- VCX jumped over 300% on its debut and has extended gains across its first three trading sessions.
- The fund invested in Erebor Bank, a startup-focused lender formed after the 2023 collapse of Silicon Valley Bank to serve venture-backed technology firms.
- VCX provides retail investors access to private tech firms, including SpaceX, OpenAI, Anthropic and Databricks through a publicly listed venture-style structure.
Shares of Fundrise Innovation Fund (VCX), a public vehicle offering retail exposure to private technology companies, including SpaceX and OpenAI, have surged nearly 1,500% since listing and are drawing fresh attention after the fund invested in a startup-focused lender formed following the 2023 collapse of Silicon Valley Bank.
VCX was listed on the New York Stock Exchange last Thursday and has gained in all three trading sessions since. Shares surged more than 300% on the first day of trading and have more than doubled over the following two sessions.
VCX Backs Palmer Luckey’s Erebor Bank
VCX said it has invested in Erebor Bank, a newly chartered national lender built to serve startups, technology companies, and venture investors that historically relied on Silicon Valley Bank.
Founded by Palmer Luckey, co-founder of Oculus VR and Anduril Industries, Erebor plans to offer credit lines backed by crypto or private securities as well as loans for AI chips and other infrastructure tailored to venture-backed firms.
The bank received conditional regulatory approval in October 2025 and was granted a national charter in February 2026, with deposits insured by the Federal Deposit Insurance Corporation. Investors include Founders Fund, Andreessen Horowitz, Lux Capital and 8VC.
VCX Debuts As Public Venture Capital Fund
The listing marked one of the first large public venture capital vehicles available to everyday investors on the New York Stock Exchange, with more than 100,000 existing investors and initial assets under management exceeding $650 million.
Launched in July 2022, it carries an annual management fee of 1.85% and was initially filed with the U.S. Securities and Exchange Commission (SEC) in 2021 as one of the first large public venture capital structures designed for individual investors. Fundrise has positioned the vehicle as a way to provide access to companies that are staying private longer, limiting exposure through traditional public equity markets.
VCX Returns Boost Retail Appeal Amid Tilt Toward Private AI
The portfolio is heavily concentrated in AI and data infrastructure companies. AI makes up about 43.8% of the portfolio and data infrastructure 22.9%, with the remainder spread across fintech, aerospace, gaming, software, healthcare, proptech, and about 13.6% in cash and fixed income.
| Company | Portfolio Weight |
| Anthropic | 20.70% |
| Databricks | 17.70% |
| OpenAI | 9.90% |
| Anduril Industries | 6.90% |
| Ramp | 5.10% |
| SpaceX | 5.00% |
| Epic Games | 3.50% |
| Flock Safety | 3.00% |
| Fivetran (dbt) | 2.80% |
| Vanta | 1.90% |
VCX returned about 21% over the past three months, 13% so far this year, and 63% over the past 12 months. Since its inception in July 2022, cumulative returns total about 84%, according to Fundrise data.
A hypothetical $10,000 investment at inception would have grown to approximately $19,256 with dividend reinvestment enabled, including $9,030 in appreciation and $225 in distributions.
How Did Stocktwits Users React?
On Stocktwits, retail sentiment for VCX shifted to ‘extremely bullish’ from ‘bullish’ levels over the past week amid ‘extremely high’ message volume.
One user mocked VCX shareholders, saying, “generational bagholders. Congrats. This is worth $25 a share if I'm being generous.”
Another user said VCX “under 200 is a good entry,” and urged investors to hold the stock until mid-summer.
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