Limitless Podcast - VCX: The One Stock that gets you Anthropic, OpenAI, and SpaceX

Episode Date: March 26, 2026

What's behind the the meteoric rise of the Fundrise Innovation Fund? From $31 to $575 per share within a week, we uncover whether the surge is driven by genuine opportunities or market hype.��With heavy investments in AI and data infrastructure, we discuss the implications for the IPO market as excitement builds around potential listings from firms like SpaceX.------🌌 LIMITLESS HQ ⬇️NEWSLETTER:    https://limitlessft.substack.com/FOLLOW ON X:   https://x.com/LimitlessFTSPOTIFY:             https://open.spotify.com/show/5oV29YUL8AzzwXkxEXlRMQAPPLE:                 https://podcasts.apple.com/us/podcast/limitless-podcast/id1813210890RSS FEED:           https://limitlessft.substack.com/------POLYMARKET | #1 PREDICTION MARKET 🔮https://bankless.cc/polymarket-podcast------TIMESTAMPS0:00 The Strategy Behind VCX2:40 Investment Breakdown6:52 Financial Engineering Explained10:00 SpaceX IPO: What to Expect11:45 Alternatives to Fundrise Exposure15:26 The Future of AI IPOs16:41 Closing Thoughts------RESOURCESJosh: https://x.com/JoshKaleEjaaz: https://x.com/cryptopunk7213------Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures⁠

Just last week, on March 19th, a fund called VCX was listed on the New York Stock Exchange at $31 per share. Less than a week later, just this morning, it had $575. That is an 18 times gain in just five trading days. And the underlying portfolio, it's only worth about $19 per share. But those $19 include Anthropic, OpenAI, SpaceX, Databricks, and Areal. It's a 30 times premium on the actual asset. So we have to ask yourself the question. Has the market lost its mind, or is it telling us something?

Is this actually an opportunity? This story is pretty outrageous. This is the most insane IPO or direct offering story ever. This fund, Fundrise Innovation Fund, has a genius strategy. So like you said, they own Anthropic, Open Air, and a bunch of other top AI companies, but their stock actually gives you access or exposure to these underlying companies.

So if we look at some of the percentages, Anthropic, they own 20% of the fund is positioned in Anthropic. 17.7% of the fund is positioned in Databricks, 10% in OpenAI, 7% in Anderil, 5% in SpaceX. Basically, all the big hitters that are private AI companies that are, most of them actually presumed to an IPO this year, they already own and give you access to via their stock VCX. And the trajectory has been insane. Like you mentioned, they went public six days ago.

Within the first day, their stock price went from $19 to $125. Four days later, it hit $350. And then just this morning, it hit $5. $175, which values them at $19 billion, just insane. Yeah, and it's a testament to, I think, how much market demand there is for this stuff, right? Like, when you think about your dream portfolio, all of the stocks that you want to own, this is pretty much everything. It's the top AI labs.

It is the top space company. All of them, like you said, are going public. And this chart is outrageous. I mean, just this morning it hit 575. It's cooled off now to only be $3.94. We have to ask the question, is this insane? Is this a testament to what's coming for the IPO market? I guess if people are interested, how can they participate in this? There's a lot of things we need to unpack here.

So before we actually tell you how to get access to this thing, I want to break down their positions a bit more because I think their investment strategy is pretty genius. So if we look on the right side of the screen here, we have a sector breakdown. This is from their official website, which explains the reasoning behind why they bought these particular companies. 43% of the fund is invested in artificial intelligence. So that's the actual model frontier AI labs. You can find that in Anthropic. and Open AI. But then a bunch of their fund, 23% of the fund, is invested in data infrastructure. Now, data is an extremely core part of AI. If you don't have good data and if you don't have a lot of good data, you can't really train good models. You've got compute on one side and then data on the other side. So their investment in data bricks is actually super smart in that way. But then they also invested in aerospace. And it's not like a small position either. Like 5% of the fund is in aerospace. So with a $650 million nap, that's like not insignificant.

