Is DXYZ the New VCX? Investors Flock to SpaceX Proxy Trade; Discover Destiny Tech100's Leading Holdings
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 26 2026
0mins
Source: stocktwits
SpaceX's Portfolio Exposure: SpaceX accounts for approximately 16.2% of Destiny Tech 100's portfolio, significantly higher than the 5% exposure in VCX, indicating its central role in investor positioning ahead of a potential large IPO.
Market Sentiment and Volatility: The first month post-IPO for SpaceX could experience volatility driven by index buying, meme-driven optimism, and lock-up dynamics, as investors anticipate a valuation near $1.75 trillion.
Investment Trends: Destiny Tech 100 is heavily invested in various tech companies, with significant stakes in firms like Shield AI and Databricks, which are expected to lead the next cycle of mega-cap tech listings.
Retail Investor Sentiment: Retail sentiment for Destiny Tech 100 remains extremely bullish, with a notable surge in trading volume, reflecting growing interest in newer portfolio-access vehicles and potential future valuations.
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Analyst Views on DXYZ
About DXYZ
Destiny Tech100 Inc. (the Fund) is a non-diversified, closed-end management investment company. The Fund’s investment objective is to maximize the portfolio’s total return, principally by seeking capital gains on equity and equity-related investments. Under normal market conditions, the Fund will invest at least 80% of its total assets in equity and equity-linked securities of companies principally engaged in the technology sector. The Fund will invest in the equity and equity-linked securities of what it believes to be rapidly growing venture-capital-backed emerging companies, located in the United States. The Fund may also invest on an opportunistic basis in select United States publicly traded equity securities or certain non-United States companies that otherwise meet its investment criteria. It concentrates its investments in companies operating in one or more industries within the technology group of industries. Destiny Advisors LLC serves as the investment adviser to the Fund.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
SpaceX IPO Could Be One of History's Biggest Events
- IPO Potential: SpaceX plans to file its S-1 with the SEC on May 20, 2026, targeting a valuation between $1.75 trillion and $2 trillion, which could make it one of the largest market events in history; however, this limited public float of about 5% poses significant risks alongside potential rewards.
- Starlink Revenue Surge: In 2025, SpaceX is projected to generate $18 billion in revenue, with its Starlink satellite internet business contributing $11.4 billion, accounting for 61% of total revenue, highlighting its strong market performance and profitability, especially with Starlink's paid subscriptions reaching 10.3 million in Q1 2026, doubling from the previous year.
- Diverse Investment Options: Retail investors can gain indirect exposure to SpaceX through funds like XOVR and DXYZ, with XOVR holding approximately $292 million in SpaceX shares and nearing $1.5 billion in total assets, but investors should be aware of liquidity risks and valuation lag issues.
- Rocket Lab Opportunity: Rocket Lab signed its largest launch contract in history, targeting five Neutron and three Electron launches between 2026 and 2029, surpassing its previous record of $190 million, with a total backlog now exceeding $2.2 billion, showcasing its competitive edge and growth potential in the aerospace market.
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SpaceX Files for IPO, Reveals $18 Billion Revenue in 2025
- Revenue Highlights: SpaceX reported $18 billion in revenue for 2025, with its Starlink satellite internet business contributing $11.4 billion, accounting for 61% of total revenue, showcasing strong market performance and growth potential.
- User Growth: As of Q1 2026, Starlink had 10.3 million paid subscriptions, doubling from the previous year, indicating rapid expansion and a solid user base in the global internet access market.
- Profitability: Starlink is the only profitable division for SpaceX, generating $4.42 billion in income, further solidifying the company's financial health in a competitive tech landscape.
- IPO Outlook: The IPO is expected to float about 5% of the company at a valuation between $1.75 trillion and $2 trillion, reflecting enormous investment demand and market interest despite the risks of sentiment fluctuations.
See More
OpenAI Discusses Equity Stake Plan with Government Officials
- Upcoming IPOs: OpenAI and Anthropic are preparing for what could be among the largest IPOs in history, with Anthropic having confidentially filed for an IPO valued at $965 billion and OpenAI at $852 billion, indicating strong market interest in AI companies.
- Government Equity Discussions: The U.S. government is considering a plan to have AI firms voluntarily cede some shares to the government, aiming to distribute the economic benefits of AI more broadly, which could impact the equity structure and investor confidence in the industry.
- Increased Political Involvement: OpenAI CEO Sam Altman has discussed equity stake plans with Trump administration officials multiple times, reflecting a deeper government involvement in business affairs that may alter the regulatory landscape for the AI sector.
- Investor Sentiment Optimistic: Retail investor sentiment on Stocktwits is bullish for OpenAI and extremely bullish for Anthropic, showcasing strong interest and willingness to invest in both companies as they approach their IPOs.
