How's the closed-end fund holding SpaceX performing right now?
SpaceX hasn't officially made its first trade yet, so the market reference price is mainly from the grey market/pre-IPO crypto contracts:
On Hyperliquid, SpaceX pre-IPO futures are pointing around $175-$176, which is about 30% higher than the $135 IPO price, but this isn't the Nasdaq stock price.
The main closed-end/investment trust products holding SpaceX are:
1. Scottish Mortgage Investment Trust, SMT.L, a large UK investment trust
SpaceX is a core holding, making up about 19-21% of its NAV, with a holding value close to $4 billion. It fell 1.7% last week because the S&P 500 didn't adjust rules for SpaceX.
2. Destiny Tech100, DXYZ, a US-listed closed-end fund
Invested in private tech companies like Anthropic, SpaceX, OpenAI/xAI, etc. As of March 31, SpaceX accounted for 14.5% of the portfolio. This fund is very volatile, spiking about 30% in one day in May, followed by a drop of over 25% the next day.
3. Fundrise Innovation Fund, VCX
Also a product giving retail investors exposure to private tech stocks, holding Anthropic, OpenAI, SpaceX, etc. It previously surged due to expectations of SpaceX/AI IPO, then sharply corrected, having fallen about 64% from its peak and even dropped 45% in one day.
4. RIT Capital Partners, RCP.L, a London-listed investment trust
Holds SpaceX, with its SpaceX holding expected to rise to about £102.3 million by the end of 2025, becoming its eighth-largest holding.
5. Schiehallion Fund, MNTN.L
An investment trust under Baillie Gifford, focused on late-stage private companies, also reportedly holding SpaceX, though the latest exact weight isn't available.
Why is SpaceX so hot, yet some funds are dropping?
These funds aren't buying SpaceX's actual shares; they are a mix of “SpaceX exposure + fund premium/discount + liquidity + valuation update timing.” Many of these funds had already been pumped up due to expectations of the SpaceX IPO, leading to significant premiums over NAV. Once the IPO is actually priced, the market will recalibrate. If you could directly buy SPCX, why pay a high premium for an indirect fund?
Additionally, the SpaceX equity held by these funds might have lock-up periods, meaning they can't sell immediately; NAV might also be updated quarterly, not reflecting the IPO price in real-time. DXYZ, VCX, and others face issues with SPV transparency, private equity authenticity, and valuation discounts, so when they drop, they do so much harder than regular funds.
SpaceX hasn't officially made its first trade yet, so the market reference price is mainly from the grey market/pre-IPO crypto contracts:
On Hyperliquid, SpaceX pre-IPO futures are pointing around $175-$176, which is about 30% higher than the $135 IPO price, but this isn't the Nasdaq stock price.
The main closed-end/investment trust products holding SpaceX are:
1. Scottish Mortgage Investment Trust, SMT.L, a large UK investment trust
SpaceX is a core holding, making up about 19-21% of its NAV, with a holding value close to $4 billion. It fell 1.7% last week because the S&P 500 didn't adjust rules for SpaceX.
2. Destiny Tech100, DXYZ, a US-listed closed-end fund
Invested in private tech companies like Anthropic, SpaceX, OpenAI/xAI, etc. As of March 31, SpaceX accounted for 14.5% of the portfolio. This fund is very volatile, spiking about 30% in one day in May, followed by a drop of over 25% the next day.
3. Fundrise Innovation Fund, VCX
Also a product giving retail investors exposure to private tech stocks, holding Anthropic, OpenAI, SpaceX, etc. It previously surged due to expectations of SpaceX/AI IPO, then sharply corrected, having fallen about 64% from its peak and even dropped 45% in one day.
4. RIT Capital Partners, RCP.L, a London-listed investment trust
Holds SpaceX, with its SpaceX holding expected to rise to about £102.3 million by the end of 2025, becoming its eighth-largest holding.
5. Schiehallion Fund, MNTN.L
An investment trust under Baillie Gifford, focused on late-stage private companies, also reportedly holding SpaceX, though the latest exact weight isn't available.
Why is SpaceX so hot, yet some funds are dropping?
These funds aren't buying SpaceX's actual shares; they are a mix of “SpaceX exposure + fund premium/discount + liquidity + valuation update timing.” Many of these funds had already been pumped up due to expectations of the SpaceX IPO, leading to significant premiums over NAV. Once the IPO is actually priced, the market will recalibrate. If you could directly buy SPCX, why pay a high premium for an indirect fund?
Additionally, the SpaceX equity held by these funds might have lock-up periods, meaning they can't sell immediately; NAV might also be updated quarterly, not reflecting the IPO price in real-time. DXYZ, VCX, and others face issues with SPV transparency, private equity authenticity, and valuation discounts, so when they drop, they do so much harder than regular funds.