and they're choosing SpaceX, which, as we know, probably going to be IPOing as soon as potentially the next couple of months and are launching data centers into space. So they're also thinking forward as well as currently what the major AI labs are. But then there's also some interesting investments in gaming. I noticed that they have a 3.5% position in Epic Games, who just did mass layoffs at their company just yesterday. And although that's not really great news, typically when a company does layoffs, it makes them leaner and boosts. evaluation. Epic Games is still a private company, but is one of the biggest gaming IPOs that are presumed to go ahead this year. So they've really picked and chosen their companies very

strategically here. It's a good portfolio. And the price action reflects that. I think I need to instill some fomo. Again, this is not financial advice. At this point, this is just outrageous to buy into. But it is fun to look at the day by day insanity. So we can kind of evaluate how much interest there really is about this stuff. On the first day when it opened at, I think it was $31, it closed at $125. So it was already up like 300%. And then by day two, it was up to just about $200. By day three, $315. And then by day four, it hit $575 with a market cap surging well past, I think $15 billion for something that's worth just about $650 million. So you're train these things at about 30 times what they're actually worth. You're essentially spending

$575 for $19 worth of Anthropic and SpaceX and Open AI. This is crazy. So why are people doing this? Like what is the actual cause? I mean, at this point, you have to assume maybe it's just a penny stock, game stop situation where people want to just pump something. But there was some truth to this, right? It's like there has been this IPO drought that we've had over the past few years where all of these companies are creating a tremendous amount of value. Every day we talk about three companies, right? It's like, we're talking about Anthropic. We're talking about OpenAI. Google is publicly traded, but SpaceX isn't, and a lot of the companies are creating all of this value. There's trillions of dollars sitting in private assets that the public doesn't have any access to. The only

way you could do this generally is to go through a third-party vendor who sells these things called SPVs and you could buy shares within them, but it's not a real legitimate way of getting on the cap table, getting real shares. It's not great. So clearly people are desperate. This is the first real instrument that I've seen to find product market fit. There are a few others. I know ArkInvest has one. That's not publicly traded. I know you could buy into it quarterly and you get your quarterly dividends. But there are some experimentation. This very clearly is the biggest winner so far. It's a mixture of extreme and maybe treacherous financial engineering as well as desperation for the retail market to get access to these companies. It is no secret. Like Anthropic, Open AI,

SpaceX, Andrail, all these companies are. are massively drooled over by the retail market, but no one could get access into any of these companies. And the major issue with private market valuations is typically they would achieve a reasonable valuation and then IPO and give retail access. But now private valuations just keep going on and on and on. I mean, look at Uber, look at Stripe. They have remained private for years now, and their valuations are extortionate.

And we don't know if they're ever going to want to go public because they just have so much cash to spend on their existing business. So the incentive to give retail access isn't really there. But the financial engineering is kind of crazy. So only 10% of their shares are publicly available for float to purchase right now. So the market is actually pretty illiquid. For the people that, for the investors in the fund that purchase shares before the direct offering, they're kind of locked up right now. But I see that the lockup is probably around six months, which actually isn't that long.

Typically, it's like a year and then like a cliff after that. So, you know, you're going to have a lot of this shares or the float increased pretty drastically after six months. So there is a lot of financial engineering that's going on here. To your earlier point, there are some similar funds that have launched recently that are similarly structured like this. The most obvious one probably being Robin Hood's venture fund one. And if I look at that stock chart right now, I've got to pull it up, it didn't fare well after the first month. No, it did horrible. And I think the reason why is because it's missing those crown jewels, right? When you look at the portfolio, what it's made of, it has boom aerospace, it has, I believe, data bricks in there. It has really impressive companies, but it's missing the SpaceX. It's missing the Anthropic. It's missing the OpenAI. It doesn't have those companies that really everyone wants. And it seems like the world that really only wants these three things. And if you don't have that included, you're not going to get reward for it. And that's what happened with the Robin Hood Fund. Now, there is something that I do want.

to talk about briefly because anytime an asset goes up 18 times in five days, you have to start asking the question, how close are we to the top here? Like, I know a lot of people listening this show. They've been in the crypto world for a while. They've seen this happen many times. And we must ask the question to our Oracle here at Polymarket, what is the chance of a recession? Just out of curiosity because generally this type of frothiness begins to happen towards the top. And thankfully, Polymarket is saying the chances are actually kind of low. 35%. Now, granted, these have come up over the last few weeks from 20% to 35%.