See More
Musk Clarifies Anthropic's Short-Term Agreement
- Agreement Ambiguity: Musk stated on social media that Anthropic's lease agreement for computing capacity from xAI's Colossus AI data centers is short-term, with potential for renewal or termination, complicating investor assessments of its impact on the SpaceX IPO.
- Financial Impact Analysis: SpaceX's IPO prospectus indicates that Anthropic will pay $1.25 billion monthly until May 2029, but the short-term nature of the agreement introduces uncertainty in future revenue expectations, potentially affecting its valuation.
- Capacity Constraint Risks: As Anthropic rapidly grows and prepares for its IPO, the short-term agreement may limit its access to computing resources, particularly amid surging demand for AI infrastructure, which could impact its competitive position in the market.
- Multi-Cloud Strategy Advantage: Anthropic's multi-cloud, multi-provider strategy, partnering with AWS, Google Cloud, and Microsoft Azure, provides flexibility in resource acquisition, despite the challenges posed by the short-term agreement.
See More
FTSE Russell Fast-Tracks IPO Inclusion Rules Ahead of SpaceX's Record IPO
- New IPO Inclusion Rules: FTSE Russell has announced new regulations allowing large newly listed companies to qualify for index inclusion after just five trading days, significantly enhancing market liquidity and investor interest in new stocks.
- SpaceX Valuation Potential: SpaceX is targeting a valuation of approximately $1.75 trillion for its IPO, which, if successful, would make it the largest IPO in history, likely attracting substantial passive investment flows.
- Stock Performance Surge: Following the new FTSE Russell rules, stocks like Destiny Tech100 (DXYZ) and Fundrise Innovation Fund (VCX) have shown strong performance this month, with DXYZ on track for its best month since November 2024, indicating robust market interest in SpaceX.
- Investor Sentiment: Despite Destiny Tech100's plans for a $1 billion at-the-market offering, investor sentiment remains bullish, with DXYZ shares up 29% over the past year, reflecting retail investors' enthusiasm for gaining indirect exposure to SpaceX.
See More
Traders Bullish on SpaceX, OpenAI, and Anthropic IPO Valuations
- SpaceX IPO Valuation Expectations: Traders anticipate that SpaceX's first-day closing valuation will range between $2 trillion and $2.5 trillion, assigning a 37% probability to this outcome, indicating strong market confidence in its potential IPO, which could become one of the largest public offerings in history.
- OpenAI and Anthropic IPO Prospects: Kalshi traders assign a 92% probability to OpenAI going public this year, while Anthropic stands at 69%, suggesting a bullish outlook for both companies, with potential first-day valuations exceeding $1 trillion.
- Investor Enthusiasm for DXYZ and VCX: As IPO excitement grows, retail investors are flocking to DXYZ and VCX, with DXYZ holding 16.2% of its assets in SpaceX and VCX having 20.7% in Anthropic, reflecting a strong interest in tech stocks.
- Market Valuation Concerns: Despite the IPO frenzy, Deutsche Bank warns that projected IPO valuations appear disconnected from current business fundamentals, particularly when compared to Berkshire Hathaway's annual revenue exceeding $350 billion, raising concerns about the market's capacity to absorb multiple mega-IPOs.
See More
SpaceX IPO Could Be One of History's Biggest Events
- IPO Potential: SpaceX plans to file its S-1 with the SEC on May 20, 2026, targeting a valuation between $1.75 trillion and $2 trillion, which could make it one of the largest market events in history; however, this limited public float of about 5% poses significant risks alongside potential rewards.
- Starlink Revenue Surge: In 2025, SpaceX is projected to generate $18 billion in revenue, with its Starlink satellite internet business contributing $11.4 billion, accounting for 61% of total revenue, highlighting its strong market performance and profitability, especially with Starlink's paid subscriptions reaching 10.3 million in Q1 2026, doubling from the previous year.
- Diverse Investment Options: Retail investors can gain indirect exposure to SpaceX through funds like XOVR and DXYZ, with XOVR holding approximately $292 million in SpaceX shares and nearing $1.5 billion in total assets, but investors should be aware of liquidity risks and valuation lag issues.
- Rocket Lab Opportunity: Rocket Lab signed its largest launch contract in history, targeting five Neutron and three Electron launches between 2026 and 2029, surpassing its previous record of $190 million, with a total backlog now exceeding $2.2 billion, showcasing its competitive edge and growth potential in the aerospace market.
See More
SpaceX Files for IPO, Reveals $18 Billion Revenue in 2025
- Revenue Highlights: SpaceX reported $18 billion in revenue for 2025, with its Starlink satellite internet business contributing $11.4 billion, accounting for 61% of total revenue, showcasing strong market performance and growth potential.
