The Fundrise Innovation Fund (NYSE: VCX) is a publicly traded venture capital fund that gives retail investors access to a portfolio of pre-IPO technology companies, including Anthropic, Databricks, OpenAI, Anduril and SpaceX. Originally launched in July 2022 as a private offering by Fundrise, the fund listed on the New York Stock Exchange via a direct listing on March 19, 2026.(1)
Because VCX is a closed-end fund, the number of shares is fixed and the market price can diverge sharply from the per-share value of what the fund actually owns. Since listing, that gap — between the market price and the fund’s underlying net asset value (NAV) — has been one of the defining features of the stock, at one point exceeding 16x.(2)
A note on the data on this page. VCX is a closed-end fund rather than an operating company, so the metrics that apply to it — NAV, premium to NAV, expense ratio, holdings — are different from those on most other stock pages on this site. Figures below are updated manually rather than pulled from a live data feed and may not reflect the current market. Always verify with your broker or the fund’s latest SEC filings before trading.
How to buy VCX stock
Choose a stock trading platform. Use our comparison table below.
Open an account. Provide your personal information and sign up.
Fund your account. Deposit funds by linking your bank account or transferring from another brokerage.
Search for the stock — VCX. Search by ticker or fund name.
Buy the stock. Place your order. It’s that simple.
Buy VCX stock from these online trading platforms
Compare special offers, low fees and a wide range of investment options among top trading platforms.
8 of 8 results
What is the Finder Score?
The Finder Score crunches 147 key metrics we collected directly from 18+ brokers and assessed each provider’s performance based on eight different categories, weighing each metric based on the expertise and insights of Finder’s investment experts. We then scored and ranked each provider to determine the best brokerage accounts.
We update our best picks as products change, disappear or emerge in the market. We also regularly review and revise our selections to ensure our best provider lists reflect the most competitive available.
Paid non-client promotion. Finder does not invest money with providers on this page. If a brand is a referral partner, we're paid when you click or tap through to, open an account with or provide your contact information to the provider. Partnerships are not a recommendation for you to invest with any one company. Learn more about how we make money.
Finder is not an advisor or brokerage service. Information on this page is for educational purposes only and not a recommendation to invest with any one company, trade specific stocks or fund specific investments. All editorial opinions are our own.
VCX stock price (NYSE: VCX)
VCX began trading on the New York Stock Exchange on March 19, 2026. For the current price, view the live VCX chart on your broker’s platform or on a free finance site.
NAV is reported by the fund on a quarterly basis. The market price of VCX can — and frequently does — diverge significantly from NAV.
What VCX actually owns
When you buy a share of VCX, you’re buying a slice of a fund that holds stakes in private, pre-IPO technology companies. The fund’s ten largest holdings as of December 31, 2025 (the most recent SEC portfolio filing) are:(6)
Holding
% of net assets
Databricks, Inc.
21.9%
OpenAI Group PBC
12.2%
Anthropic, PBC
11.5%
Ramp Business Corp.
6.3%
Epic Games, Inc.
4.4%
Flock Group, Inc.
3.7%
dbt Labs, Inc.
3.4%
Anduril Industries, Inc. SPV
2.9%
ServiceTitan, Inc.
2.9%
SWITCH Data Centers (SWCH 2025-DATA E)
2.9%
Total — top 10
72.1%
Information last updated May 20, 2026
The fund held 22 portfolio companies as of March 31, 2025, with a particular concentration in AI infrastructure (Databricks, OpenAI, Anthropic) and fintech (Ramp).(3) It holds SpaceX (Space Exploration Technologies Corp.) but it appeared at approximately 1.6% of net assets as of December 31, 2025, below the top ten.(6)
Holdings are disclosed periodically in Fundrise’s SEC filings (Forms N-PORT, N-CSR and N-CSRS) and may have changed since the date above.
