Fund Investing in Anthropic, SpaceX Jumps 10x as Retail Investors Chase AI Unicorn Frenzy

A newly listed venture-style fund holding stakes in high-profile private companies such as Anthropic, SpaceX and OpenAI has surged dramatically in its first days of trading, as retail investors pile in to gain exposure to coveted pre-IPO tech names.

The Fundrise Innovation Fund, trading under the ticker VCX, has skyrocketed from its $31.25 opening price to around $380 within just five trading days, triggering volatility halts and echoing the dynamics of the meme-stock era. The rally has pushed the fund to trade more than 20 times above its net asset value, which stood at roughly $18–19 per share as of February.

The core appeal of VCX is straightforward: it offers public market investors rare access to private, late-stage technology companies that are typically reserved for top-tier venture capital firms. Its portfolio includes significant stakes in AI firm Anthropic, which accounts for over 20% of net assets, alongside holdings in OpenAI, Databricks, Anduril, SpaceX, and Epic Games. These companies are widely viewed as potential IPO candidates, further fueling speculative demand.

To complement this, SpaceX is reportedly aiming to file for an IPO as soon as this week, with a valuation exceeding $1.75 trillion. Meanwhile, Anthropic is widely rumored to go public, with reports suggesting a potential IPO as early as 2026 or 2027, and a current valuation of around $380 billion.

Investor enthusiasm has been amplified by recent developments, including Anthropic's launch of new AI agent technology, reinforcing optimism around the sector's growth trajectory. Fundrise CEO Ben Miller has positioned the vehicle as a "public venture capital" platform, designed to democratize access to next-generation technology investments as more companies choose to remain private for longer periods.

Structural factors have also contributed to the price spike. The majority of VCX shares are subject to a six-month lockup period for pre-IPO investors, significantly limiting the available float. Only a small portion of shares is currently tradable, allowing prices to be bid up aggressively. Notably, a subset of early investors who acquired limited allocations through the Fundrise platform—capped at $10,000—are not subject to the lockup and are among the few able to realize profits at current levels.

The fund currently manages approximately $679 million in assets, with more than 100,000 investors. Over 10% of its shares are not locked up, according to company disclosures.

Despite the excitement, history suggests caution. Similar vehicles have experienced sharp boom-and-bust cycles. Destiny Tech100, a closed-end fund with heavy exposure to SpaceX, saw its shares surge after its 2024 debut, only to later fall to roughly a quarter of its peak value. Meanwhile, a comparable fund launched by Robinhood this month failed to generate similar enthusiasm and has traded below its listing price.

The key question now is whether VCX's explosive rally reflects genuine conviction in the future valuations of its underlying holdings—or simply a speculative frenzy that could unwind once lockup restrictions expire and more shares hit the market.