New York, March 24, 2026, 11:08 EDT
Shares in the Fundrise Innovation Fund (VCX) changed hands at prices over 1,300% higher than net asset value Tuesday, marking just the fourth trading session since its NYSE debut. The venture fund, with investments in Anthropic, OpenAI, and SpaceX, saw trading repeatedly halted for volatility as prices ricocheted from $215.76 to $320. That’s after closing Monday at $191.81.
According to Bloomberg, demand from investors eager to tap into the fund’s private-company holdings played a key role. The episode highlights how a closed-end fund—where trading prices often disconnect from underlying asset value—can see its market price surge well above the portfolio when buyers outnumber sellers.
The surge came after a delayed debut. Fundrise originally targeted a listing date near March 10 but postponed, with the Iran war shaking investor sentiment. “Not a market that’s conducive to a wave of public offerings,” CEO Ben Miller told the Wall Street Journal last week. VCX ended up opening for trading on March 19. The Wall Street Journal
VCX, according to Fundrise, rolled out with over 100,000 investors onboard and about $650 million in net assets. As of Feb. 15, Anthropic, Databricks, OpenAI, Anduril, Ramp, and SpaceX topped the fund’s holdings—offering public investors a rare shot at privately held AI and tech firms.
This wasn’t a typical IPO—it went out as a direct listing, allowing current shareholders to trade instead of bringing in fresh capital. The distinction is key: per filings, a large group of investors who got in before Feb. 20 are locked up for six months post-listing, so just a thin sliver of shares can actually change hands. That’s been amplifying every swing.
On Tuesday, buyers were shelling out over 13 times the fund’s recent NAV of $18.97 per share, Investing.com data showed. VCX jumped 62.97% in a single session, with a five-day surge of 513.79%, according to TradingView.
Fundrise isn’t the only one going after that slice of the market. Robinhood rolled out its $658.4 million RVI fund on March 6, taking positions in Databricks, Ramp, and Revolut. CFO Shiv Verma told Reuters there’s still “a big gap in the market” when it comes to retail access to private assets. As for Destiny Tech100, this listed tech fund was trading at a lofty 21.53% premium to NAV on March 23. Pricey, but it’s nowhere near what VCX commands. Reuters
Still, premiums that reach these levels have a habit of reverting. Fundrise points out that closed-end funds often swing both above and below NAV. Its disclosure notes the private-company assets aren’t easy to trade and prices can lurch. A wave of selling, portfolio markdowns, or lockup expirations could drag VCX closer to its underlying asset value.
Miller made his case for VCX earlier this month, calling it a door to companies that are “staying private longer.” On Tuesday, investors showed they’re ready to pay a premium for that shot—at least as long as shares are scarce. Business Wire
