VCX NAV Finder

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The default share count of 35,797,138 is the audited figure from the March 31, 2026 Annual Report. This supersedes the prior cap-table reconstruction (~35.9M) by Reddit user Fit_Equal6932, which proved highly accurate (within 0.3%). The April 24 Form 144 figure of 28.3M was indeed the stale Schedule TO baseline and did not capture late retail subscriptions or the REIT block.

• June 1, 2026 — Rebased to 3/31/26 audited annual report. Base case changed from unaudited 12/31/25 marks to the audited 3/31/26 annual report (KPMG opinion 5/30/26). The 12/31 scenario has been retired. Share count set to the audited 35,797,138 (was a ~35.9M Reddit reconstruction, which proved accurate within 0.3%). Default NAV now $678.9M / $18.97 per share (was $533.8M / $14.87). The ~$145M increase is almost entirely the Q1 2026 AI markup, concentrated in five names: Anthropic +$62M, OpenAI +$31M, Anduril +$25M, SpaceX +$20M, Flock +$7M. Anthropic and SpaceX were moved from the PPS-marked box to the MOIC box, as both are held via CIV/SPV with no look-through share count, so the prior per-share lines were structurally wrong. OpenAI was relabeled from "Convertible Rights + Partnership" to two co-investment-vehicle lots ($84.2M total). ServiceTitan (TTAN, $12.7M) was removed — no longer in the schedule; sold during the year. Theory Ventures was reclassified from a sold LP interest to an in-kind promissory note ($4.73M, 10% coupon, matures 2033). Removed the $100M synthetic "pre-listing issuance" plug and flipped the net-other line from –$27.3M to +$64.7M — the audited balance sheet already reflects post-issuance cash ($75.7M), so the bridge and the negative-liabilities assumption were double-counting / sign-wrong. New/trued-up positions include Erebor Bank ($5.0M, new), Flock Class A + Class A First SAFE (new 3/2/26 tranches), Loyal share count 680→780, Stripe marked up, MMF $26.6M→$38.3M, CMBS $66.4M→$65.8M. Premium at the default price recomputed to ~15.4x / ~1,445% (was 19.7x / 1,870%). Added two scenario presets — "Mark-to-Secondary" (Notice consensus) and "Derivative Ceiling" (Ventuals oracle) — that mark Anthropic and OpenAI to current secondary/derivative prices. Even at the Ventuals ceiling, the implied premium stays ~9x; at the Notice consensus, ~11x. Expanded the Section 02 footnote to explain how Fundrise derived the 3/31 marks (Level 3 market approach; "Market Transaction" vs "Recent Transaction") and our inferred implied valuations (Anthropic ~$350B, OpenAI ~$450–500B), and corrected the prior stale ~$300B OpenAI figure. Default price updated to $211 (premium ~11.1x / ~1,012%).

• 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 — audited Annual Report for the fiscal year ended March 31, 2026 (Report of Independent Registered Public Accounting Firm, KPMG LLP, dated May 30, 2026), Schedule of Investments and Statement of Assets & Liabilities.

• Share count: 35,797,138 shares outstanding, audited, per the Statement of Assets and Liabilities (3/31/26). Supersedes the prior cap-table reconstruction.

• 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 3/31/26 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.