Premium or discount to NAV — the most important number for VCX
Closed-end funds trade independently of the value of what they hold. The difference between the market price and the underlying value per share is called the premium when the market price is above NAV, or the discount when it’s below.
For VCX, this gap has been extreme. The fund listed in March 2026 with a reported NAV of $18.97 per share. Within days, the market price had risen well above NAV — at one point trading at more than 16 times the underlying value of the fund’s assets.(2)
Why this matters before you buy. A high premium means you are paying significantly more for VCX shares than the private companies inside the fund are independently valued at. If sentiment turns or the premium compresses back toward NAV, the share price can fall sharply even if the underlying holdings don’t change in value.
The table below shows reference market prices since VCX began trading, alongside the fund’s most recently disclosed NAV of $18.97 per share. The actual underlying NAV may have moved between quarterly Fundrise updates, so premium figures are illustrative.
The market price has at times traded close to NAV (briefly, around listing) and at more than 30 times NAV within the first week. Premium figures here are illustrative — the actual underlying NAV will be updated by Fundrise on its next quarterly reporting cycle and may differ from the $18.97 figure used above.
VCX fund structure, fees and lock-up
A few features of VCX are unusual compared with a normal stock:
Closed-end structure. The number of shares is fixed. Unlike an exchange-traded fund (ETF), there’s no mechanism to create or redeem shares to keep the price in line with NAV, which is why VCX can trade at large premiums or discounts.
Management fee of 1.85%. The fund’s annual management fee is 1.85% of average daily net assets. In February 2026, Fundrise put a proposed fee increase to shareholders as part of the conversion to an exchange-listed closed-end fund, but the measure did not receive the two-thirds support required to pass (62% voted in favor). Fundrise has stated that the fee will remain at 1.85% and that overall operating costs are expected to be lower going forward.(9)
Net expense ratio of 3.00% in FY2025. For the year ended March 31, 2025, Fundrise reported a net expense ratio of 3.00% of average net assets, excluding deferred tax expense (6.58% including deferred tax). The gross expense ratio was 5.36% excluding deferred tax.(3) The all-in expense ratio includes operating costs beyond the management fee, and Fundrise has indicated it expects total operating costs to come down post-listing.
Six-month lock-up. A six-month lock-up applies to all shares held by pre-listing investors, expiring on or around September 19, 2026.(9) The release of locked shares at that point can affect supply and price.
No dividend. VCX does not currently pay a cash distribution. Returns come from changes in the fund’s market price.
Is it a good time to buy VCX stock?
VCX is a comparatively new and highly volatile listing whose market price has diverged dramatically from its underlying net asset value. Standard technical signals on a stock with this short a trading history and this thin a free float should be treated with extra caution.
Investors typically watch two things in particular:
The premium to NAV. Is the gap between the market price and NAV widening or compressing?
The portfolio companies. News flow on Anthropic, OpenAI, SpaceX, Databricks and the fund’s other major holdings will move sentiment, even though those companies aren’t directly tradeable.
VCX began trading on March 19, 2026 at a market price well above its $18.97 NAV. Since listing, the share price has experienced very large swings in both directions. For up-to-date performance figures, see your broker’s platform or a free finance site.
VCX distributions
VCX does not currently pay a regular cash distribution. Any income or gains generated by the fund’s underlying holdings are retained within the fund rather than paid out to shareholders.
In FY2025, Fundrise reported a small return-of-capital distribution of $0.03 per share, but no recurring distribution schedule.(3)
VCX share price volatility
VCX has been one of the most volatile listings on the NYSE in 2026, driven by a combination of:
A small free float relative to demand
The six-month lock-up restricting the supply of tradeable shares until September 2026
Concentrated exposure to a small number of high-profile AI and tech private companies
A large and changing premium to NAV
The fund’s beta — a standard measure of volatility relative to the market — is not yet meaningful given the short trading history, but day-to-day price swings well in excess of 10% have been common.