So this is a 35% and climbing. But still, there's only a one in three chance, according to the very brilliant people at Polymarket who are saying that we'll even have a recession. So that does make me feel good. I think it feels hard to imagine the AI bubble kind of exploding prior to these IPOs actually happening. This can get us into our next news of the day about SpaceX. Thank you, Polymark, for sponsoring this section.

of the episode, but SpaceX, we just heard news from yesterday that their IPO is actually far closer than we think. They just filed, or the rumors are that they are going to be filing officially as early as next week. Yeah, exactly. So there's a bunch of rumors that broke out today. And actually just this morning, rumors broke out that Goldman Sachs might be actually leading the entire IPO. So once they file, it's pretty much confirmed that they're going to be IPOing relatively soon. The Rumored date is, I think, June or July of this year. So happening pretty quickly. And they're going to be raising a staggering $75 billion and will value them at IPO at around $1.75 trillion. Now, earlier polymarket that we looked at, I believe, had the odds of them going above $2 trillion

by the end of the day, pretty high. Like 52%, I believe. I was looking at it earlier. So this is going be one of the biggest IPOs of the year, but it begs the question, Josh, what is that going to do to fund risers stock price, right? Like if SpaceX does go public, I know they only own only 5% of that fund is actually in SpaceX, but if people can get access to SpaceX publicly, why would they own fund risers stock? Now, maybe it's because they still want to have exposure to Anthropic and Open AI, but the point is, as these companies IPO and Anthropic and Open AI, by the way, are rumored to also IPO this year, I don't see the value of their stock keeping up. Yeah, well, I can't see it keeping up even today.

Like, I would be shocked if by the time we published this episode, the price is still high. Because, I mean, this is just an unbelievable premium. And I can't in good conscious recommend anybody go and buy the stock at this premium. No. But it is, I think, more than anything, a testament to the demand. So when SpaceX does IPO, I mean, that $2 trillion number is outrageous. That would have been the most valuable company in the world not too long ago. and that's what they're going to launch at.

So I think it's just a testament to how much demand there is for this new paradigm of company for the SpaceX, for the Open AI, for the Anthropic, and how big of a deal it is going to be once they actually go public. It's looking right now, based on the general timelines that if they do file next week, it's going to be an early June, early to mid-June IPO for SpaceX. And I'm putting my money on June 9th,

which is 6-9, I think, just memetically speaking, very strong. But yeah, I think it's... Yeah, actually so, right. What do you think is the over under of fund rise being above its peak that I reached today? $575 by the time SpaceX IBOs? Oh, zero percent. This thing is worth not. It's worth $19. I mean, that's what this is worth. It's worth $5.75. Everything on top of it is just hype and craziness and insanity. And sure, there does deserve to be a premium on this, right? It's because you get private access to or you get public access to private shares. But that premium should not be 30 times. I mean, that's just crazy, particularly because, I mean, the fund, what, has 5% SpaceX allocation? So as we begin to

wrap up this episode, I think if you're not buying this crazy premium priced asset, how can you actually responsibly get exposure to these companies? And there are a few answers that are pretty interesting. The first one being Google. We always talk about Google on the show. We love Google here. And Google is actually a majority shareholder of SpaceX. They own a ton of shares for a public company. Yeah, I think they own around between 7 to 10%, which is nuts. But also, Amazon is the other company, right? They own about, I believe, 17 or actually 22% of Anthropic. So these are publicly traded companies, arguably more robust and stable than Farn Price's latest IPO or DPO. So it might make more sense to own these companies to get exposure to the potential

biggest IPOs this year. Yeah, I mean, Funrise, the fund has 20% exposure to Anthropic. Amazon has just about the same amount, except they own the actual equity on the cap table in a meaningful way. There's an important distinction here. Fundraiser's fund has 20% of the fund positioned in Anthropic, but Amazon owns 20% the very, very different things, much bigger position in Amazon. Yeah. Yes. And I think Amazon is a really interesting company, too, as we head into IPO season, because they stand to benefit from all of the headwinds of this on. the robotics front, where we see humanoid robots, what is the primary use case right now? Working factory, sorting packages. We see the, like, all of the anthropic annual run rate

