Destiny Tech100 Inc. (NYSE:DXYZ) shares are in focus Friday, as SpaceX prepares to begin trading on Nasdaq today under the ticker SPCX — the moment that has defined DXYZ’s entire bull case for the past several months.
What Is DXYZ?
Destiny Tech100 is a closed-end fund holding stakes in 32 venture-backed private technology companies. Its largest holding is SpaceX at approximately 16.2% of the portfolio, followed by Anthropic, to which it added $100 million in exposure via a special purpose vehicle in February 2026. Other holdings include CHAOS Industries and Hermeus Corp. As of December 31, 2025, the fund reported a NAV of $19.97 per share — up 210% from $6.44 at the end of 2024.
The SpaceX IPO Changes Everything
With SpaceX set to begin trading publicly in a few hours at $135 per share, investors will for the first time be able to own SpaceX directly. That raises the central question for DXYZ: does the fund become more or less relevant once its biggest holding goes public? The bull case is that DXYZ still offers unique exposure to Anthropic and 30 other high-growth private companies that can’t be bought anywhere else. The bear case is that the SpaceX proxy trade — the main reason DXYZ has commanded a massive premium to NAV — is now obsolete.
The Premium Question
DXYZ is currently trading at roughly $40 — a premium of approximately 100% to its last reported NAV of $19.97. As a closed-end fund, there is no automatic mechanism to bring that premium back in line. Short interest sits at approximately 17%, with bears betting the premium compresses now that SpaceX has a public price. Today’s trading will be the first real test of whether that thesis plays out.
Destiny Tech100 Shares Edge Higher
DXYZ Price Action: At the time of publication, Destiny Tech100 shares are trading 3.51% higher at $40.06, according to data from Benzinga Pro.
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