O'Leary Advocates for Diversified Investment in AI and Space
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 hour ago
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Source: stocktwits
- Diversification Strategy: O'Leary emphasizes that investors should not focus on a single company but instead gain exposure to SpaceX, OpenAI, and Anthropic through funds like DXYZ, NASA, and VCX, thereby reducing risk and capitalizing on growth potential in the AI and space sectors.
- Upcoming IPO Wave: OpenAI and Anthropic are preparing for IPOs, with OpenAI expected to command a valuation near $1 trillion, while SpaceX seeks a $75 billion IPO, which would become one of the largest in history, drawing significant market attention.
- Portfolio Performance: In DXYZ, Anthropic accounts for 18.1%, SpaceX for 14.5%, and OpenAI for 5.8%, while the fund also holds stakes in various private tech companies, showcasing its diversified approach in emerging markets.
- ETF Asset Growth: Since its launch in March, the NASA ETF has grown to $2.6 billion in assets, with SpaceX representing 6.9% of the portfolio, reflecting strong investor interest in the space economy and increasing demand for related investment vehicles.
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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.
- Diversification Strategy: O'Leary emphasizes that investors should not focus on a single company but instead gain exposure to SpaceX, OpenAI, and Anthropic through funds like DXYZ, NASA, and VCX, thereby reducing risk and capitalizing on growth potential in the AI and space sectors.
- Upcoming IPO Wave: OpenAI and Anthropic are preparing for IPOs, with OpenAI expected to command a valuation near $1 trillion, while SpaceX seeks a $75 billion IPO, which would become one of the largest in history, drawing significant market attention.
- Portfolio Performance: In DXYZ, Anthropic accounts for 18.1%, SpaceX for 14.5%, and OpenAI for 5.8%, while the fund also holds stakes in various private tech companies, showcasing its diversified approach in emerging markets.
- ETF Asset Growth: Since its launch in March, the NASA ETF has grown to $2.6 billion in assets, with SpaceX representing 6.9% of the portfolio, reflecting strong investor interest in the space economy and increasing demand for related investment vehicles.
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- 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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- 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.
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- 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.
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- 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.
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- 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.
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