doubling every couple of months. They're making a tremendous amount of revenue. They'll start to get close to what Amazon is doing if they continue to grow at this rate. Well, there's also Amazon's AWS business, which inferences most of the AI queries that are sent. Like all of Claude stuff gets sent to AWS servers. Open AI is structured to deal with them, which they're launching soon, all of like Google stuff also kind of routes through them as well. So they're just a beast and people are valuing them as a retail e-commerce platform, which is still the most ridiculous thing ever. Look at Amazon's next quarterly earnings. I'll bet you now that AWS revenue is through the roof. And crazy breakthrough that we might have to talk about, we'll definitely be

talking about on the roundup tomorrow, but Google just released this unbelievable paper that shows how they're able to compress these models, use what, 60? to eight times less memory and still get the same output with no loss. But also 8x faster. So you could have the same number of GPUs, but run a frontier model eight times as fast just because they wiped out memory. It's just insane. So now Amazon Web Services is because far more powerful, I mean, GCP becomes more powerful with Google. Everyone is just becoming far more powerful. And what's interesting about Google and Amazon is they both have their specific like TPUs or accelerated GPUs that they're using that are kind of out of the Nvidia sphere. So there's a lot of,

of bullish catalysts that are coming. As we wrap up, maybe we could talk about just a few ways that you can actually get exposure to these companies because I've spent a lot of time trying to acquire shares. There's really three. You go to a company like Forge Global or Hive or there's a few others, and this is by no means an endorsement. I haven't used them, but they offer these SPVs. You can go in. A lot of times the minimum investment size is like $25,000, $50,000. You can try to get access to these shares at a premium, but there's pretty high fees. It's not the best way of going about it. The second way is you can just buy into these funds like VGX from Fundrise, and they give you public exposure.

I know ARC invest has a fund that's very similar, where it's not publicly traded on a daily basis, but you can collect quarterly dividends. And then the third way is just getting exposure through the publicly traded companies that have exposure, like Google, like Amazon. That's probably it. And then we just hope that all these companies

will go public and create true alignment, because that's not fair. Anthropic wants to align everyone, but what about the financial alignment, dude? They're just raking in all the cash and not giving any to us. There actually is a fourth option, in my opinion, which is you can just wait for these companies to IPO. I do think a lot of them are going to IPO this year and relatively soon.

We've got SpaceX that might IPO in early to mid-June. And then Anthropic and Open AI are kind of racing together right now to IPO by the end of the year. Open AI yesterday announced that they shut down SORA and are condensing and rediverting compute and team resources to build the best coding and chatbot LLM. This isn't insignificant. The reason why they're doing this is they're prepping themselves for an IPO. Anthropics are doing the same thing. They're on track for, I believe, $80 to $100 billion this year.

So all the numbers look great and they want to go public as soon as they can. So maybe the best strategy is also to wait. You can see whether public values these companies. You can buy it maybe not on the first day, but second day, third day or fourth day. But also these companies could shoot up. So if you do see a good opportunity to get access to, you know, the SBVs or through Fundrise, as Josh just mentioned, just be aware of the risks before you do so. And I think that wraps up the episode today. I mean, it's just a crazy story that's happening right now with this fund of going 18X. It's just a testament to how crazy the rest of this year is about to get with all these companies going public.

I am not participating. EGES, do you have any interest in participating in this? I will not be. No. Hang on. Let's do one final check in, Josh. We are at 422. Close to 420.

It's up 30 times. This episode goes live. Is it higher or lower? What are we thinking? Okay. I think it's higher because I think the hype will catch on for a couple more days. That's my bad. Okay.

Well, I cannot advise anyone touch this with anything more than a 100-foot pole. But that is the episode today. Just a fascinating story. I thought it was really fun to just check in, share this crazy news catalyst that's going on, how to get exposure if you are really curious and what the likelihood is that we're in a bubble, which is lower than I think most people expect. So all good things happening here. If you enjoy this episode, please don't forget to share it with your friends.

Comment on YouTube. Give us a five-star rating. Subscribe to our substack where we publish newsletters twice a week. They're very helpful, very informative. And yeah, thank you so much for watching. And we'll see you guys in the next episode. See you guys.