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Following the failed launch of the ASTS satellite, where do space-related stocks go from here?
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Can ordinary investors get instant exposure to Anthropic and SpaceX? This ETF surged 10x in 4 days—analyzing its value proposition and risks.

Recently, a newly listed closed-end fund has completely ignited the market — $Fundrise Innovation Fund (VCX.US)$ Within just four trading days of its IPO, the stock price has surged nearly 10 times from its IPO price of $31.25!
Recently, a newly listed closed-end fund has completely ignited the market — $Fundrise Innovation Fund (VCX.US)$ Within just four trading days of its IPO, the stock price has surged nearly 10 times from its IPO price of $31.25! Amidst the extreme market frenzy, many fellow investors may be tempted but still have prudent questions: What’s the underlying logic of this new fund? What are the key highlights of its core assets? And at its current valuation, does it still offer investment value? Today, we will conduct an in-depth analysis of this “unicorn” fund that has been heavily speculated by investors. What’s the background of this fund? Why is it being heavily speculated? The core reason behind the fund's secondary market frenzy lies in its ability to break down barriers of capital and information. Through the structure of a publicly listed fund, it opens doors for ordinary investors to access rare opportunities like Anthropic, OpenAI, and SpaceX, which were previously only available to top-tier venture capitalists. Fundrise CEO Ben Miller stated during the IPO period that, as many of the most innovative companies in the tech industry are choosing to remain private for longer,VCX provides all investors with an opportunity to invest in the next generation of cutting-edge technology companies. In short: What you can't buy is the best. Ordinary investors are extremely...
Amidst the extreme market frenzy, many fellow investors may be tempted but still have prudent questions: What’s the underlying logic of this new fund? What are the key highlights of its core assets? And at its current valuation, does it still offer investment value?
Today, we will conduct an in-depth analysis of this “unicorn” fund that has been heavily speculated by investors.
What’s the background of this fund? Why is it being heavily speculated?
The core reason behind the fund's secondary market frenzy lies in its ability to break down barriers of capital and information. Through the structure of a publicly listed fund, it opens doors for ordinary investors to access rare opportunities like Anthropic, OpenAI, and SpaceX, which were previously only available to top-tier venture capitalists.
Fundrise CEO Ben Miller stated during the IPO period that, as many of the most innovative companies in the tech industry are choosing to remain private for longer,VCX provides all investors with an opportunity to invest in the next generation of cutting-edge technology companies.
In short: The best investments are often those you can't easily buy. The extreme hunger of ordinary investors for these unlisted super unicorns directly fueled the market sentiment.
Core Asset Breakdown: A High-Value 'Trump Card'
According to the fund's official website, the largest holding of the Fundrise Innovation Fund is Anthropic, accounting for 20.7%. Data analytics software company Databricks and OpenAI account for 17.7% and 9.9%, respectively. Defense AI startup Anduril, private space giant SpaceX, and gaming platform Epic Games are also among the top ten holdings.
Recently, a newly listed closed-end fund has completely ignited the market — $Fundrise Innovation Fund (VCX.US)$ Within just four trading days of its IPO, the stock price has surged nearly 10 times from its IPO price of $31.25! Amidst the extreme market frenzy, many fellow investors may be tempted but still have prudent questions: What’s the underlying logic of this new fund? What are the key highlights of its core assets? And at its current valuation, does it still offer investment value? Today, we will conduct an in-depth analysis of this “unicorn” fund that has been heavily speculated by investors. What’s the background of this fund? Why is it being heavily speculated? The core reason behind the fund's secondary market frenzy lies in its ability to break down barriers of capital and information. Through the structure of a publicly listed fund, it opens doors for ordinary investors to access rare opportunities like Anthropic, OpenAI, and SpaceX, which were previously only available to top-tier venture capitalists. Fundrise CEO Ben Miller stated during the IPO period that, as many of the most innovative companies in the tech industry are choosing to remain private for longer,VCX provides all investors with an opportunity to invest in the next generation of cutting-edge technology companies. In short: What you can't buy is the best. Ordinary investors are extremely...
By examining its top ten major holdings (which together account for over 75%), we can clearly see the fund’s strategic focus:Highly concentrated in AI large models, data infrastructure, physical AI, defense and commercial space, as well as the next-generation SaaS ecosystem.
I. AGI and Large Language Model Powerhouses (30.6%)
The fund has placed a heavy bet on foundational generative AI models, with highly targeted allocations:
Top 1: Anthropic (20.7%) — As the strongest current competitor to OpenAI, Anthropic has gained strong support from Amazon and Google due to its security compliance advantages in the enterprise market and the robust logical capabilities of its Claude series models. Its position as the largest holding reflects the fund's confidence in B2B commercialization.
Top 3: OpenAI (9.9%) — The industry's absolute pioneer and trendsetter. Although its allocation is smaller than Anthropic’s, OpenAI remains an indispensable cornerstone in the AI race thanks to its dominance in the C-end market and deep integration with Microsoft.
