August OpenAI purchase
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The August 28 filing reports a $150.0M purchase on 2026-08-13, paid from existing cash. The purchase price and units were not disclosed. This page now uses the same holding records, entry-price assumptions and unit calculation as AI Per $.
ESTIMATED
The default is the June preferred mark, used as a proxy for August common shares. The ±25% choices are sensitivity assumptions, not observed transaction quotes. Common/preferred parity is assumed. Change OpenAI PPS in the table to value both equity lots; changing that mark leaves the estimated purchase units fixed.
Estimated August units: 217,867.03 · June filed units: 50,895
August position: $150,000,000 · Gain / loss versus cost: $0 ($0.00 per DXYZ share, before ATM).
Cash moved into investments: $169.0M, including $15M Fluidstack and $4M Boom held at cost. June cash less these purchases is shown below; other cash movements and later valuation changes are unknown.
Mixed dates: holdings include the August 13 purchase, but the ATM history ends 2026-07-09. Later issuance and expenses are not covered by that history.
Changelog:
• October 1, 2026 — Added a collapsed holdings chart wall: default-mark treemap and Notice.co two-year charts captured that day. The tiles do not follow the PPS sliders.
• September 16, 2026 — Anthropic and OpenAI Box 1 rows now show implied enterprise value ($T) from PPS × the same estimated FD denominator as /ai. Type 1.2 to mark OpenAI at $1.2T; a new primary may issue shares this identity does not model.
• September 5, 2026 — August OpenAI units now use the shared AI Per $ model with adjustable entry price. Both OpenAI equity lots respond to PPS; purchase costs reduce cash once. Fluidstack and Boom subsequent purchases are held at cost. June snapshot remains reproducible.
• August 30, 2026 — Baseline rolled to the June 30, 2026 N-CSRS (filed Aug 28) and NPORT-P. Filed shares 47,657,338, net assets $1,634,830,252, printed NAV $34.30. Anthropic, OpenAI equity, and SpaceX move to filed unit counts with per-SPV carry. ATM remaining capacity is no longer shown as a leftover $1B. August 2026 below-NAV repurchase program noted beside the ATM.
• August 28, 2026 — Baseline rolled to the Aug 28 424B3 (Supplement No. 1): NAV $34.30 and ~$1.64B portfolio as of June 30, 2026. Anthropic 14.4% ($236.2M), OpenAI equity 2.1% ($34.4M), SpaceX 10.5%. Filed Q2 ATM of 17,191,674 shares is inside the baseline; the issuance bridge now estimates only from July 1. Stated ATM wavg $34.25 does not reconcile to stated net proceeds $715.4M — both stored as printed. Subsequent $150M OpenAI purchase (Aug 13) is a mix shift from cash already in June 30 NAV.
• August 20, 2026 — SpaceX Box 1 now uses post-split shares (177,992 N-CSR × 5-for-1 = 889,960) and the live Yahoo SPCX quote from the shared /api/prices cache. Split effective May 4, 2026 per SpaceX 424B4, after the March 31 N-PORT and before the June IPO.
• July 9, 2026 (calibration refinement) — Capped the inferred Apr 1–May 21 issuance proceeds at the original $1B ATM program's filed remainder (~$429M gross: $1B less $327.1M of 2025 sales per the N-CSR and $244.2M of Q1 sales per the 424B3), deriving a ~$39 effective average price instead of the $46.23 close-VWAP — the new $1B prospectus is dated May 26, so the old shelf was the only capacity available. Commission default recalibrated to 1.0% from the audited 2025 gross-vs-net (~0.95% effective). Sensitivity high bound raised to 16.4%, the filed Aug–Sep 2025 issuance pace. Added the next filed NAV checkpoint (June 30 N-PORT, due ~Aug 29).
• July 9, 2026 — Added the ATM Issuance Bridge. Reconciled the March 31 baseline to filed net assets ($742.5M portfolio + $5.9M other net assets = $748.36M per the NPORT-P), correcting implied shares outstanding from 30.23M to ~30.47M. Added Filed Only / Calibrated Estimate / Custom modes that estimate post-March ATM share issuance: Apr 1–May 21 shares (~10.90M) inferred from the May 26 424B5 share count, post-May-26 issuance modeled daily from Yahoo price/volume history at a calibrated ~8.3% volume-participation rate, capped at $1B gross capacity, with no issuance on days at or below rolling NAV. Commission, participation, capacity, premium threshold, expense drag, and as-of date are adjustable. Every figure is labeled Filed, Inferred, or Estimated.
