u/ethervariance161
▲ 28 r/FundRise
VCX is a closed end fund (CEF) of late state venture capital technology companies
| Databricks, Inc. | $95,825,000 | 21.9% |
|---|---|---|
| OpenAI Group PBC | $53,506,000 | 12.2% |
| Anthropic, PBC | $50,275,000 | 11.5% |
| Ramp Business Corp. | $27,741,000 | 6.3% |
| Epic Games, Inc. | $19,180,000 | 4.4% |
| Flock Group, Inc. | $16,239,000 | 3.7% |
| dbt Labs, Inc. | $15,000,000 | 3.4% |
| Anduril Industries, Inc. SPV | $12,793,000 | 2.9% |
| ServiceTitan, Inc. | $12,694,000 | 2.9% |
full investments found here:
https://cdn.sanity.io/files/ivaqw3e8/production/3fc96fd5b3e380f585974e6007866b2f2db2a7ae.pdf
NAV Question:
-Last reported NAV on feb 20 was at $563m USD but they did a direct listing IPO using funds from existing investors and funds from other fundrise CEFs for around 15% of existing float (5m shares @ ~$19 a share) to inject about 95m into the fund, raising the NAV to at least $658m NAV
-Current market cap is $3.90B meaning shares are trading at 5.9x net asset value (NAV)
-Due to regulations around CEF they are forced to value their shares at the last funding round
-For example when the last detailed NAV report was released in Dec 2025, anthropic's last funding round was $183B and their latest round was at 380B and they are trying to get a 900B round this week. This means that just in a quarter VCX 50m stake will 4.9x to 247m
-there is a similar story with OpenAI which went from a 300B round to a 852B round last month for a 2.8x return
Lock up question:
-85% of the float is locked up for 5 more months due to standard lock up clauses for existing investors meaning only 5m shares are actually freely trading and has daily average trading volume of 448k shares
-Other fundrise CEFs were apart of the initial IPO and have sold off (2.6m shares) most of their holdings meaning the full 5m shares issued during the IPO are freely trading (they may be selling off 1m over the next 3 weeks we will never know exactly when).
-This means fundrise has huge amount of cash in their other CEFs from the profits from getting shares at $19 and flipping them for over $120 a share on average without collapsing the price
Shorts
-VCX reached $500 a share a month ago before citron did a short when shares reach $400
https://www.fidelity.com/news/article/company-news/202603261213BENZINGAFULLNGTH51487903
-Shorts are only 149k shares out of the true float of 5m, meaning the short seller have not even taken positions yet and borrowing costs are over 98% right now from brokers.
-We won't know how many shares are truly barrow-able but my IBKR terminal notates a 15% short utilization of lend-able shares. Option volume is 4700 contracts and a Put/Call Open Interest Ratio of 1.12 is bearish
Take away
-VCX is a low float, high volatility tech tech fund that has proven that it can reach astronomical valuations due to AI hype and low float
-The stock clearly has massive momentum over the past week and insiders have mostly sold off
-There is no short pressure yet
Disclaimer
-I am long VCX
-This is not investment advice. Do your own research. Investing involves risk. Past performance does not guarantee future results
u/ethervariance161 — 8 days ago
▲ 11 r/VCX_Fundrise
VCX is a closed end fund (CEF) of late state venture capital technology companies
| Databricks, Inc. | $95,825,000 | 21.9% |
|---|---|---|
| OpenAI Group PBC | $53,506,000 | 12.2% |
| Anthropic, PBC | $50,275,000 | 11.5% |
| Ramp Business Corp. | $27,741,000 | 6.3% |
| Epic Games, Inc. | $19,180,000 | 4.4% |
| Flock Group, Inc. | $16,239,000 | 3.7% |
| dbt Labs, Inc. | $15,000,000 | 3.4% |
| Anduril Industries, Inc. SPV | $12,793,000 | 2.9% |
| ServiceTitan, Inc. | $12,694,000 | 2.9% |
full investments found here:
https://cdn.sanity.io/files/ivaqw3e8/production/3fc96fd5b3e380f585974e6007866b2f2db2a7ae.pdf
NAV Question:
-Last reported NAV on feb 20 was at $563m USD but they did a direct listing IPO using funds from existing investors and funds from other fundrise CEFs for around 15% of existing float (5m shares @ ~$19 a share) to inject about 95m into the fund, raising the NAV to at least $658m NAV
-Current market cap is $3.90B meaning shares are trading at 5.9x net asset value (NAV)
-Due to regulations around CEF they are forced to value their shares at the last funding round
-For example when the last detailed NAV report was released in Dec 2025, anthropic's last funding round was $183B and their latest round was at 380B and they are trying to get a 900B round this week. This means that just in a quarter VCX 50m stake will 4.9x to 247m
-there is a similar story with OpenAI which went from a 300B round to a 852B round last month for a 2.8x return
Lock up question:
-85% of the float is locked up for 5 more months due to standard lock up clauses for existing investors meaning only 5m shares are actually freely trading and has daily average trading volume of 448k shares
-Other fundrise CEFs were apart of the initial IPO and have sold off (2.6m shares) most of their holdings meaning the full 5m shares issued during the IPO are freely trading (they may be selling off 1m over the next 3 weeks we will never know exactly when).
-This means fundrise has huge amount of cash in their other CEFs from the profits from getting shares at $19 and flipping them for over $120 a share on average without collapsing the price
Shorts
-VCX reached $500 a share a month ago before citron did a short when shares reach $400
https://www.fidelity.com/news/article/company-news/202603261213BENZINGAFULLNGTH51487903
-Shorts are only 149k shares out of the true float of 5m, meaning the short seller have not even taken positions yet and borrowing costs are over 98% right now from brokers.
-We won't know how many shares are truly barrow-able but my IBKR terminal notates a 15% short utilization of lend-able shares. Option volume is 4700 contracts and a Put/Call Open Interest Ratio of 1.12 is bearish
Take away
-VCX is a low float, high volatility tech tech fund that has proven that it can reach astronomical valuations due to AI hype and low float
-The stock clearly has massive momentum over the past week and insiders have mostly sold off
-There is no short pressure yet
Disclaimer
-I am long VCX
-This is not investment advice. Do your own research. Investing involves risk. Past performance does not guarantee future results
u/ethervariance161 — 8 days ago
▲ 271 r/Conservative
u/ethervariance161 — 15 days ago