II. The "Water Sellers" of the AI Era: Data Infrastructure (20.5% share)
Without high-quality data, there is no high-IQ AI. In addition to computing power, the fund has heavily invested in the core hub of data flow:
Top 2: Databricks (17.7%) — The absolute leader in global data lakehouses (Data Lakehouse). When enterprises train and fine-tune proprietary large models, Databricks provides the foundational platform for data cleaning, storage, and computation, making it the most reliable 'water seller' logic in the AI era.
Top 9: dbt (Fivetran) (2.8%) — A core component of the modern data stack. It solves the problem of extracting and transforming massive amounts of enterprise data, forming a perfect upstream-downstream data ecosystem loop with Databricks.
III. Physical AI, Defense, and Commercial Spaceflight (14.9% share)
This is the segment of the asset portfolio with the most geopolitical and macro-strategic foresight — the hard technology where AI extends into the physical world:
Top 4: Anduril (6.9%) — A new defense technology company disrupting traditional military giants. Specializing in software-defined weapons, autonomous drone swarms, and AI battlefield awareness systems, it has secured numerous defense contracts under the current macro-geopolitical environment.
Top 6: SpaceX (5.0%) —— The dominant force in commercial aerospace. Not only does it hold a monopoly on Falcon 9 launches and future expectations for Starship, but its Starlink business also provides an incredibly strong global cash flow.
Top 8: Flock Safety (3.0%) —— AI-based physical security and license plate recognition system that combines hardware sensors with cloud AI computing power, deeply involved in the public safety infrastructure of smart cities across the U.S.
IV. B2B SaaS and Digital Native Economy (Accounting for 10.5%)
Top 5: Ramp (5.1%) —— A highly explosive next-generation Fintech unicorn. Using AI to reinvent corporate expense management and corporate credit card services, with an exceptional product experience and automated financial workflows, it is rapidly eating into the market share of traditional financial institutions.
Top 7: Epic Games (3.5%) —— Parent company of Unreal Engine. Unreal Engine is not only the cornerstone of top-tier game development but also an essential underlying technology for building digital twins, autonomous driving simulation testing, and 3D rendering in the future.
Top 10: Vanta (1.9%)—— Automated compliance platforms (such as automatically completing SOC 2 certification) have demonstrated extremely high ARR (Annual Recurring Revenue) growth in today's increasingly stringent B2B software data security requirements.
Risk Pricing Behind the Frenzy: Is it Reasonable to Chase the Upside Now?
From the perspective of underlying assets, this is undoubtedly a flawless 'trump card.' However, in the secondary market, the pricing of good assets often matters more than the assets themselves. At this point of making a rush investment, we need to be highly vigilant about the following three core risks:
Extreme valuation premium (Premium to NAV): This is currently the most fatal risk. According to official website information, Fundrise Innovation Fund’s net asset value (NAV) per share as of February this year was only $18.26. This means that the secondary market has already given companies like Anthropic and SpaceX an astonishing '17x premium.'
Investors are essentially paying a hefty emotional premium for 'future IPO expectations.' Once macro liquidity tightens or the AI theme cools down, a pullback in premium will lead to a sharp correction in valuation.
Recently, a newly listed closed-end fund has completely ignited the market — $Fundrise Innovation Fund (VCX.US)$ Within just four trading days of its IPO, the stock price has surged nearly 10 times from its IPO price of $31.25! Amidst the extreme market frenzy, many fellow investors may be tempted but still have prudent questions: What’s the underlying logic of this new fund? What are the key highlights of its core assets? And at its current valuation, does it still offer investment value? Today, we will conduct an in-depth analysis of this “unicorn” fund that has been heavily speculated by investors. What’s the background of this fund? Why is it being heavily speculated? The core reason behind the fund's secondary market frenzy lies in its ability to break down barriers of capital and information. Through the structure of a publicly listed fund, it opens doors for ordinary investors to access rare opportunities like Anthropic, OpenAI, and SpaceX, which were previously only available to top-tier venture capitalists. Fundrise CEO Ben Miller stated during the IPO period that, as many of the most innovative companies in the tech industry are choosing to remain private for longer,VCX provides all investors with an opportunity to invest in the next generation of cutting-edge technology companies. In short: What you can't buy is the best. Ordinary investors are extremely...
‘Lagging Pricing’ and Liquidity Discounts in the Primary Market:Valuation updates for private companies are typically lagging. If a company's actual business deteriorates, the fund's book value cannot reflect that promptly. Meanwhile, non-listed shares lack liquidity, and if the fund faces large-scale redemptions, it could easily encounter a run-on-the-bank situation.
Highly concentrated holdings: The top two holdings (Anthropic and Databricks) account for nearly 40%, meaning the fund's net asset value will exhibit highly elastic resonance with these two companies' subsequent financing valuations and commercialization progress.
Summary
For investors optimistic about the global top technology cycle, this fund indeed provides a convenient channel to gain exposure to 'AGI + Data Infrastructure + Commercial Space' with a single investment, offering strong strategic allocation value. However, as a seasoned trader, patiently waiting for market sentiment to cool and the premium rate to converge to a reasonable range might be a more prudent strategy for building positions.
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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