When Alexander Green of The Oxford Club talks about a “Secret Backdoor to the REAL #1 Tech IPO of 2026,” the backdoor he means is a single ticker: VCX, the listed version of the Fundrise Innovation Fund. Fundrise, best known for letting small investors pool money into real estate, launched a venture-focused fund that then listed as a closed-end fund on March 19, 2026 at a net asset value near $19 per share. That listing is the mechanism behind Green’s entire Anthropic pitch.
What the Listing Changed
Before the listing, the Fundrise Innovation Fund was a private vehicle with limited entry and exit. Once it listed as a closed-end fund under the ticker VCX, its shares could be bought and sold on any brokerage, the same way you would trade a stock or an exchange-traded fund. That is the core of the “backdoor” framing: an investor who cannot buy Anthropic directly, because Anthropic is still private, can instead buy a fund whose top holdings include Anthropic, Databricks, and OpenAI.
Green’s thesis is that the real technology event of 2026 is the Anthropic initial public offering, and he ties it to a September 29, 2026 announcement clock. Anthropic, the company behind Claude, grew revenue from about $1 billion in early 2025 to roughly $11.5 billion per quarter, an annualized run-rate near $65 billion as of July, according to Bloomberg. With numbers like that, a listed fund holding Anthropic becomes a way for retail money to get positioned before the IPO.
Premiums and Net Asset Value
The catch with VCX is the same catch that applies to most closed-end funds holding scarce private assets: the market price can diverge sharply from the net asset value of the underlying holdings. After listing near $19, the fund’s estimated net asset value has been pegged around $25 to $30, yet the shares have traded near $41, a premium of 30 to 40 percent. The fund also touched $200 earlier in the spring, roughly ten times net asset value, before a lockup expiry brought that spike back down.
That history matters. A closed-end fund premium is not a permanent feature. It can compress when lockups expire, when underlying companies go public, or when sentiment cools. An investor who buys VCX at a 30 to 40 percent premium is paying more than the portfolio is worth, betting that Anthropic’s IPO will be large enough to justify the markup. We cover the mechanics of the underlying Anthropic opportunity in our piece on Anthropic’s Mythos model and its significance.
How Green Uses the Fund
Green’s pitch is consistent with how The Oxford Club has approached opportunity in the past. He argues that the “real #1 tech IPO” is Anthropic, not the more heavily hyped listings, and that VCX is the practical way for a retail investor to participate early. The club’s track record includes being early and correct on large-cap technology, with a cited Marvell Technology gain of roughly 800 percent, so the framing is grounded in a real history of calling tech winners.
For more on the publisher behind the pitch and how its research services work, see our Oxford Club publisher profile.
The listing of VCX is a genuinely useful development: it put Anthropic, Databricks, and OpenAI within reach of any brokerage account. The question for investors is not whether the fund is real, but whether the premium you pay today is a fair price for access that may become cheaper once the IPO actually arrives.
The Freebie Alternative: Ark Venture
Green’s presentation gives away a second ticker as a freebie, and it is worth understanding because it is structured very differently from VCX. Ark Venture, the interval fund run by Cathie Wood’s Ark Invest, trades under the ticker ARKVX and holds Anthropic alongside SpaceX and OpenAI. Anthropic sits at roughly 4.3 percent of the portfolio, its fourth-largest position, just behind OpenAI.
The difference is in how the fund prices itself. VCX trades in the open market and can drift to a 30 or 40 percent premium, as it has. ARKVX is an interval fund, which means it prices at net asset value rather than at whatever premium the crowd assigns. In that sense ARKVX is a more honest reflection of what the holdings are worth. But that honesty comes with its own costs: a 2.9 percent annual fee, a $500 minimum investment, and quarterly redemption caps that typically limit withdrawals to 5 percent of the fund at a time.
So the choice between the two is really a choice about which friction you prefer. VCX asks you to pay a premium today and gives you daily liquidity. ARKVX avoids the premium but charges a higher fee and restricts how fast you can get your money back. Neither is clearly better; they simply trade one cost for another, and an investor who wants Anthropic exposure early should understand both before choosing.
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