New York, May 21, 2026, 13:11 (EDT)
Destiny Tech100 Inc. surged 18.1% at midday Thursday, picking up new buyers after SpaceX’s IPO filing brought attention to one of the fund’s largest holdings. DXYZ last traded at $57.40, pulling back from a high of $58.56. The SPDR S&P 500 ETF and Invesco QQQ both edged lower.
SpaceX revealed its S-1 filing on Wednesday, putting the company on track for a Nasdaq listing with the SPCX ticker. As of March 31, Destiny’s portfolio had 14.5% economic exposure to SpaceX.
DXYZ isn’t SpaceX, it’s a closed-end fund. The shares trade on an exchange and can price above or below NAV, which is net asset value per share after subtracting liabilities. Destiny says it set up the fund to let public-market investors get exposure to private tech startups. The fund aims for a portfolio of 100 companies.
The gap is the trade here. In a May 12 prospectus supplement, Destiny Tech100 put its March 31 NAV at $24.56 a share. At midday Thursday, shares were going for about 2.3 times that. The filing also showed the fund moved 8.49 million shares from January through March with its at-the-market program, raising around $244.1 million in net proceeds.
Anthropic makes up 18.1% of the fund’s portfolio, with OpenAI at 5.8%, Destiny’s economic exposure data show. Cash and cash equivalents are 31.4%. The ticker mixes private-company stakes, cash, and fund structure, so it’s not a direct play on one IPO.
DXYZ dropped 8.5% Tuesday, then added back 0.25% Wednesday, according to Investing.com. The stock rebounded hard Thursday but stayed below its recent May 11 high near $71. It’s been a wild week for the name.
Sohail Prasad, the founder, is pitching the structure as a new way to let investors trade private names that are usually harder to access. “We made it simple,” Prasad told Reuters in 2024. ARK Invest’s Cathie Wood wasn’t convinced, calling the rival product “a much higher price point” for daily liquidity. Reuters
Retail investors have more ways in now. Fundrise promotes VCX as a public venture fund listed on the NYSE. ARK’s ARK Venture Fund, a closed-end interval fund, targets private and public companies linked to disruptive innovation.
Doubters are still speaking up. Jack Shannon at Morningstar said in 2024 that investors should “stay on the sidelines,” saying DXYZ’s “massive premium” could leave them paying too much for what’s inside the fund. Morningstar
The premium could shrink quickly if the SpaceX deal prices lower than expected, faces delays, or if DXYZ increases share sales and lifts supply. “There’s a lot of opacity” with funds like Destiny Tech100 and Fundrise Innovation, said Neena Mishra, director of ETF research at Zacks Investment Research, in comments to MarketWatch last week. She called them “very expensive.” MarketWatch
DXYZ is moving more on private-market buzz than anything else right now, trading like one of the only ways to get at that demand in public markets. For traders, what counts most in the next stretch will be SpaceX’s timeline for a possible listing, the next Destiny NAV update, and what the fund says about its private names. Broader market moves look less important for DXYZ near-term.
