I think everyone would benefit from clarity. The community deserves a statement from Fundrise to clarify where things stand. It’s very possible there’s an exception that’s applied here but management owes it to the community to provide this clarity.
Pumping due to shorts getting squeezed around the market.
Good time for puts, even they cost money this will be sub $75 bucks when lock up ends.
We are aware of individuals or investment firms offering access to Anthropic financing rounds, or offering to purchase your Anthropic shares in violation of our transfer restrictions. To be clear, the following firms are not authorized to buy or sell Anthropic shares:
- Open Door Partners
- Unicorns Exchange
- Pachamama
- Lionheart Ventures
- Hiive (new offerings)
- Forge (new offerings)
- Sydecar
- Upmarket
Any sale or transfer of Anthropic stock, or any interest in Anthropic stock, offered by these firms is void and will not be recognized on our books and records.
I'm not complaining - but wtf is going on
Any insights if fundraise planning for VCX II?
Has anyone confirmed that we are legally allowed to purchase PUTS on VCX as restricted share holders?
What the calculator does:
The fund's 12/31/25 Schedule of Investments discloses the exact share counts VCX holds in each portfolio company. For example, 357,000 shares of Anthropic, 504,000 shares of Databricks, 308,000 shares of Ramp, 30,000 shares of SpaceX, etc.
For positions held as direct shares, the calculator lets you input a current price-per-share from your preferred source (Hiive, Forge Global, Caplight, Notice all publish secondary prices and they don't always agree). For positions held through SPVs, convertibles, or SAFEs where the underlying share count isn't disclosed, you apply a MOIC multiplier instead.
The output is a marked NAV per VCX share, which you can compare to the current trading price to see the implied premium or discount.
Calculator link: https://claude.ai/public/artifacts/d2aaa415-5651-479d-852b-11a28df1a7d6
The data sources I used:
What I'm hoping for from this post:
Disclosures:
I'm not neutral on this. I'm long Anthropic via SPVs and direct co-investments, I'm long Fundrise the operating company via the secondary market, and after running this analysis I went short VCX the ticker as a wrapper-price bet. I built the calculator because I wanted to understand my own positioning, then realized it might be useful to other people running their own analysis.
If you think the math says VCX is fairly priced or undervalued, I'd genuinely like to hear that case. The whole point of sharing the tool is to find out where I'm wrong.
Not investment advice. Do your own work.
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
Tried to start a chat in the Computershare app and they directed me to call them because they ‘can’t access that stock’. I unfortunately don’t have the time to at this very moment, but I’m more than a little concerned by this…
I don’t mean to sound alarmist, but Anthropic just posted a shocking update on their website about “investment scams”. It specifically prohibits and voids any shares promised by “retail vehicles” and prohibits ownership from SPVs.
I shared the link to the article directly from anthropic above, but go to the VCX offering docs and the footer specifically notes Anthropic is held in this via a SPV…
“SPVs and retail investment funds
We do not permit special purpose vehicles (SPVs) to acquire Anthropic stock and any transfer of shares to an SPV are void under our transfer restrictions. Offers to invest in Anthropic’s past or future financing rounds through an SPV are prohibited.
We are also aware of investment funds that claim to offer indirect access to Anthropic stock. These funds often market themselves by saying something like: "You can't invest in Anthropic directly, but invest with us and we'll get access for you." These funds are most likely relying on mechanisms that attempt to circumvent our transfer restrictions. Any third party claiming to sell Anthropic shares to the general public—whether through direct sales, "forward contracts," tokenized securities, or other mechanisms—is likely either engaged in fraud or offering an investment that may have no value due to our transfer restrictions.
Invest at your own risk: if someone offers you a way to participate, even on an indirect basis, in an investment in Anthropic, assume that it is invalid.”
This is the exact blurb and it seems to be directly referencing DXYZ and VCX…
https://www.sec.gov/Archives/edgar/data/1640967/000162828026032673/rc-20260331.htm
VCX still primary driver of revenue for Rise overall. Small drag on VCX NAV with recoupment (.10 per share). VCX no longer subsidized by Rise.
IPO shares now valued at $15.90
RealAI useful life accelerated from 4 years to 1 year. AI assets depreciate fast!
Cash burn has slowed meaningfully to 5.3m per quarter from 8.4m YOY.
Continuous offering of IPO shares brings in 3.8m per quarter, so getting close to break even.
Modest rise in AUM should have Rise at break even soon.
Please correct any incorrect assumptions!
Unable to sell. Guessing I have to wait? For how long?
Here we are. It's 4/30. Transactions show completed merge out and in. Fund value shows correct in one place but not another.
Most importantly, redemption request doesn't even work.
Trash company. Trash management. Inefficient. Broken promises. Poor platform. Borderline lying.
Hello, I have invested since 2017, and I am not happy with how things are going.
I started the redemption request process, and I want to better understand the numbers.
Below are my numbers rounded up.
My account value is around $24k.
Real estate is around $10k
Private credit is around $7k
IPO is around $7k
When requesting the liquidation, it shows an estimated proceeds of $16k ($1k less than the real estate + private credit). I have Approx. penalty 0%. And it does not include any of the IPO shares.
Why am I not getting an estimated proceeds of $17k?
Hello, I invested a small amount into the innovation fund back in 2022. If I were theoretically to sell this year, would I be taxed under short term or long term gains? I'm not sure if the timer starts when the IPO happened or if it dates back to my initial investment.
I logged into my computershare account and it now says I don't have any holdings. The chat bot would not connect me to a live agent telling me I needed to be logged in, even though I was logged in. I contacted support by phone and was told this is a known issue and they don't have an estimated time to resolve. Balance information was available by phone and they will mail me a current statement. The customer service representative did make a comment about issues with shareholders attempting to sell their shares during the lockout period being a possible cause of why the shares weren't visible but this sounded odd since which one was it, it is a known issue or they removed access to prevent sales during the lockout period? Anyway, just wanted to share this experience as others may be experiencing it as well.
The apps been down for the last week or so, I saw someone else posting about it being down, but I can't find anything about why.
Just wondering if anyone here has any insights?
Anyone else also received an email from Inspira titled "Inspira Financial Fee Payment Notification"? I don't have any Inspira account directly, only via Fundrise IRA. Just received this email today saying they're going to charge me $50 for the account fee and somehow they have info about my bank account to pull the fee from (assume Fundrise just passed it onto them...?)
Reached out to Inspira support and they said this:
> The email you received is a courtesy reminder regarding your self-directed IRA annual fees, Inspira Financial (formerly Millennium Trust Company) is the custodian of your IRA which holds your Fundrise assets.
Fundrise only covers your annual fee if your account meets their requirements. You can find the details of their requirements on the Fundrise dashboard or by contacting them. As per our record, your account was not eligible for the Fundrise fee waiver program this year and you are therefore responsible for this fee.
Anyone else in the same boat and/or know more?
