NEW YORK, May 18, 2026, 04:02 EDT
Destiny Tech100 Inc. shares climbed in early premarket trading Monday after a turbulent week for the private-tech fund, which saw heavy activity on hopes for SpaceX and AI startup holdings. DXYZ was at $52.68 by 4:01 a.m. EDT, up 10.6% from its $47.62 Friday close. That’s ahead of the NYSE’s regular session, which opens at 9:30 a.m. and closes at 4 p.m. U.S. markets are open today, with the next full closure on Memorial Day, May 25.
SpaceX is drawing the focus right now. Reuters said Elon Musk’s rocket and satellite firm is planning to go public on Nasdaq, possibly as soon as June 12. The IPO could raise around $75 billion with a target valuation near $1.75 trillion, which would set a new record for the biggest market flotation.
That’s important for DXYZ. The fund is among the small number of ETFs letting retail investors get into late-stage private firms. Destiny reported in a May 12 SEC filing that its SpaceX-linked holdings, spread across multiple vehicles, made up about 14.4% of the fund. Anthropic accounted for 18.1%. OpenAI-related positions were listed under other items.
DXYZ had a wild run last week. The stock jumped 30.5% on May 11, then dropped 25.0% the next day. It lost more ground on May 14 before bouncing back 4.6% Friday. Still, DXYZ closed the week about 13% lower than the week before.
DXYZ bounced even as the broader market dropped. Nasdaq Composite slid 1.5% and S&P 500 lost 1.2% on Friday. Tech names got hit by higher oil prices and bond yields, the Associated Press said. So DXYZ’s move looked more like buyers chasing a trade-specific story than reflecting any overall market strength.
Valuing the shares isn’t simple. Destiny put its net asset value, or NAV, at $24.56 per share as of March 31. By Friday’s close, the stock finished at $47.62, nearly 1.94 times its NAV.
Destiny added new shares to the market. The company disclosed in the same filing that it sold 8.49 million shares during the first quarter through an at-the-market offering, with a weighted average price of $28.76. Destiny took in about $244.1 million in net proceeds after commissions and fees.
Another issue is the way some of the exposure is set up. Some investors hold their private-company stakes using SPVs, or special-purpose vehicles—legal entities made to collect or hold claims on assets. Anthropic put out a warning this month that certain stock sales or transfers, or even interests in its stock, would be void and not accepted. OpenAI’s public policy says no equity can be sold or transferred, even indirectly, without written approval.
Destiny founder Sohail Prasad pushed back against concern over the fund’s Anthropic holding. “This investment was made after thorough diligence of the investment structure and the underlying documentation,” he said in a statement to MarketWatch. MarketWatch
ARK Venture Fund and Scottish Mortgage Investment Trust are still the main picks for investors wanting SpaceX exposure. The group of big funds tracking SpaceX is small, but it’s in focus. Last week, Scottish Mortgage defended its SpaceX valuation ahead of the IPO that’s coming, according to the Financial Times.
SpaceX could still have a tough time if it lists, since the size of the deal leaves little margin for error. “Lots of things have to go right” when a company lists with such a high price tag, University of Florida IPO researcher Jay Ritter told Reuters. “Most of the time, things don’t go according to plan,” he said. Reuters
DXYZ faces clear risks. A SpaceX listing delay, a lower-than-expected price, or new SPV rules from OpenAI and Anthropic could shrink the fund’s premium to NAV fast. Destiny’s site notes closed-end funds may trade below NAV and SPVs can bring more fees, complexity, less liquidity, and more regulatory issues.
Traders this week are watching two things: SpaceX’s 5-for-1 stock split, which is expected to process the week of May 18 and wrap up by May 22, and any signs of public IPO filings. For now, DXYZ is still a quick-moving stand-in and isn’t a direct share of SpaceX or other private names.
