VCX Surge Sparks Retail Rush Into Private AI Plays

Fundrise’s closed-end Fundrise Innovation Fund (VCX) gives retail investors indirect exposure to private technology companies including Anthropic, OpenAI and SpaceX through the New York Stock Exchange. Such investments were previously dominated by private capital, but VCX’s exposure to lofty AI valuations and potential IPOs has made it a new route for ordinary investors seeking stakes in private companies.

VCX listed on March 19, 2026. By March 25, its fifth trading day, the shares had surged above $575 from a net asset value of about $19 per share, representing a premium of more than 2,900%. Holdings owned by roughly 100,000 original investors are subject to a six-month lockup. The limited market float has amplified the rally while raising the risk of selling pressure and a price correction once the lockup expires.