Fundrise Venture, the closed-end fund that trades under the ticker VCX, is the vehicle at the center of Alexander Green’s “Secret Backdoor to the REAL #1 Tech IPO of 2026” pitch. It is the listed version of the Fundrise Innovation Fund, and its top holdings include three of the most discussed private companies in the world: Anthropic, Databricks, and OpenAI. For an investor who wants a piece of Anthropic before its expected initial public offering, VCX is the door Green is pointing at.
What the Fund Holds
The appeal of VCX is straightforward. Anthropic, the company behind Claude, has grown 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. Its coding business grew from $500 million to $2.5 billion in five months, and it now serves more than 300,000 business customers while generating roughly $8 million in revenue per employee. Those are the numbers behind Green’s claim that Claude is “far and away the best AI on the face of the planet,” and they are the reason a fund holding Anthropic commands attention.
The fund’s other core positions matter too. Databricks is a leader in enterprise data infrastructure, and OpenAI, the maker of ChatGPT, is the most prominent AI company in the world. A share of VCX is effectively a basket of private AI winners, which is why it became a speculative favorite the moment it listed on March 19, 2026 near a net asset value of about $19.
The Price You Actually Pay
The critical detail about VCX is the gap between its market price and its net asset value. 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 roughly 30 to 40 percent. Earlier in the spring the fund touched $200, about ten times net asset value, before a lockup expiry pulled it back to earth.
That volatility is the tell. Closed-end funds can trade far from the value of their holdings, and a premium is not guaranteed to persist. When Anthropic, Databricks, or OpenAI eventually go public, the scarcity that drives the premium can fade, and the gap between price and net asset value can narrow quickly. An investor buying VCX today is paying a markup for early access, and that markup is a real cost that a later investor may avoid.
We unpack the significance of Anthropic’s technology in our look at Anthropic’s Mythos model and the frontier AI story, which helps explain why the market is willing to pay up for any fund that holds the company.
Alternatives Worth Knowing
VCX is not the only way to reach Anthropic. Cathie Wood’s Ark Venture, an interval fund trading as ARKVX, holds Anthropic alongside SpaceX and OpenAI, and it prices at net asset value rather than at a market premium. SK Telecom, the Korean telecom that trades as SKM, holds a stake in Anthropic that was worth around $100 million originally and has since grown past $2 billion. Then there are smaller exposures through exchange-traded funds like the KraneShares Public-Private AI and Tech ETF, the Private Shares Fund, and the tech giants themselves, since Amazon and Alphabet both hold meaningful stakes in Anthropic.
For a broader view of how these AI names fit into a stock portfolio, see our guide to the best AI stocks.
VCX gives retail investors something that did not exist a year ago: a listed, brokerage-accessible way to own Anthropic, Databricks, and OpenAI in one position. Whether it is a good buy depends entirely on the premium you are asked to pay, and that number has been moving a lot since March.
What the Spring Spike Taught Us
The fund’s brief history already contains a useful lesson about premium risk. After listing near $19 in March, VCX rocketed to $200 earlier in the spring, a price that implied a valuation roughly ten times the fund’s net asset value. That spike did not last. A lockup expiry, the moment when early holders were first allowed to sell, released the pressure valve, and the shares came back down to the low-$40 range.
That sequence is a reminder that a closed-end fund premium is a sentiment number, not a fundamental one. The underlying value of Anthropic, Databricks, and OpenAI did not change tenfold and then collapse in a few weeks. What changed was the willingness of buyers to pay a scarcity markup for access to names they could not own directly. When the scarcity eased, so did the markup.
For an investor, the practical lesson is that entering a closed-end fund at a large premium means betting on two things at once: that the underlying companies are worth what you think, and that the premium will not compress before you exit. The first bet is on Anthropic’s fundamentals, which are genuinely strong. The second bet is on market psychology, which has already shown how quickly it can turn.
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