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VCX is the public ticker for private tech

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Fundrise

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30,244,583 views • 1 month ago •via X (Twitter)

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Ben Miller (Benjamin Miller) CEO of Fundrise $VCX: “Normal people are no longer accessing a whole phase of growth.” Public tech (QQQ): ~25% growth VCX portfolio: ~193% growth “10 years from now, everyone will have 5% of their portfolio in public venture capital.”
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Ben Miller (Benjamin Miller) CEO of Fundrise $VCX: “Normal people are no longer accessing a whole phase of growth.” Public tech (QQQ): ~25% growth VCX portfolio: ~193% growth “10 years from now, everyone will have 5% of their portfolio in public venture capital.”

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BREAKING: Inside $VCX — The Public Venture Capital Fund (aka on 𝕏: "mini Anthropic IPO") Portfolio: • Anthropic - 21% • Databricks - 18% • OpenAI - 10% • Anduril - 7% • SpaceX - 5% Fundrise CEO Ben Miller (Benjamin Miller) breaks down the launch of their publicly listed closed-end fund, Fundrise Growth Tech Fund (NYSE: $VCX) ..and why it has gotten so much insatiable demand. VCX debuted at roughly $700M valuation & surged +18x, with shares spiking to $575, way above the estimated net asset value (NAV) per share of $18.97. VCX debuted on the NYSE March 19, 2026 giving over 100,000 investors access to a portfolio of top private companies including Anthropic (~20%), Databricks (~18%), OpenAI (~10%), Anduril, & SpaceX How we got here? Private markets are now where most value is created. VCX portfolio companies grew ~193% vs ~25% for public tech benchmarks, highlighting the gap between private and public market growth. Meanwhile, IPO timelines have stretched from ~3–5 years to 10–15+ years, meaning public investors are increasingly missing the highest-growth phase. We discuss how VCX works as a closed-end fund, why it has traded at a premium (despite most closed-end funds trading at discounts), & how Fundrise accessed top-tier companies during the 2022–2023 venture downturn — including buying from distressed sellers and stepping into competitive rounds. We cover: • VCX launch & NYSE 🏛 debut • Portfolio (Anthropic, OpenAI, Databricks, SpaceX) • Risks: volatility, cycles, and downside scenarios • Will megafunds like a16z or General Catalyst go public? • Private vs public market growth gap (193% vs 25%) • Macro shift: value creation moving to private markets • IPO window + why companies stay private longer • How Fundrise sources and wins allocation • Closed-end fund structure, NAV, premiums/discounts 𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒 (00:00) Benjamin Miller, Co-Founder & CEO at Fundrise (01:12) The idea that almost got rejected (04:27) How the 2023 crash created big opportunities (05:54) From $700M to $6.5B in days (07:38) How a closed-end fund works (11:09) Inside the VCX portfolio (OpenAI, SpaceX, Databricks) (14:50) What Robinhood & Destiny are doing (17:02) Why private markets are pulling ahead (21:38) IPO environment right now (22:17) The SaaSpocalypse & market volatility (25:55) What happens if VCX trades down (27:39) How VCX moves through cycles (31:25) How they decide where to invest (35:45) Investment size and scale (36:59) Most underrated portfolio company (40:37) Biggest lesson: pain = success (43:30) Origin story: why Fundrise exists (47:12) Will big VC firms go public? (50:52) Future of venture capital (54:05) Biggest risks ahead (57:18) Democratizing venture capital (01:00:56) What’s next for VCX (01:03:05) Dealing with skeptics
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BREAKING: Inside $VCX — The Public Venture Capital Fund (aka on 𝕏: "mini Anthropic IPO") Portfolio: • Anthropic - 21% • Databricks - 18% • OpenAI - 10% • Anduril - 7% • SpaceX - 5% Fundrise CEO Ben Miller (Benjamin Miller) breaks down the launch of their publicly listed closed-end fund, Fundrise Growth Tech Fund (NYSE: $VCX) ..and why it has gotten so much insatiable demand. VCX debuted at roughly $700M valuation & surged +18x, with shares spiking to $575, way above the estimated net asset value (NAV) per share of $18.97. VCX debuted on the NYSE March 19, 2026 giving over 100,000 investors access to a portfolio of top private companies including Anthropic (~20%), Databricks (~18%), OpenAI (~10%), Anduril, & SpaceX How we got here? Private markets are now where most value is created. VCX portfolio companies grew ~193% vs ~25% for public tech benchmarks, highlighting the gap between private and public market growth. Meanwhile, IPO timelines have stretched from ~3–5 years to 10–15+ years, meaning public investors are increasingly missing the highest-growth phase. We discuss how VCX works as a closed-end fund, why it has traded at a premium (despite most closed-end funds trading at discounts), & how Fundrise accessed top-tier companies during the 2022–2023 venture downturn — including buying from distressed sellers and stepping into competitive rounds. We cover: • VCX launch & NYSE 🏛 debut • Portfolio (Anthropic, OpenAI, Databricks, SpaceX) • Risks: volatility, cycles, and downside scenarios • Will megafunds like a16z or General Catalyst go public? • Private vs public market growth gap (193% vs 25%) • Macro shift: value creation moving to private markets • IPO window + why companies stay private longer • How Fundrise sources and wins allocation • Closed-end fund structure, NAV, premiums/discounts 𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒 (00:00) Benjamin Miller, Co-Founder & CEO at Fundrise (01:12) The idea that almost got rejected (04:27) How the 2023 crash created big opportunities (05:54) From $700M to $6.5B in days (07:38) How a closed-end fund works (11:09) Inside the VCX portfolio (OpenAI, SpaceX, Databricks) (14:50) What Robinhood & Destiny are doing (17:02) Why private markets are pulling ahead (21:38) IPO environment right now (22:17) The SaaSpocalypse & market volatility (25:55) What happens if VCX trades down (27:39) How VCX moves through cycles (31:25) How they decide where to invest (35:45) Investment size and scale (36:59) Most underrated portfolio company (40:37) Biggest lesson: pain = success (43:30) Origin story: why Fundrise exists (47:12) Will big VC firms go public? (50:52) Future of venture capital (54:05) Biggest risks ahead (57:18) Democratizing venture capital (01:00:56) What’s next for VCX (01:03:05) Dealing with skeptics

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