VCX, the Fundrise Growth Tech Fund that invests in promising private firms, has lost some of its recent astronomical price gains, trading lower by around 50% today.
VCX was recently listed on the NYSE as a new vehicle for anyone to invest in a portfolio of prominent private firms. Holdings include private securities in big names like Anthropic, Databricks, OpenAI, Anduril, Ramp, and SpaceX. Several of these holdings are expected to pursue an IPO at some point this year.
Shares of VCX are currently trading at $206 each, losing about $180 today. Shares peaked at around $575.
VCX shares started trading at just over $30, so the rise has been pretty incredible. At the same time, the Net Asset Value at the VCX launch was pegged at around $19, so there could be a little padding there.
There has been speculation that a limited amount of shares being available to trade, as some are in lockup, has put a squeeze on the price, driving it higher. Some anticipate that shares will settle at a much lower price.
If anything, VCX highlights the interest of smaller investors in funds holding private securities in top firms. The fund also represents a big win for Fundrise, a once single-property real estate investment platform, as it transitions to leveraging its technology to scale its offerings and the types of assets it makes available to investors.
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