Pros and cons of buying VCX
Pros
Retail access to pre-IPO companies. VCX offers everyday investors exposure to private companies like Anthropic, OpenAI and SpaceX that are normally limited to institutional venture capital investors.
Single-ticker diversification. One purchase gives you a stake in a portfolio of private tech companies rather than a single bet.
Trades like a stock. Unlike most private market funds, VCX trades on the NYSE during market hours through any standard brokerage account.
Cons
Large premium to NAV. The market price has traded well above the per-share value of the fund's holdings, meaning you may be paying significantly more than the underlying assets are independently valued at.
High volatility. Daily price swings have been unusually large since listing, driven by limited float and concentrated retail demand.
Higher expense ratio than an ETF. A historical net expense ratio of 3.00% (excluding deferred tax expense) is substantially higher than a typical index ETF, even before accounting for any future changes.
No distributions. VCX does not currently pay regular dividends, so all returns depend on share price movement.
Bottom line
VCX gives public-market investors a rare way to buy diversified exposure to a portfolio of late-stage private technology companies through a single NYSE-listed ticker. But the same features that make it interesting — limited share supply, a fixed closed-end structure and concentrated AI exposure — have produced a market price that has traded at a large and volatile premium to the fund’s underlying net asset value since listing. Understand the premium-to-NAV gap, the September 2026 lock-up expiry and the fund’s expense ratio before buying if you’re considering VCX.
If you’re ready to add VCX to a portfolio, the next step is choosing where to trade it. Compare fees, account minimums and platform features across our list of the best brokerage accounts to find one that fits how you invest.
Frequently asked questions
Technically, VCX shares are units of a closed-end fund listed on the NYSE. They trade like a stock, but the underlying asset is a portfolio of private companies rather than a single operating business.
Stakes in late-stage, pre-IPO technology companies, with the largest positions in Databricks, OpenAI, Anthropic, Ramp and Epic Games. See the holdings table above for the latest disclosed percentages.
Because VCX is a closed-end fund, there's no mechanism to create new shares when demand is high. Strong retail demand for exposure to private AI companies, combined with limited supply from a fixed share count and a six-month lock-up on pre-listing shares, has pushed the market price well above the per-share value of what the fund owns.
No. VCX does not currently make recurring cash distributions to shareholders. A small return-of-capital distribution of $0.03 per share was reported in FY2025.
The six-month lock-up applies to shares held by pre-listing investors and is scheduled to expire on or around September 19, 2026, six months after the NYSE listing.
Fundrise. The fund was originally launched in July 2022 as a private offering before its NYSE direct listing in March 2026.
Fundrise updates the fund's NAV per share on a quarterly basis, typically reflected in SEC filings such as Form N-PORT, Form N-CSRS (semi-annual report) and Form N-CSR (annual report). NAV does not update intraday the way a typical ETF's does.
The fund's annual management fee is 1.85% of average daily net assets. In February 2026, shareholders voted against a proposed fee increase that would have raised this rate. For fiscal year 2025 (ended March 31, 2025), Fundrise reported a net expense ratio of 3.00% of average net assets, excluding deferred tax expense (6.58% including deferred tax). The all-in expense ratio includes operating costs beyond the management fee itself.
Matt Miczulski is an investments editor and market analyst at Finder. With over 450 bylines, Matt dissects and reviews brokers and investing platforms to expose perks and pain points, explores investment products and concepts and covers market news, making investing more accessible and helping readers to make informed financial decisions.
Before joining Finder in 2021, Matt covered everything from finance news and banking to debt and travel for FinanceBuzz. His expertise and analysis on investing and other financial topics has been featured on Yahoo Finance, CBS, MSN, Best Company and Consolidated Credit, among others. Matt holds a BA in history from William Paterson University.
See full bio
Matt's expertise
Matt
has written
238
Finder guides across topics including:
Steps to owning and managing AAPL, with 24-hour and historical pricing before you buy.
Advertiser disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
