Destiny Tech100 Inc. is trading 9.3% down at $35.12 as traders reassess the fund's rich premium to its underlying assets ahead of the SpaceX IPO.
- The fund has historically traded at a steep premium to its net asset value (NAV), driven by the scarcity value of private tech leaders like SpaceX, OpenAI, and Anthropic.
- Today’s decline suggests that this premium is compressing as the prospect of direct exposure via a new SpaceX listing becomes available to investors.
- Market participants are recalibrating the fund's valuation as the unique access it provides to private unicorns faces potential competition from direct market entries.