To The Moon

With $Space Exploration Technologies Corp(SPCX)$ impending IPO debut this Fri, 12 Jun 2026, closed end fund (CEF) $Destiny Tech100 Inc(DXYZ)$ is set to see the long-awaited windfall.

Investors who plan to sell this CEF after SPCX IPO, would you reconsider ?

Why ? Because there’s at least 2 more good news to come.

Below is a run-down of my DXYZ posts over the years : (click to read the details) :

• 07 Jan 2025 - $XOVR and $DXYZ : Best SpaceX Investment ?

• 12 Dec 2024 - SpaceX news sends DXYZ soaring to $185 ?

• 07 Dec 2024 - DXYZ surge +204% on SpaceX Open Tender news

• 26 Nov 2024 - SMCI and DXYZ Skyrocket, Thanksgiving Rally ?

• 18 Nov 2024 - DXYZ: Soars To $135 This Week? Possible ?

• 13 Nov 2024 - DXYZ outperforms TSLA, Worth The Hype ?

• 01 Sep 2024 - SpaceX - Investment New Frontier ! Invest now ?

As the fruit of my labour is about to bore fruits, I thought of cashing out on Fri, 12 Jun 2026 or perhaps the following week.

However, I soon learn that I may need to reconsider. Why ? (see above)

SpaceX: Consolidation of Space & AI Infrastructure

Following its blockbuster merger with xAI in February 2026, SpaceX has evolved far beyond a pure aerospace contractor into a massive physical infrastructure and artificial intelligence play.

Valuation & Market Cap:

• SPCX is targeting a valuation of $1.75 - $1.78 trillion, selling roughly 555.6 million shares at $135 /share.

• The company aims to raise up to $75 billion (potentially rising to $86 billion if underwriters exercise the greenshoe option), which would surpass Saudi Aramco’s 2019 debut to become the largest IPO fundraising event in global history.

Financials:

• The group's S-1 filing disclosed $18.67 billion in audited 2025 revenue alongside a net loss of -$4.94 billion and adjusted EBITDA of $6.58 billion.

• At the target valuation, SPCX will trade at a steep 92x - 95x its trailing annual revenues.

Future Potential:

• The investment thesis hinges on multi-pronged growth.

• SPCX effectively controls roughly 90% of the global commercial launch market via the (a) Falcon 9 and (b) Starship programs.

• Meanwhile, its satellite internet unit, Starlink, is aggressively targeting 100 million subscribers.

• Crucially, the integration of xAI adds data center computing power, illustrated by a recent $15 billion-a-year deal to lease data center campuses to Anthropic.

Anthropic: AI Enterprise Growth Leader

Co-founded by former OpenAI researchers, Anthropic has quietly positioned itself as the premier choice for enterprise-level AI applications, outstripping its rivals in corporate adoption velocity.

Valuation & Market Cap:

• On 01 Jun 2026, Anthropic confidentially filed its IPO documents with the US Securities and Exchange Commission (SEC).

• While the exact terms remain private, institutional investors expect the public listing to value the Claude-maker well above $1 trillion.

• This comes immediately on the heels of a massive $65 billion Series H-1 private funding round in late May 2026 that valued the firm at $965 billion post-money.

Financials:

• Anthropic’s financial trajectory is jaw-dropping.

• Its annualized revenue run-rate surged from $9 billion at the end of 2025 to over $44 billion by May 2026.

• This explosive revenue growth gives the firm an implied price-to-sales (P/S) multiple of approximately 22x, materially cheaper than its tech peers relative to growth.

Future Potential:

• Anthropic captured a 34.4% enterprise AI market share in April 2026, overtaking OpenAI for the first time.

• Monetization is heavily driven by its (a) advanced coding model (Claude Code), (b) AI agents (Claude Cowork), and its (c) highly secure Mythos cybersecurity model.

• Crucially, Anthropic aims to reach cash-flow breakeven by 2028, a full 2 years ahead of OpenAI.

