TLDR
- Fundrise Innovation Fund (VCX) has surged over 740% since its NYSE debut last Thursday at $31.25
- The fund is now trading more than 1,300% above its net asset value (NAV) of $18.97
- Anthropic is the fund’s largest holding at 21%, followed by Databricks (18%) and OpenAI (10%)
- Tuesday’s 36% jump was driven partly by news that Anthropic’s Claude launched a new browser tool
- Trading was halted multiple times due to volatility; most existing investor shares are locked up for six months
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Fundrise Innovation Fund made its NYSE debut last Thursday at $31.25 per share. Since then, VCX has become one of the most talked-about newly listed funds in the market.
By Tuesday, the stock had climbed another 36% to $261.80. That brought its total gain since listing to over 740%.
Part of Tuesday’s move was tied to news that Anthropic launched a browser tool capable of completing tasks on a user’s computer. Anthropic is VCX’s largest holding, making up 21% of the portfolio.
The fund’s net asset value (NAV) sits at $18.97 per share. Yet investors have been paying more than 13 times that price to get in. VCX is now trading more than 1,300% above NAV.
Trading was halted multiple times on Tuesday due to price volatility. This is becoming a pattern for VCX since its debut last week.
The fund launched with over 100,000 investors and more than $650 million in assets under management. It’s now one of the first and largest publicly traded venture capital funds on a major U.S. exchange.
Beyond Anthropic, the fund’s portfolio reads like a who’s who of late-stage private tech. Databricks makes up 18% of the portfolio, OpenAI sits at 10%, and Anduril accounts for 7%.
Ramp and SpaceX each represent 5% of holdings. Epic Games rounds out the top positions at 4%.
Why Investors Are Piling In
For retail investors, VCX offers something that’s been essentially out of reach: a public market ticket into some of the most closely held private tech companies in the world.
Fundrise CEO Ben Miller put it plainly at launch: “At a time when many of the tech industry’s most innovative companies are staying private longer, VCX gives anyone, regardless of net worth, the opportunity to invest in the next generation of cutting-edge technology companies.”
Miller added: “Our goal at Fundrise has always been to democratize access to private markets.”
That pitch has clearly resonated. The problem is supply. The vast majority of VCX shares are still locked up.
Lockup Agreement Keeping Supply Tight
For the roughly 100,000 investors who held the fund before its market debut, any shares acquired before February 20 cannot be sold for six months after the listing.
That restriction is keeping the float extremely thin. When demand is high and supply is locked up, prices can move in extreme ways — and that’s exactly what’s happening here.
Fundrise originally proposed becoming a publicly listed closed-end fund nearly five years after starting operations, citing a desire to create value and increase liquidity for existing investors, according to SEC filings.
VCX rose as much as 39% to $265 per share on Tuesday before settling around $261.80.
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