• June 15, 2026 — Updated the baseline NAV math to reconcile with DXYZ's March 31, 2026 SEC disclosures: $24.56 NAV per share, approximately $742.5M of portfolio value, March 31 portfolio weights, and an implied 30.23M share count. Added real-time DXYZ market price fetching from Yahoo Finance via the shared price API.
Sources & Methodology:
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Baseline NAV: Printed $34.30 per share as of June 30, 2026, per the
N-CSRS filed Aug 28, 2026. Net assets $1,634,830,252 on 47,657,338 shares (exact NAV $34.30385). NPORT-P TNA is $1,634,830,251.28.
• Portfolio: Investments at fair value $1,640,039,144 (cost $1,347,802,540). Money market $939,712,701 (57.48% of net assets). Other assets less liabilities −$5,208,892.
• Valuation method: N-CSRS Level 3 table. Anthropic + OpenAI equity + PPUs ($278,448,755) use volume-weighted average transaction prices, index prices, and recent transaction price ($589.00–$766.76, avg $651.51). The three SpaceX SPVs ($173,061,170) use quoted underlying share price adjusted for SPV carried interest and Unit Parity. Announced primary rounds are not an input. At March 31 Anthropic was marked $347.35/unit on the same 386,088 units — above Series G and below the later Series H announcement.
•
Unit counts: NPORT-P
balance / N-CSRS units are share-equivalents of the underlying company (footnotes (f)–(i)).
June 30 NPORT-P XML.
• SpaceX (SPCX): 675,675 + 214,285 + 142,425 units (already post 5-for-1 Unit Parity; do not multiply by 5 again). MWAM VC SpaceX-II carries 10% incentive; SpaceX I and Snowpoint 2.6 carry 0%. Live Yahoo SPCX via /api/prices. 3/31 balances 135,135 / 42,857 / 28,486 must be split-adjusted for any historical series.
• Outstanding Shares: Filed 47,657,338 = 30,465,664 (12/31/2025 21,976,305 + Q1 ATM 8,489,359) + Q2 ATM 17,191,674.
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Q2 ATM (filed, already in baseline): 17,191,674 shares at a stated weighted average of $34.25 for stated net proceeds of $715.4M, April 1–June 30, per the
Aug 28 424B3. Stated wavg × shares does not equal stated net proceeds; both figures are stored as printed.
• H1 ATM: 25,681,033 shares at a $37.57 weighted average; proceeds $959.6M after commissions (N-CSRS Note 4).
• ATM capacity: Original $1B shelf (File 333-278734) through 2025 and Q1. New shelf 333-296212 (effective 2026-05-26) authorizes an indeterminate amount — there is no filed remaining-capacity dollar figure. Post–June 30 simulation uses the May 26 424B5 $1B illustration as a modeling cap only. Jefferies commission up to 3.0%.
•
Share repurchase: In 2026-08 the Board approved repurchases of common stock at prices below then-current NAV, discretionary as to size and timing (
N-CSRS subsequent events). Presented next to the open ATM; neither is treated as dominant.
• Post-June 30 Issuance (estimated): Modeled daily from July 1 as a fixed share of Yahoo Finance trading volume (calibrated from filed Q2 shares ÷ Apr–Jun volume), issuing only on days above rolling pro forma NAV. Estimated, not company reported.
• Implied EV: Anthropic and OpenAI PPS × estimated fully diluted shares from data/capitalization.json (same defaults as /ai: $965B and $852B last primaries ÷ June DXYZ unit marks). Dilution is 0 on this page. This is not a filed cap table. A new primary may issue shares the identity does not model.
• Subsequent events (mix shift, not new ATM): Aug 13 $150.0M additional Goanna Capital 26E (OpenAI Class A Common); Jul 16 $15.0M Magnitude FSTK / Fluidstack Series B; Aug 4 $4.0M Boom SAFE. When subsequent purchases are enabled, all $169M of costs are deducted from cash. August OpenAI uses estimated units and the same scenario PPS as June equity; Fluidstack and the new Boom SAFE are held at cost. Boom Series B-2 ($1.74M FV) is already on the June 30 schedule.