OpenAI: High Burn Rates, Consumer Pioneer.

As the pioneer of the current AI boom, OpenAI is preparing its own public debut amid fierce competition for institutional capital.

Valuation & Market Cap:

• Following Anthropic's move, OpenAI is actively preparing its own confidential S-1 filing with lead underwriters $Goldman Sachs(GS)$ and $Morgan Stanley(MS)$ .

• The company is reportedly targeting a $730 - $850 billion valuation range for a potential September 2026 debut, though some internal models and private market transactions continue to eye a target closer to $1 trillion.

Financials:

• CFO Sarah Friar confirmed that OpenAI exited 2025 with an annualized revenue run rate above $20 billion (on roughly $13.1 billion in actual FY 2025 revenue).

• However, the public listing will expose deep financial strains. OpenAI's gross margins are constrained at approximately 33% due to staggering inference compute costs, with a projected cash burn of $27 billion for 2026.

• Free cash flow profitability is not projected until 2029 or 2030.

Future Potential:

• OpenAI boasts unparalleled consumer reach, commanding approximately 900 million weekly active users and 50 million paying subscribers.

• The IPO is a critical necessity to fund the massive infrastructure required for its next-generation frontier LLMs, serving as the ultimate test of whether public markets will tolerate intense, multi-year capital consumption in exchange for long-term AI dominance.

So, What’s Next ?

The consecutive public debuts of SpaceX, Anthropic, and OpenAI represent a monumental catalyst for DXYZ.

To understand exactly how DXYZ stands to benefit and the structural risks involved, it is necessary to demystify what DXYZ, being Closed-End Fund (CEF) means.

Its ‘unique’ structure dictates how the market prices these upcoming IPOs.

Closed-End Fund (CEF) - what is it ?

A CEF is a type of investment company that raises a fixed amount of capital through a single initial public offering.

Once launched, it lists on a public stock exchange (eg NYSE) and trades just like a regular stock.

While a CEF might look and feel like a standard Mutual Fund or an Exchange-Traded Fund (ETF), it operates under vastly different mechanics:

(i) Fixed Share Supply:

• Unlike mutual funds or standard ETFs, a CEF has a "closed" capital structure.

• The fund manager does not constantly issue new shares when investors want to buy, nor do they destroy shares when investors want to sell.

(ii) The Price vs. NAV Dichotomy:

• Because the share count is fixed, the share price on the stock exchange is driven entirely by supply and demand.

• This means a CEF's market price can decouple from its Net Asset Value (NAV), the actual underlying value of the portfolio's holdings.

• If investors are highly enthusiastic, the CEF will trade at a premium (higher than the actual value of the underlying assets).

• If investors are bearish, it will trade at a discount (lower than the actual value of the underlying assets).

(iii) Illiquid Asset Access:

• The primary advantage of a CEF is that because managers never have to sell assets to meet sudden investor redemptions, they can use the permanent pool of capital to invest in highly illiquid, hard-to-access assets eg. such as late-stage private venture capital.

How DXYZ Benefit from 3 Mega IPOs ?

DXYZ was constructed specifically to give retail investors a gateway into marquee, venture-backed private tech firms before they hit public markets.

According to its SEC portfolio disclosures, DXYZ has massive, concentrated exposure to the exact 3 giants entering the IPO pipeline.

(1) Massive Unlocked Paper Gains (The NAV Revaluation)

DXYZ holds its private positions based on historical private funding rounds or conservative "mark-to-model" internal valuations.

(a) The Holdings:

DXYZ’s portfolio includes:

• A combined 12.4% exposure to SPCX (across common & preferred classes)

• An approximate 18.1% exposure to Anthropic (via Series B preferred structures).

• A smaller 5.7% combined exposure to OpenAI (via Profit Participation Units & Series C preferred vehicles).

