VCX currently has about 22% of its asset value in Anthropic via 2 SPVs which are marked to the 900B valuation round. RIC rules for CEFs dictate concentration limits which we have discussed here:
https://www.reddit.com/r/VCX_Fundrise/comments/1tvvr3z/rics_rule_around_vcx_and_my_best_guess_on_price/

At that time the consensus seemed to be that you don't have to liquidate anything if an asset appreciates. That was clearly wrong since one SPV out of the 3 was sold in the previous quarter. u/JB-M88 here was helpful enough to point out that according to the Federal Register it is a value test and not a cost basis test and it will trigger a liquidation which is exactly what happened.
https://www.reddit.com/r/VCX_Fundrise/comments/1w2sup8/comment/p6z6ctp/

So now the question is if Anthropic IPOs at any number above 1.1T what happens since we breach the 25% limit? VCX cannot sell the shares on IPO day due to the lockup. Does this mean that they will be forced to sell another SPV before hand (and will that be at a discount to the 900B round like the last sale)? I welcome any thoughts that people may have.

There is also the other liquidation for the OpenAI SPVs on the horizon for the same reason if the talk of another round ever materializes.

Tell me how VCX ever gets back to even $35 on the back of these facts?

https://www.sec.gov/Archives/edgar/data/2052053/000121390026102338/ea0306345-01_497ad.htm

“The Countdown Is Over
** **
The original shareholder lock-ups were temporary - designed to support an orderly direct listing and the development of a public market for PWRL. That job is done.
 
Effective September 24th, we are waiving all remaining lock-up restrictions in PWRL’s lock-up agreements with non-affiliated shareholders, roughly two months ahead of schedule. PWRL is now a public fund, and from here we should be judged on the things that matter: NAV, portfolio decisions, realizations, reporting, and how we treat shareholders. That is exactly where we want to be.”

Does the language sound familiar? They’ve declared a dividend at 6% to help with the price for the next quarter. Buybacks didn’t do the trick so a new strategy.

https://preview.redd.it/kx0qyf1h3qph1.png?width=1026&format=png&auto=webp&s=20efbebf47c98e397574ce65901680cd51c8e482

VCX published the ATM filing on the morning of the September 10th. The previous day VCX had closed at $37.59. The last published NAV for September 8th 2026 was $21.70 with 35,797,138 shares outstanding. We are getting close to breaching 30 which sits almost halfway from the $38 when the ATM started. The table above shows how the volume has been (it took all of about 4 days, the power of selling pressure, they will keep selling above $22). About 1.8 million shares. ATMs would typically do no more than 10% of the daily volume (likely less but let's go with the high number). This means they have so far sold about 180k shares at an average price of about $32, which raises $5.76 million. This would lead to an uplift of 16 cents to the NAV. Let's assume the rest of the way down is the same. So we get about 30 cents lift to the NAV and a great $12 million worth of investable cash!! And then it shall be what has been going on with these below.

https://preview.redd.it/98a2r4oh4qph1.png?width=686&format=png&auto=webp&s=705c9505f6739cbcf5d3b5e341aad83f5f0d4315

https://preview.redd.it/ikn2fy7k4qph1.png?width=687&format=png&auto=webp&s=62767423e1f8b796bc8bd2fc18c0caf639adde64

Been heck of a ride I tell ya. Good for the ones who were able to cash in while it lasted! MBAs and Money Ninja's can now keep promoting the stock on their subs/blogs.

https://preview.redd.it/62soeeyb5pph1.png?width=856&format=png&auto=webp&s=957e510f9eb9882a398ed203df7b97a9cf7fd04b

VCX probably making its way there with the slow grind everyday.

This just dropped. PWRL had launched a second fund called PWRL Fund II. Now they are filing for relief from RIC rules so that both the funds can co-invest in SPVs which is otherwise prohibited by law. It is worth reading this.

