Fundrise Innovation Fund (VCX) Stock Soars 740% as Investors Chase Claude Exposure

TLDR

• Fundrise Innovation Fund (VCX) climbed as much as 39% on Tuesday, reaching $265 per share — its fourth straight day of gains since listing last Thursday.
• The stock is now trading more than 1,300% above its net asset value (NAV) of $18.97 per share.
• VCX debuted at $31.25 and has surged roughly 740% since then, with trading halted multiple times due to volatility.
• Anthropic is the fund’s largest holding at 21% of the portfolio, followed by Databricks (18%), OpenAI (10%), and Anduril (7%).
• The majority of VCX shares remain under a six-month lockup for investors who bought in before February 20.

The Fundrise Innovation Fund (VCX) continued its extraordinary run on Tuesday, rising as much as 39% to $265 per share. That makes it four straight trading days of gains since the fund made its NYSE debut last Thursday at $31.25.

Tuesday’s session saw multiple trading halts due to extreme price swings. The stock eventually settled around $261.80, still up roughly 36% on the day.

Since listing, VCX has climbed approximately 740%. The fund now trades more than 1,300% above its most recently reported net asset value of $18.97 per share — meaning investors are paying over 13 times what the underlying assets are actually worth on paper.

The rally has been driven in part by demand for exposure to private AI companies, particularly Anthropic, which is the fund’s largest single holding at 21% of the portfolio.

What’s Inside the Fund

Anthropic is followed by Databricks at 18%, OpenAI at 10%, and Anduril at 7%. SpaceX and Ramp each make up 5% of the portfolio, with Epic Games at 4%.

Tuesday’s move got an extra boost from news that Anthropic’s Claude launched a new browser tool capable of completing tasks on users’ computers.

VCX launched with more than 100,000 investors and over $650 million in assets under management, making it one of the largest publicly traded venture capital funds on a major U.S. exchange.

The Lockup Factor

Despite the frenzy, the vast majority of VCX shares aren’t actually tradeable right now. Investors who purchased before February 20 are locked out for six months following the listing date.

That lockup has a real effect on supply. With only a small float available, even modest buying pressure can send the price sharply higher — which goes some way to explaining the extreme premium over NAV.

The fund was originally proposed for public listing nearly five years after it began operations, with Fundrise citing the potential to create value and improve liquidity for investors.

For context, the fund holds stakes in companies that have yet to go public — including SpaceX and Anthropic — giving retail investors a rare route into pre-IPO names that would otherwise be off-limits.

As of Tuesday, VCX remains up more than 740% from its debut price of $31.25 just five days ago.

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