Another Destiny?
Let's do it again.
February 6, 2026
I owned a significant stake in Destiny Tech100 Inc (DXYZ) before it went public. I sold every share in the public market as soon as I could for a multiple of its net asset value and then disclosed why I did.
When I disclosed this short idea it was trading at ~11x book. Today it still trades for a still indefensible ~3x book. Will I ever get a chance to get pre-public shares in private equity that could pop like this on an IPO? Quite possibly right now. Here’s the opportunity. I invested in the Fundrise Innovation Fund, which was up ~44% in 2025.
It has a portfolio of 22 private names including OpenAI, Anthropic, and Anduril. You can invest in them today for 1x NAV with only limited liquidity. After shares vest in two quarters following the fund’s IPO and listing under ticker VCX, you could get both daily liquidity and a shot at a premium (possibly an indefensible and temporary one) to NAV.
March 25, 2026
The Fundrise Innovation Fund is now on the New York Stock Exchange under ticker symbol VCX.