I am wondering how this impacts what has been going on with the VCX Anthropic stake which was sold. As a lot of people have speculated here that it could be VCX-II or OVF, I wonder how the same issues highlighted in this PWRL filing impact the assessment of what has gone on the VCX side. The only plausible way they sold at below secondary market value (which is what the books suggest since the $965B round gain was not booked on the sale) would have been a sale to a related entity.

Anyone have thoughts on this?

https://preview.redd.it/fltnlo02xooh1.png?width=880&format=png&auto=webp&s=3e29b456dbd8369d7f95c150c71764ec1d4baef2

It used to be a part of VCX, IPO price was $71 and today it crashed to an all time low of $55. Thankfully, VCX exited the position by March of this year.

https://preview.redd.it/c684dajcsjoh1.png?width=580&format=png&auto=webp&s=d14ae2537254bd04d8bf5022be13dbc88627db7c

Filing just dropped and those candles are due to this. He bought about $1.7 million worth over 3 days.

Previous quarter for comparison:
https://cdn.sanity.io/files/ivaqw3e8/production-public/2e06b948b8210b5f36ad1cb519e2aabd1fd5a1b5.pdf

The balance of shares is mentioned here https://www.sec.gov/Archives/edgar/data/1777677/000177767726000056/xslFormNPORT-P_X01/primary_doc.xml

to be exactly: 1163216.03000000

This is as of June 30th, they resumed selling in July and based on what we know there are 480k shares yet to be sold/reported sold per the 144 filings.

If you look at the filings above these shares were handed over to Plume, a tokenization company in March for a promissory note. These shares are now back, we are not sure about the motivations. The VCX valuation in March at $575 would have tripped the concentration limit issues so was this done as a way to get around those, we simply don't know and I don't think we will ever get the answers from the management.

Nonetheless the mystery of the missing shares is solved. The fund is down 100mm in assets between the 2 quarterlies. The other curious thing is that the fund also has a stake in Fluidstack that is exactly the same size as the VCX Fluidstack holding. Screenshots for everything in comments.

For the sake of balanced coverage and to gauge the interest of holders (since these kinds of posts are always a hit and get many more likes than the sensible seeming ones). Please upvote to your hearts content.

FULL DISCLOSURE: With all the new information I am comfortable going short come Monday. I’ve already sold my 8200 VCX shares as of Aug 21st.

Busy Friday evening for all the filings. NAV as of 27th Aug is $11.93

Fund-Level Comparison

Metric	Mar 31, 2026	Jun 30, 2026	Change
Total assets	$701,493,299.35	$813,141,712.26	+$111.6M (+15.9%)
Total liabilities	$22,575,190.72	$36,173,350.34	+$13.6M
Net assets (NAV)	$678,918,108.63	$776,968,361.92	+$98.1M (+14.4%)
Cash & equivalents	$75,717,714.39	$60,828,531.65	-$14.9M
Monthly total return (final month reported)	3.89%	14.39%	—
Net unrealized appreciation (final month reported)	$24,527,255.74	$86,104,132.74	+$61.6M

Holding	Mar 31, 2026 Value	Jun 30, 2026 Value	Change	% of NAV (Mar → Jun)
Vantage Data Centers – VDCM 2025-AZ D (9M principal)	$9,096,660.00	$8,943,405.30	-$153,254.70 (-1.7%)	1.34% → 1.15%

Updates (as I dig more):
Anduril is another surprise markdown, down from 37.35 mm to 26.8 despite a new 2x round. This is bizarre. I wonder if this is an SPV haircut issue or not. It is reported via 8VC ANSE SPV, now 3.4% of the fund.

HOF Capital AG Follow On, LLC which was one of the 3 Anthropic SPVs in the fund and was 5.3% of the fund as in the last N-PORT has been liquidated and is missing in the current N-PORT. This is further confirmed by looking at the ledger. Fund had 15 million less cash at hand than last time 15 million more debt and made 65 million in new investments, that shortfall is exactly what liquidating the 36 million SPV would fill in the gap. For the other SPVs the markup is only 2.27 and not 2.4 as implied by the 380 -> 900 revaluation. So those have a haircut built in.
EDIT to above: If you take the Visual Layer exit as well then it means the exit from Anthropic and Visual layer paid about $34 million in total for the two investments which were valued at $41 million in the previous N-PORT, this means those were sold at a 20% discount to the last N-PORT.

