DXYZ Soars as SpaceX Files for the Biggest IPO in History — But Is This Fund Worth Nearly Three Times Its Assets?
Shares of Destiny Tech100 surged 8.9% to $67.15 on May 22, extending a two-day rally of nearly 40%, as investors piled into one of the few publicly traded vehicles offering exposure to SpaceX ahead of its record-shattering IPO.
• SpaceX's S-1 Puts Real Numbers on the Hype, and DXYZ Is Along for the Ride. SpaceX filed to list on the Nasdaq under the ticker "SPCX," offering the first official look at its finances.
The company targets a roughly $1.75 trillion valuation, with 2025 revenue of $18.7 billion and a net loss of $4.9 billion, driven largely by xAI spending.
With 14.5% of Destiny's portfolio tied to SpaceX, the filing instantly turned the fund into a high-beta proxy for Musk's rocket, satellite, and AI empire. For retail traders who can't participate in a private offering, DXYZ is one of very few tickets to the show.
• The Premium-to-NAV Gap Is Widening to Dangerous Levels. As of March 31, DXYZ reported a net asset value — the actual per-share worth of its holdings — of just $24.56, with a total portfolio value of roughly $742.5 million. At today's $67.15 share price, buyers are paying nearly 2.7 times the underlying asset value. That gap has historically snapped shut without warning. Cautionary tales resurfaced from the fund's past, where shares traded at extreme premiums before contracting sharply, even as underlying assets like SpaceX performed well.
• The Fund Has Been Issuing New Shares Into the Rally. Destiny has an at-the-market program allowing it to sell up to $1 billion in new stock through Jefferies. In Q1 2026 alone, it sold 8.5 million shares at an average price of $28.76, netting about $24 million. That means management is capitalizing on the premium — diluting existing shareholders while pocketing cash to deploy into new positions. The fund also charges a 2.5% annual management fee, with total expenses running around 5–6%.
• When SpaceX Actually Goes Public, DXYZ's Biggest Selling Point Disappears. SpaceX is planning to go public on Nasdaq, possibly as soon as June 12, in an IPO that could raise around $75 billion. Once anyone can buy SPCX directly, the scarcity value that justifies DXYZ's enormous premium evaporates. The fund's remaining draw — exposure to other private firms including Anthropic, OpenAI, Databricks, and Shield AI — is real, but unlikely to sustain a price nearly triple the asset base. Momentum is a powerful force; gravity, eventually, is a stronger one.