DXYZ Has Surged 51% in Five Days on SpaceX IPO Fever — But Can a Fund Trading at 3x Its Asset Value Sustain the Ride?

Shares of Destiny Tech100, a closed-end fund that gives everyday investors access to private tech companies, hit $73.48 on Monday — up 10.3% on the day and roughly 51% since last Tuesday's close of $48.48. The catalyst is singular: SpaceX filed for what could become the largest Nasdaq IPO in history, with plans to raise up to $75 billion at a potential valuation approaching $2 trillion. For shareholders of DXYZ, the math is straightforward — and the risk is enormous.

SpaceX Is the Fund's Biggest Bet, and It Just Became Real

With 14.5% of Destiny's portfolio tied to SpaceX, the filing instantly turned the fund into a high-beta proxy for Elon Musk's rocket, satellite, and AI empire.

SpaceX's prospectus was filed on May 20, with shares set to trade on Nasdaq under the ticker SPCX and a potential public debut as early as June 12. That gives DXYZ holders a rare, liquid way to ride the IPO wave — but it also means the stock moves on hype, not fundamentals.

The Gap Between Price and Reality Is Widening Fast

Destiny put its net asset value — the per-share worth of its actual holdings minus debts — at $24.56 as of March 31. At $73.48, DXYZ trades at roughly 3x that figure. In other words, investors are paying three dollars for every one dollar of underlying assets. Cautionary tales resurfaced from the fund's past, where shares traded at extreme premiums before contracting sharply.

SpaceX Itself Is a Growth Story Built on Huge Losses

During the first three months of 2026, SpaceX's net loss totaled $4.3 billion on revenue of $4.7 billion.

Its accumulated deficit — the running total of losses since it began — stood at $41.3 billion as of end of March. The company is spending aggressively on AI infrastructure: since the start of 2025, its AI segment has lavished $20.4 billion on expanding its footprint. That ambition supports a massive valuation, but profitability remains distant.

The Broader Portfolio Adds Upside — and Complexity Beyond SpaceX, other major holdings include xAI, Anthropic, OpenAI, Databricks, and Shield AI — several of which could pursue their own IPOs. The fund charges an annual management fee of 2.5%, with total expenses around 5–6% , a steep toll on returns. With the June 12 debut approaching, DXYZ will trade as a leveraged sentiment gauge on SpaceX's reception. Investors should know exactly what premium they're paying — and what happens if the music stops.