How VCX Put Anthropic & OpenAI Into Public Markets

Fundrise CEO Ben Miller joins Sourcery to break down the launch of the Fundrise Growth Tech Fund (NYSE: $VCX) — one of the first publicly traded venture capital funds.VCX debuted at roughly $700M valuation and surged to ~$6.5B within days, giving over 100,000 investors access to a portfolio of top private companies including Anthropic (~20%), Databricks (~17%), OpenAI (~10%), Anduril, Ramp, and SpaceX.The timing reflects a broader shift: 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), and how Fundrise accessed top-tier companies during the 2022–2023 venture downturn — including buying from distressed sellers and stepping into competitive rounds.Finally, we explore what comes next: whether public venture capital becomes a standard allocation, how cycles and volatility impact the model, and what happens if public markets begin directly funding private tech at scale.Topics CoveredVCX launch & NYSE debut dynamicsPortfolio composition (Anthropic, OpenAI, Databricks, SpaceX)Private vs public market growth gap (193% vs 25%)Macro shift: value creation moving to private marketsIPO window + why companies stay private longerHow Fundrise sources and wins allocationClosed-end fund structure, NAV, premiums/discountsRisks: volatility, cycles, and downside scenariosFuture of venture: rise of public VC fundsSubscribe to Sourcery for more conversations with the founders, investors, and operators shaping the future of tech, markets, and capital.Benjamin Miller: https://x.com/BenMillerise Molly O’Shea: https://x.com/MollySOShea Sourcery: ⁠https://x.com/sourceryy 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊YouTube : https://youtu.be/3-4AZ-p3tv8𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at https://GetVCX.com • Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/DisclosurePaid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.