(b) The Benefit:

• When these 3 companies transition to public listings at the massive target valuations being floated (ie. SPCX ($1.75 trillion), Anthropic ($1.0 trillion) and OpenAI (up to $1.0 trillion), DXYZ will be forced to revalue these marks to match the active, transparent public market trading prices.

• This causes DXYZ's official Net Asset Value (NAV) to surge dramatically upward.

(2) Liquidization of Restricted Assets.

• Historically, DXYZ's underlying assets have been trapped inside Special Purpose Vehicles (SPVs) and private equity structures, making them completely illiquid.

• When these companies IPOs, the shares eventually convert into freely tradeable, liquid public equities (after standard post-IPO lockup periods).

• This transforms DXYZ from a speculative private-equity wrapper into a liquid holding company of the world's dominant aerospace and frontier AI firms.

(3) Institutional Demand via "AI” Treasury" Trend.

• A new corporate trend is emerging where companies are looking to build pre-IPO tech and AI treasuries on their balance sheets.

• For example, enterprise education firm Genius Group (GNS) recently initiated a massive multi-million-dollar dollar-cost-averaging program into DXYZ explicitly to gain look-through exposure to SpaceX, Anthropic, and OpenAI.

• As more corporate treasuries and retail investors seek a single ticker to play the frontier tech boom, buying pressure on DXYZ on the open market is likely to intensify.

Although it seems like there are only upsides to owning DXYZ, make no mistake - there’s risk too.

Premium Compression’s Risk.

While the consecutive IPOs are an undeniable fundamental victory for DXYZ's Net Asset Value, investors face a unique structural risk inherent to Closed-End Funds.

Historically, DXYZ has traded at a massive & volatile premium to its NAV.

This is because DXYZ possessed a "scarcity premium" and it was one of the only ways, regular retail investors could indirectly own a piece of SPCX or Anthropic or OpenAI.

It was said that the moment the 3 ‘giants’ successfully list on US stock exchange, the scarcity value could evaporate overnight.

This is because, after IPO - any investor with a standard brokerage account will be able to buy those stocks directly without paying a premium.

If the market chooses to deflate DXYZ’s trading premium down toward its actual NAV, the stock price of DXYZ could experience downward pressure even as the underlying values of SPCX, Anthropic, and OpenAI are soaring on the public market.

My viewpoints : (mine only)

I am forming my own opinion regarding “premium compression risk”.

Recapping DXYZ stock price movement, from inception (31 Mar 2024) until now (8 Jun 2026). (see below)

Using commonsense,

• On Mon, 08 Jun 2026, DXYZ’s closing price was $39.23 /share.

• It has been announced that SPCX IPO price is $135 /share.

• Assuming, even if SPCX stock price remains flat during IPO, there is still a $95.80 upside.

• With the ‘lock up agreement” lasting any thing between 90 - 180 days, and could be extended to 6 - 12 months, particularly with Special Purpose Acquisition Companies (SPAC).

• DXYZ’s net asset value (NAV) will grow post SPCX IPO; especially when market is pricing in a big rally on its IPO.

Having a massive cash position often could ‘force’ the market price of DXYZ to align much closer to its true underlying Net Asset Value (NAV), reducing the risk of a sudden collapse in premium.

As much as I am resisting market view that DXYZ price will fall upon SPCX IPO, it remains a possibility and I am about to find out for myself.

I intend to hold onto DXYZ until both Anthropic and OpenAI go public. I wonder how far and where that will that bring me to ? Somewhere wonderful and fantastic, I hope. What do you think ?

Remember to check out my other posts. (See below). Help to Repost ok, Thanks.

Must Read: Click on below titles to access. Repost to share, Like as encouragement ok. Thanks.

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• SPCX, still bidding the IPO ? Warnings - Read first !

• Do you think it is better to sell before SPCX IPO ?

• Do you think DXYZ will rise again when Anthropic and OpenAI IPOs details are out respectively ?

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