Two valuation numbers that pull in opposite directions

There are really two valuations at play in Alexander Green’s “Secret Backdoor to the REAL #1 Tech IPO of 2026” pitch, and they point in different directions. The first is the $2 trillion IPO target Green floats for Anthropic, the AI company behind Claude. The second is the premium baked into Fundrise Venture, the closed-end fund trading under the ticker VCX that Green recommends as the backdoor way to own Anthropic before it goes public. One is an aspiration, and the other is a price you actually have to pay today.

Anthropic’s growth makes the $2 trillion figure at least debatable. Revenue climbed from roughly $1 billion in early 2025 to $11.5 billion in a single quarter, and Bloomberg reported a $65 billion annualized run-rate by the end of July. A $2 trillion valuation on a $65 billion run-rate implies roughly a 30-times-sales multiple, aggressive but not absurd for a company still compounding this fast. Our AI valuations explainer lays out that math.

The premium inside VCX is the real cost

The problem is that most retail investors cannot buy Anthropic directly, so the practical exposure flows through funds like VCX, and that is where the valuation gets tricky. Fundrise Venture listed on March 19, 2026 at roughly $19 net asset value, and its top holdings are Anthropic, Databricks, and OpenAI, with Anthropic the largest by a wide margin. The fund’s net asset value today is estimated at $25 to $30, but the shares trade around $41.

That gap is a 30 to 40 percent premium, and it is the single most important number in the whole trade. When you buy VCX at $41, you are paying more than the underlying assets are worth because the market is pricing in scarcity and enthusiasm for Anthropic. Earlier this spring the shares hit $200, roughly ten times NAV, before lockup expirations dragged them back. A premium that wide is not a permanent feature of a closed-end fund. It compresses when the excitement cools, and it can compress even if Anthropic itself keeps performing well.

Why a strong IPO might not rescue the premium

This is the counterintuitive part. A strong Anthropic IPO could be a non-event, or even a negative, for people who bought VCX at a big premium. If Anthropic goes public at a rich valuation and the market celebrates, the value of the shares VCX holds goes up. But if the IPO removes the scarcity that was driving the premium in the first place, the gap between VCX’s price and its net asset value can narrow at the same time, leaving shareholders roughly flat despite owning a winner. The premium you pay is a separate bet from the company’s success.

The same logic shows up in every closed-end fund that holds a hot private asset. The asset can appreciate and the shareholder can still lose if they overpaid for the wrapper. Our Anthropic stock guide walks through the two fund options side by side, including the Ark Venture alternative that prices at net asset value instead of a premium.

The measured way in

The honest takeaway is that Anthropic’s underlying valuation may be justified by its growth, but the premium on VCX is a separate, controllable risk. Waiting for that premium to compress, or starting with a small position rather than a full allocation, are both more disciplined ways to participate than paying $41 for roughly $28 of net asset value. Green’s idea, giving retail investors access to Anthropic, Databricks, and OpenAI, is a good one. The execution depends entirely on the price you accept.

How Anthropic’s multiple compares

To judge whether a 30-times-sales figure is reasonable, it helps to look at what the market pays for other fast-growing AI businesses. The most valuable public software companies rarely hold multiples that high for long, and the ones that do are usually growing even faster than the multiple implies. Anthropic’s case rests on the revenue per employee, near $8 million and trending toward $9 million, which is exceptional, and on a business mix weighted toward paying enterprise customers rather than free users. Those are real supports for a rich valuation, but they are supports, not guarantees.

Other exposure and its own premium

The premium problem extends beyond VCX. SK Telecom, trading as SKM, carries an Anthropic stake bought for about $100 million that may now be worth more than $2 billion, and the Destiny Tech100 Fund, trading as DXYZ, plus the KraneShares Public-Private AI & Technology ETF, under the ticker AGIX with roughly 2 percent, each layer their own cost on top. Whatever vehicle you choose, the valuation math is the same: figure out what the underlying assets are worth, then figure out what you are paying on top, and make the two numbers the basis of the decision.

Ready to see the research? Click here to access Alexander Green’s report.

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