Here is another bombshell and one of the other main explanations for NAV printing below projections. March N-PORT SpaceX piece at 1.25 trillion valuation was $26.85 million, on June 30 when SpaceX closed at $171 the company market cap was $2.25T so you would expect a markup of 1.8x but we see the actual mark at 33.1 or just 1.23x, that is a huge haircut! ~30%

Ramp revalued +33% exactly like the RVI markup, this was also a markup we hadn't anticipated. This is good but means we lost more elsewhere.

Debt increased, we have 5 reverse repo agreements with Barclays totaling 30.5mm as opposed to 3 in the prior cycle totaling 15.9mm so a net addition of 14.6mm

Complete picture: The NAV came in lower than the projections for 4 main reasons.

-One of the 3 Anthropic SPVs were liquidated (off the books now, previously 5.3% of the fund),

-SpaceX had a huge haircut (1.23x vs 1.8x we expected implying 30% haircut),

- Anduril markdown by 30%

- Doubling of debt from 15 to 30 million.

3 of the 4 star holdings have had issues in this valuation cycle as you can see, and this comes back to treating SPVs very carefully. We don't know how the OpenAI SPVs will shakeout. So there you have it. People who were calling us out for not knowing our math and undervaluing things at 24-25 can have it now and it has printed $21.70

Regarding Service Titan which had an IPO in Dec 2024 the fund sold all the stake before March of this year so they kept the stock for about a year. So they sold in 6 months past the lockup. This is the only example we have of a listed holding that was liquidated. We shall see what happens with SpaceX.

And I do get to say I have told y'all about this:
https://www.reddit.com/r/VCX_Fundrise/comments/1tvvr3z/rics_rule_around_vcx_and_my_best_guess_on_price/
https://www.reddit.com/r/VCX_Fundrise/comments/1t5lc7d/spv_valuation_complexities_for_tickers_like_vcx/

https://hofcapital.com/team
This is HOF Capital, VCX's OpenAI and Anthropic SPV, I dunno how much of a special access it is to just call these guys with a bag of cash and get in on an SPV.

P.S.: Thinking more about this as to why the NAV underperformed so much for even the most bearish of our estimates. I think there is a lot of leeway in valuation methodology. Before listing any new markup used to be perfectly reflected in the NAV using just the new valuation round for a holding and you could calculate it and get the same number. This made all of us treat it as a good and simple way to project the future NAV. It suited them since the fund had to list and they could update based on the best case scenario and not show the haircuts. But now that has changed since we've had a couple of liquidation events, the skeletons in the closet that are the SPV haircuts are tumbling and this underperforms even the most sober estimates.

Portfolio Deployment Update

 

Subsequent to the quarter ended June 30, 2026, we continued to actively deploy capital. As of August 27, 2026, we fully closed 3 additional investments representing approximately $169.0 million in added portfolio exposure, as described below, which we funded using our existing cash and cash equivalents.

 On August 13, 2026, we invested an additional $150.0 million in Goanna Capital 26E LLC (invested in OpenAI Group PBC Class A Common Stock).

 On July 16, 2026, we invested $15.0 million in Magnitude FSTK, LLC (invested in Fluidstack Ltd Series B Preferred Shares).

 On August 4, 2026, we invested $4.0 million in Boom Technology, Inc. through a Simple Agreement for Future Equity.

At-the-Market Offering

 From April 1, 2026 through June 30, 2026, we sold a total of 17,191,674 shares of common stock at a weighted average price of $34.25 per share under the Open Market Sale Agreement^(SM) with Jefferies LLC. The net proceeds as a result of these sales of common stock were $715,442,732, after deducting commissions and fees.

A $10 lift to NAV in a quarter ($24.56 -> $34.30) while picking up the OpenAI stakes from 2% to about 9%. Longer term the NAV has gone from $4.86 to $34.30 in 28 months so about 7x return.