- User Growth: As of Q1 2026, Starlink had 10.3 million paid subscriptions, doubling from the previous year, indicating rapid expansion and a solid user base in the global internet access market.
- Profitability: Starlink is the only profitable division for SpaceX, generating $4.42 billion in income, further solidifying the company's financial health in a competitive tech landscape.
- IPO Outlook: The IPO is expected to float about 5% of the company at a valuation between $1.75 trillion and $2 trillion, reflecting enormous investment demand and market interest despite the risks of sentiment fluctuations.
See More
OpenAI Discusses Equity Stake Plan with Government Officials
- Upcoming IPOs: OpenAI and Anthropic are preparing for what could be among the largest IPOs in history, with Anthropic having confidentially filed for an IPO valued at $965 billion and OpenAI at $852 billion, indicating strong market interest in AI companies.
- Government Equity Discussions: The U.S. government is considering a plan to have AI firms voluntarily cede some shares to the government, aiming to distribute the economic benefits of AI more broadly, which could impact the equity structure and investor confidence in the industry.
- Increased Political Involvement: OpenAI CEO Sam Altman has discussed equity stake plans with Trump administration officials multiple times, reflecting a deeper government involvement in business affairs that may alter the regulatory landscape for the AI sector.
- Investor Sentiment Optimistic: Retail investor sentiment on Stocktwits is bullish for OpenAI and extremely bullish for Anthropic, showcasing strong interest and willingness to invest in both companies as they approach their IPOs.
See More
Musk Clarifies Anthropic's Short-Term Agreement
- Agreement Ambiguity: Musk stated on social media that Anthropic's lease agreement for computing capacity from xAI's Colossus AI data centers is short-term, with potential for renewal or termination, complicating investor assessments of its impact on the SpaceX IPO.
- Financial Impact Analysis: SpaceX's IPO prospectus indicates that Anthropic will pay $1.25 billion monthly until May 2029, but the short-term nature of the agreement introduces uncertainty in future revenue expectations, potentially affecting its valuation.
- Capacity Constraint Risks: As Anthropic rapidly grows and prepares for its IPO, the short-term agreement may limit its access to computing resources, particularly amid surging demand for AI infrastructure, which could impact its competitive position in the market.
- Multi-Cloud Strategy Advantage: Anthropic's multi-cloud, multi-provider strategy, partnering with AWS, Google Cloud, and Microsoft Azure, provides flexibility in resource acquisition, despite the challenges posed by the short-term agreement.
See More
FTSE Russell Fast-Tracks IPO Inclusion Rules Ahead of SpaceX's Record IPO
- New IPO Inclusion Rules: FTSE Russell has announced new regulations allowing large newly listed companies to qualify for index inclusion after just five trading days, significantly enhancing market liquidity and investor interest in new stocks.
- SpaceX Valuation Potential: SpaceX is targeting a valuation of approximately $1.75 trillion for its IPO, which, if successful, would make it the largest IPO in history, likely attracting substantial passive investment flows.
- Stock Performance Surge: Following the new FTSE Russell rules, stocks like Destiny Tech100 (DXYZ) and Fundrise Innovation Fund (VCX) have shown strong performance this month, with DXYZ on track for its best month since November 2024, indicating robust market interest in SpaceX.
- Investor Sentiment: Despite Destiny Tech100's plans for a $1 billion at-the-market offering, investor sentiment remains bullish, with DXYZ shares up 29% over the past year, reflecting retail investors' enthusiasm for gaining indirect exposure to SpaceX.
See More
Traders Bullish on SpaceX, OpenAI, and Anthropic IPO Valuations
- SpaceX IPO Valuation Expectations: Traders anticipate that SpaceX's first-day closing valuation will range between $2 trillion and $2.5 trillion, assigning a 37% probability to this outcome, indicating strong market confidence in its potential IPO, which could become one of the largest public offerings in history.
- OpenAI and Anthropic IPO Prospects: Kalshi traders assign a 92% probability to OpenAI going public this year, while Anthropic stands at 69%, suggesting a bullish outlook for both companies, with potential first-day valuations exceeding $1 trillion.
- Investor Enthusiasm for DXYZ and VCX: As IPO excitement grows, retail investors are flocking to DXYZ and VCX, with DXYZ holding 16.2% of its assets in SpaceX and VCX having 20.7% in Anthropic, reflecting a strong interest in tech stocks.
- Market Valuation Concerns: Despite the IPO frenzy, Deutsche Bank warns that projected IPO valuations appear disconnected from current business fundamentals, particularly when compared to Berkshire Hathaway's annual revenue exceeding $350 billion, raising concerns about the market's capacity to absorb multiple mega-IPOs.
See More
