VCX NAV Finder

How this works in 30 seconds

The default share count of 35.9M reflects a forensic cap-table reconciliation by Reddit user Fit_Equal6932, anchored on a Fundrise platform screenshot from February 20, 2026 ($563M AUM at $18.27 NAV implying 30.82M shares) and walked forward through documented Q1 2026 events (Tech Infrastructure REIT $50M subscription, retail subscription windows, OpenAI/Anthropic/SpaceX markups). This reconciles to within a few percent of Fundrise's reported $679M pre-listing AUM. The April 24 Form 144 figure of 28.3M is the Jan 29 Schedule TO baseline and doesn't capture late retail subscriptions or the REIT block. The next authoritative disclosure will be VCX's Q1 2026 N-PORT filing (covering the March 31 snapshot), due to be filed with the SEC by late May 2026.

These positions are held through SPVs, convertible rights, or SAFEs without a clean underlying share count disclosed in the filing, so you can't mark them with a price-per-share. Instead, apply a MOIC (multiple of invested capital) — 1.0x means the position is unchanged from the 12/31 mark; 2.0x means it has doubled in value. OpenAI: The 12/31 mark implied roughly $300B valuation; today's secondary market is around $500-700B, suggesting 1.7x-2.3x. Anduril: Marked at the Series E (2023); the recent Series F was a 2-3x markup.

• May 12, 2026 — Added "¢ per $1" column to all three tables, showing how many cents of each underlying holding you get for every dollar invested in VCX at the current market price. Updated default VCX market price from $240 to $293.

• May 11, 2026 (evening update) — Updated default share count from 28.3M to 35.9M based on a forensic cap-table reconciliation by Reddit user Fit_Equal6932 (full analysis here). His walk anchors on a Fundrise platform screenshot from February 20, 2026 ($563M AUM at $18.27 NAV, implying 30.82M shares) and walks forward through documented Q1 2026 events to reconcile against Fundrise's reported $679M pre-listing AUM, arriving at ~35.9M total shares outstanding. The prior 28.3M figure from the April 24 Form 144 appears to be the January 29 Schedule TO baseline that didn't get updated for late retail subscriptions or the Tech Infrastructure REIT block. At 35.9M shares the bear case math is sharper, not softer — the per-share NAV in every scenario is lower than the prior version showed. Bloomberg's reported ~4.7M free float at listing ties closely to the ~5.1M implied by his analysis.

• May 11, 2026 (afternoon update) — Added a $100M "Pre-listing primary issuance (Jan–Mar 2026)" line to the other-holdings section. The prior version was dividing the 12/31/25 NAV by the late-April share count without accounting for the real primary issuance that occurred to platform investors between year-end and the March 19 NYSE listing. That issuance brought roughly $100M of cash into VCX at the then-published NAV of ~$19/share, and is what reconciles the year-end $437M total net assets to the ~$540M+ AUM at listing time. With this line included, the default "12/31/25 marks" scenario now produces a NAV/share close to Fundrise's own reported $19, matching the figure most outside observers reference.

• May 11, 2026 (morning update) — Updated default share count from 30.57M (estimate based on assumed post-listing ATM issuance) to 28.3M, per the Form 144 filed April 24, 2026 by Fundrise Real Estate Interval Fund. Removed the "Forward Dilution" section and the dynamic issuance-cash inputs entirely. The previous model incorrectly assumed Fundrise was conducting an at-the-market offering (ATM) that was adding cash to VCX's balance sheet and diluting per-share exposure to the underlying companies. EDGAR filings show no such primary issuance is occurring; the ~60,000 shares/day of public-market supply is instead coming from a Fundrise-affiliated entity liquidating shares it acquired in a pre-listing registered offering. This means per-share claims on Anthropic and other holdings are static, not decaying. The bear case rests on premium-to-NAV math and the September 2026 platform-investor lockup expiry rather than ongoing dilution. Default VCX market price updated from $158.98 to $240 to reflect more recent trading. Thanks to /u/CapAggravating784 on Reddit for the correction.

• May 10, 2026 — Initial publication.

• Position data: Fundrise Innovation Fund LLC, Schedule of Investments as of December 31, 2025 (unaudited), filed with the SEC. Fund formerly known as Fundrise Growth Tech Fund LLC; renamed January 20, 2026.

• Share count: ~35.9M shares outstanding per cap-table reconciliation by Reddit user Fit_Equal6932 (r/VCX_Fundrise post), anchored on a February 20, 2026 Fundrise platform snapshot ($563M AUM at $18.27 NAV) and walked forward through Q1 2026 events. The next authoritative disclosure will be VCX's Q1 2026 N-PORT filing, due to be filed with the SEC by late May 2026.

• Supply mechanics: Daily public-market sales since the NYSE listing are largely attributable to Fundrise Real Estate Interval Fund's wholly-owned subsidiary (Tech Infrastructure REIT) liquidating shares it acquired in a February 24, 2026 registered offering. This is affiliate redistribution under Rule 144, not primary issuance by VCX.

• Secondary-market price-per-share inputs: User-supplied, with defaults from Fundrise's 12/31/25 marks. Recommended sources for current pricing include Hiive, Caplight, Notice, and Forge Global.

• NYSE listing: VCX began trading on the New York Stock Exchange on March 19, 2026.