DXYZ Is The New VCX? As Investors Pile Into New SpaceX Proxy Trade, Here Are Destiny Tech100’s Top Holdings

• SpaceX accounts for about 16.2% of DXYZ’s portfolio, versus roughly 5% exposure in VCX.
• Gene Munster called SpaceX a “generational company” while warning that the first month post-IPO could see volatility driven by index buying, meme-driven optimism, and lock-up dynamics.
• Destiny Tech100 holds stakes in 32 companies and reported NAV of $19.97 per share as of Dec.31, 2025.

Shares of Destiny Tech100 (DXYZ) jumped over 15% on Wednesday, marking their best day in two months, as traders looked for the next VCX-style proxy play on SpaceX and the coming wave of mega-cap tech IPOs.

The move follows a surge in Fundrise Innovation Fund (VCX), which listed only last week and has already risen over 3,000% as investors rushed into one of the few exchange-listed vehicles offering exposure to private-market firms. 

Investors Brace For Record SpaceX IPO

SpaceX is reportedly preparing to file its IPO prospectus as soon as this week or next, ahead of a potential June debut that advisers expect could seek a valuation near $1.75 trillion.

SpaceX represents Destiny Tech100’s largest single economic exposure, at roughly 16.2% of the portfolio as of the end of last year, placing the fund at the center of investor positioning ahead of what could be the largest U.S. IPO on record.

Deepwater Management founder Gene Munster said on X that SpaceX is a “generational company” and, if investors have the luxury, one to own “for the next decade.”

He also cautioned that the early weeks following the listing “will be a gong show between index buying, meme optimism, and lock-up fears,” adding that he expects an initial spike before a pullback toward a $1.7 trillion valuation range. He noted that current shareholders are unlikely to benefit immediately from index-related inflows because of the typical 180-day lock-up period.

Pipeline Of Major Tech IPO Candidates

While SpaceX provides the most immediate catalyst, Destiny Tech100’s broader portfolio offers exposure across several late-stage private companies expected to run the next cycle of mega-cap tech listings.

The fund’s largest holdings after SpaceX include Shield AI and Databricks, each representing roughly 4% of portfolio exposure, followed by xAI, OpenEvidence and Beast Industries at about 3.5% each. Notably, SpaceX accounts for about 16.2% of Destiny Tech100’s portfolio compared with a 5% exposure in VCX.

Saxo said in a December note that Databricks, valued at over $130 billion in a 2025 funding round, sits “at the centre of the enterprise data-and-AI stack” and is widely expected to pursue an IPO this year, with CEO Ali Ghodsi saying the company could eventually become a $1 trillion business.

OpenAI, which Saxo called a “trailblazer of the generative-AI boom,” is also expected to explore a late-2026 listing, with revenue running near $20 billion annually and potential to reach about $60 billion by the end of this year.

The note also identified Stripe, one of the “most anticipated fintech IPO candidates,” alongside Revolut, which could deliver one of London’s largest technology listings in years. Crypto exchange Kraken has been preparing in secret for a possible public debut this year, following the normalization of its crypto-equity pipeline.

Destiny Tech100 also has exposure to Plaid through a single-asset SPV structured as forward contracts tied to the company’s shares, ahead of a future liquidity event.

Inside Destiny Tech100’s Portfolio Strategy

Destiny Tech100 is a closed-end investment company designed to provide exchange-listed exposure to up to 100 venture-backed technology firms. The fund currently holds stakes in 32 companies and continues to build toward its target portfolio.

Eligible companies typically must have raised at least $50 million from reputable U.S. institutional investors and meet governance and capital-structure standards associated with late-stage venture-backed businesses. The strategy includes both primary investments and secondary share purchases across multiple equity classes.

As of Dec. 31, 2025, Destiny Tech100 reported a net asset value of $19.97 per share, up 76% from the prior quarter and more than 210% from a year earlier, with a total portfolio fair value of about $434 million. The fund later added roughly $127 million in exposure through investments in Anthropic, CHAOS Industries, and Hermeus Corporation.

How Did Stocktwits Users React?

On Stocktwits, retail sentiment for DXYZ has remained ‘extremely bullish’ over the past week amid an over 2,600% surge in 24-hour message volume. The stock’s watcher base has grown nearly 40% over the past year.

Sentiment has also been reflected in Stocktwits polls, where the fund was leading the platform’s Best New Core ETF category with 62% of the vote as of March 23. In a separate poll on Best Innovation For Retail Investors, thematic ETFs were also ahead with 29%, highlighting growing interest in newer portfolio-access vehicles.

One user expects DXYZ to “30x from here if spacex ipo is next week.”

Another user noted that DXYZ “Holds more shares on spaceX than VCX !”

DXYZ stock has declined 31% over the past year.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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