Q3 2024 and Q1 2025.
However, each of these cuts were followed by larger purchases that pushed the stake to fresh highs.
Lucid executed a 1-for-10 reverse stock split in early September 2025 after the share price approached the $1.00 Nasdaq listing requirement threshold.
By then, interim CEO Marc Winterhoff dismissed delisting fears motivated the split.
All share figures prior to Q3 2025 reflect the post-split adjustment — for example, the Q2 2025 reported figure of about 2.2 million shares corresponded to approximately 22 million shares before the consolidation.
From exactly a year ago, State Street has added shares in five consecutive quarters, with the pace accelerating sharply in the most recent filing: the 2.6 million-share addition in Q2 exceeded the combined total of the prior four quarters, which together produced around 1.1 million shares of net buying.
Stock Performance
However, in dollar terms, the pattern diverges from the share trajectory.
State Street’s Q3 2025 position was worth $54.5 million. By the end of 2025, the value had dropped to $25.8 million as Lucid‘s stock lost more than half its value over those three months.
The first quarter position slipped further to $25.4 million.
The Q2 jump in share count, combined with a partial price recovery into late June, brought the reported value back up to $35.2 million — still well below the Q3 2025 peak despite nearly 3 million additional shares.
State Street accumulated its record stake during one of Lucid‘s most volatile quarters as a public company.
Shares entered the period trading near $9.50 and fell through April as the EV maker disclosed a supplier quality issue in its Gravity SUV that halted deliveries for 29 days.
The stock hit a then-record low of $5.11 on June 5 before recovering to close the quarter at $6.69 — a decline of about 30% from April 1.
The sell-off deepened after the quarter ended.
Lucid shares reached a fresh all-time low of $2.37 on July 14, then rebounded sharply later that month — touching $8.00 — after Saudi Prince Alwaleed bin Talal disclosed a 5% stake valued at approximately $126 million.
As of press time — 35 minutes into Monday’s market session — Lucid shares were trading 8.2% lower at $6.46.
Lucid’s Institutional Ownership
Lucid‘s institutional ownership remains dominated by Saudi-linked capital.
Saudi Arabia’s Public Investment Fund, through its wholly owned Ayar Third Investment Company, reported ownership of about 280,992,324 shares as of late April — about 56.85% of issued and outstanding common stock.
Prince Alwaleed’s 19,513,000-share position, disclosed on July 28 through a Schedule 13G, sits behind PIF and Uber but ahead of any single institutional fund.
Alwaleed is not part of PIF, though the sovereign fund holds a 16.87% stake in Kingdom Holding Company, which the prince founded and chairs.
Uber holds 37,753,583 Class A shares following a $200 million follow-on investment in April that brought its total commitment to $500 million and expanded its robotaxi order to at least 35,000 vehicles.
