- Reports that SpaceX could file its IPO prospectus this week or next boosted proxy-demand positioning.
- Anthropic and OpenAI listing plans are also strengthening momentum.
- VCX’s concentrated exposure to private AI firms makes it one of the few public vehicles offering early positioning ahead of IPO listings.
Shares of Fundrise Innovation Fund (VCX) extended their extraordinary rally on Tuesday as investors rushed into one of the few publicly traded vehicles offering exposure to private-market leaders expected to anchor a wave of blockbuster technology listings.
VCX stock soared 64% on Tuesday, pushing its cumulative gains to more than 2,500% since its listing last Thursday.
Destiny Tech100 (DXYZ), another public-market vehicle offering exposure to private AI leader Anthropic, also rose more than 7% in after-hours trading.
SpaceX IPO Filing Timeline Sparks Proxy Demand
Demand for proxy exposure accelerated after recent reports that SpaceX is preparing to file its IPO prospectus as soon as this week or next, ahead of a potential June listing expected to become the largest U.S. IPO ever.
Advisers involved in the preparation expect the offering to raise more than $75 billion, above earlier estimates of about $50 billion. The company was last valued at around $1.25 trillion following its merger with xAI and could reach roughly $1.75 trillion at listing, placing it among the largest companies in the S&P 500.
Anthropic And OpenAI Add Fuel To The AI IPO Pipeline
Momentum in VCX also reflects positioning ahead of potential listings from major AI firms expected to follow SpaceX into public markets.
Anthropic has hired IPO counsel and held preliminary discussions with investment banks ahead of a potential 2026 listing, signaling early-stage preparation for a public-market debut that some investors expect could precede that of rival OpenAI. The company also expanded its Claude assistant’s ability to open applications, navigate browsers, and complete workflow tasks.
Meanwhile, OpenAI is said to be laying the groundwork for a potential fourth-quarter listing, holding informal talks with Wall Street banks. On Tuesday, CFO Sarah Friar told CNBC that a new financing round has now expanded to more than $120 billion, potentially its final major private financing ahead of a public-market debut.
Together, SpaceX, OpenAI, and Anthropic represent over $2 trillion in combined private-market value and are widely expected to dominate the next phase of large-cap technology listings.
VCX Portfolio Offers Direct AI IPO Exposure
The newly listed closed-end fund has surged more than 1,500% above its net asset value since debuting last week, with shares trading at more than 16x its latest NAV of $18.97, highlighting strong demand for early positioning ahead of IPOs by SpaceX, Anthropic and OpenAI.
Most VCX shares acquired before Feb.20 remain subject to a six-month lockup following the listing, leaving only a relatively small portion of shares available for trading.
AI accounts for about 44% of VCX’s portfolio and data infrastructure 22.9%, with the remainder spread across fintech, aerospace, gaming, software, healthcare, proptech and about 13.6% held in cash and fixed income. Anthropic is the fund’s largest position at roughly 20.7%, followed by Databricks at 17.7%, OpenAI at 9.9%, Anduril at 6.9%, Ramp at 5.1% and SpaceX at 5%.
Since Anthropic is the fund’s single largest holding, investors have already begun estimating what a future public listing could imply for VCX’s portfolio value.
CVX’s portfolio returned about 21% over the past three months, 13% year to date and 63% over the past 12 months. Since its July 2022 inception, cumulative returns total roughly 84%, meaning a $10,000 investment would have grown to about $19,256, including $9,030 in appreciation and $225 in distributions, according to Fundrise data.
Blockbuster Listings May Pull Capital From Smaller IPOs
If SpaceX, OpenAI and Anthropic list at valuations roughly 20% above their latest funding rounds, their combined public-market debut could add more than $3 trillion to U.S. equity market capitalization, Bloomberg noted.
Vineet Jain, founder of Egnyte, said the companies could “vacuum a lot of liquidity out of the market,” reflecting concerns that capital could shift away from smaller IPO candidates and toward a handful of dominant listings, according to a Barron’s report.
Large passive funds, benchmark allocators and growth-focused portfolios typically reposition ahead of listings of huge scale, which helps explain why investors are seeking exposure through proxy vehicles before IPO pricing is finalized.
How Did Stocktwits Users React?
On Stocktwits, retail sentiment for VCX was ‘extremely bullish’ amid over a 6,000% surge in message volumes over the past week.
One user called VCX “one of those wild ones” and noted that it had surged rapidly from $120 earlier in the week to levels comparable with large-cap names such as Micron, Home Depot, or Sandisk. “The book value doesn’t add up on this. I’m wondering who else is analyzing that when you add up the value of everything they own this is inflated by about 5X but apparently retail doesn’t care.”
Another user expects VCX to “issue new shares after lock-up period ends for this to drop only 700 mil NaV.”
For updates and corrections, email newsroom[at]stocktwits[dot]com.