New York, May 26, 2026, 14:02 (EDT)
- Destiny Tech100 shares dropped around 8% on Tuesday as the fund filed a fresh $1 billion at-the-market stock-sale prospectus.
- The stock is still trading well above the fund’s last reported net asset value, so valuation risk is still an issue.
- SpaceX IPO talk is still the focus for the market. Destiny counts SpaceX among its biggest holdings.
Destiny Tech100 Inc. shares slid on Tuesday as the private-tech fund moved to sell as much as $1 billion in common stock through Jefferies, pulling back after gaining last week on SpaceX news.
The New York-listed shares last changed hands at $61.105, off roughly 8.3%. The stock hit an intraday high of $73.74 before falling to $55.00. More than 10.9 million shares traded so far, with the ticker seeing heavy interest as a volatile retail barometer for late-stage private tech firms.
Destiny’s new filing is drawing attention because it puts more shares up for sale just as investors are working out how much the fund is worth with its stakes in SpaceX, Anthropic and OpenAI. With this at-the-market, or ATM, program, the company can drip shares into the market, not sell all at once. That can boost cash, but if the market can’t handle the extra supply, the share price can come under pressure. SEC
Destiny, in a May 26 prospectus supplement, said it could sell as much as $1 billion in stock via Jefferies. Jefferies may get commissions up to 3.0% on gross sales. The fund said any money raised would be used for investments in private technology companies and for general corporate needs. SEC
The filing has put the valuation question back in focus. Destiny listed a net asset value, or NAV, of $24.56 per share as of March 31. The stock traded at about two-and-a-half times that, even after the recent drop. SEC
Destiny told investors in the filing that its shares have been “significantly volatile” since the NYSE debut in March 2024. The company said it hasn’t seen any big changes in financials or results to justify the price swings. Destiny also cautioned that investors in the offering may lose much of their investment if the stock drops. SEC
Destiny is offering a shot at private firms through public markets, something most regular investors can’t get. The firm says it holds 36 companies in its portfolio. As of March 31, the fund’s site puts its exposure at 18.1% for Anthropic, 14.5% for SpaceX, and 5.8% for OpenAI. Destiny
SpaceX’s IPO plans are in focus after Reuters said last week the company has filed for a Nasdaq listing. The offering could raise over $75 billion with a valuation near $1.75 trillion, which would be a record debut for the market. “Largest IPO in stock market history,” Wedbush’s Dan Ives said. Reuters
Narrow but crowded competition here. ERShares Private-Public Crossover ETF was last up 0.6% at $19.65. The SPDR S&P 500 ETF Trust added 0.5%. The difference pointed to Destiny’s gains being more about its own offering and premium, and less about moves in the wider market.
But there’s a catch. If buyers keep piling into SpaceX, Destiny might hold onto its appeal for investors looking to get in before the IPO. Still, there’s risk: new share issuance, unclear private assets and Destiny’s big NAV premium all pose problems. Lukas Muehlbauer, a research associate at IPOX, told Reuters SpaceX is “so large and extraordinarily valued” that it isn’t a standard IPO case. Reuters
Destiny’s setup complicates things. The filing notes that a big slice of its investments could go through special purpose vehicles, or SPVs. These private entities hold targeted assets. SPVs can open the door to private shares that are tough to get. But investors get new risks, fee structures, and terms with them. SEC
Market focus turns to whether Destiny will tap the ATM program on rallies, and what happens to trading if more SpaceX news hits before the planned June IPO window. The fund’s private-tech exposure still draws buyers for now, but price matters.
