On March 19, the Fundrise Innovation Fund (VCX), which consolidates assets from Anthropic, OpenAI, and SpaceX, had a dramatic debut on the NYSE, with shares skyrocketing 1,740% from $31.25 to an intraday high of $575 within just four trading sessions. However, by March 26, following a negative report from Citron Research, shares plummeted 49% to around $270, and as of now, trading stands at approximately $130, reflecting a 585% premium to its actual net asset value (NAV) of $18.97.
Key holdings include Anthropic, projected to reach a $14 billion annual run rate by early 2026, and OpenAI, with an IPO target valuation of $1 trillion. SpaceX’s expected IPO in June 2026 could set a record valuation between $1.5 trillion and $1.75 trillion, making it the largest ever. This high demand for access to these private companies initially led to inflated valuations, but as they prepare for public offerings, the rationale for such premiums diminishes significantly.
The substantial decline in VCX’s price reflects a shift from a narrative-driven asset to a financial one, where price must align with liquidity and net asset value. The risk remains high for investors looking at pre-IPO opportunities, but alternative funds such as SuRo Capital (SSSS), Destiny Tech100 (DXYZ), and ERShares Private-Public Crossover ETF (XOVR) offer potentially more rational ways to capitalize on the impending AI IPO wave.
