On Thursday, the closed-end Fundrise Innovation Fund (VCX.US), which holds a significant stake in SpaceX, fell more than 24%. Despite the decline, the fund has still gained 819% since its initial listing and is currently priced at $291 per share. VCX is a publicly traded venture capital fund launched by Fundrise. It began trading on the New York Stock Exchange on March 19, 2026. Because it holds shares in companies like SpaceX and OpenAI, VCX has become a form of "retail venture capital," allowing individual investors to gain pre-IPO exposure to popular technology firms.

As of February 15, the fund's largest holding was Anthropic, an AI company known for its Claude model, which accounted for 20.7% of the fund's net assets. SpaceX, led by Elon Musk, represented 5.0% of the fund's net assets, ranking as its sixth-largest holding. Additionally, OpenAI, the company behind ChatGPT, made up 9.9% of the fund, while EpicGames, the developer of the game Fortnite, accounted for 3.5%.

Recent reports indicate that SpaceX plans to file its initial public offering prospectus with regulators later this week or next, targeting a stock market debut in June. Advisors involved in the preparations expect the company to seek over $75 billion in the IPO, up from a previous estimate of $50 billion. SpaceX's latest valuation stands at $125 billion, with the final fundraising amount and valuation to be determined in the weeks leading up to the IPO.