u/Fit_Equal6932
▲ 6 r/VCX_Fundrise
Curious FLEX options trade in VCX
I ran the FLEX query on theocc.com (Options clearing corporation) and came across this VCX trade for yesterday. If anyone understands these better please feel free to chime in.
THE OPTIONS CLEARING CORPORATION - CHICAGO, ILLINOIS SYSTEM DATE 05/15/26 TIME 20:48:13 PAGE 319
EQUITY FLEX OPEN INTEREST REPORT ACTIVITY DATE 05/15/26 PROGRAM ID BV2C0210 V005
MARK PRICES NOTED ON THIS REPORT ARE DERIVED BY THE CORPORATION FROM FACTORS
AND DATA DEEMED PERTINENT WHENEVER APPROPRIATE CLOSING PRICES IN FLEX
OPTIONS ARE NOT AVAILABLE.
EXPIRATION STRIKE MARK OPEN
SYMBOL P/C MO DAY YR PRICE PRICE INTEREST
FUNDRISE INNOVATION FUND, LLC
2VCX P 10 16 2026 00160 400 71.0042 116
2VCX C 10 16 2026 00183 000 73.6988 116
*** CLASS TOTALS *** 232
u/Fit_Equal6932 — 5 days ago
SpaceX prospectus coming out next week.
Another potential hype cycle for related tickers. Add to it the next Starship launch on May 19th. The news coverage should increase.
DXYZ, VCX and SATS (this could be the dark horse, I am long, DXYZ and VCX are tricky with current prices.)
u/Fit_Equal6932 — 7 days ago
▲ 5 r/stocks
MS and Citi Play around the CBRS IPO
CBRS IPO was today, shares were allocated at 185 and it opened for trading at 350 before hitting 386 and retreating. While people were focused on the IPO, here was an interesting nugget from the prospectus.
https://www.sec.gov/Archives/edgar/data/2021728/000162828026029503/cerebras-sx1amay2026.htm
"We will grant the underwriters the right to purchase up to an additional 4,200,000 shares of our Class A common stock from us to cover over-allotments, if any, at the initial public offering price less the underwriting discount."
Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank are underwriters. This means that these 4 banks get to profit ~700 million dollars (assuming the opening price of 350) from using this option. This will materially lift their Quarterly earnings. And guess what happened to Citi and MS stocks right after the CBRS IPO opened for trading at 1:00 pm.
I bought some July calls at 1:15 pm (post earnings expiry) for MS and C. Take look at what the price chart did today after 1:00 pm when CBRS opened (images not allowed).
Leaving it here, make what you will, perhaps another case of go where the puck will be instead of chasing it. Read the prospectus.
P.S.: For people confused about how Greenshoe options for underwriters work read the Investopedia article on those. I have posted the link below. These are a big money printer for banks and they don't leave money on the table. You can choose to disagree with what this does to the stock price of these banks but there is no doubt they all made good money using this option today. This will be revealed in the SEC filings soon.
u/Fit_Equal6932 — 8 days ago
Charts don't show for IPOs
Second time that I am trying to track an IPO. I see the book in the Integrated stock window but no charts anywhere. Very irritating.
u/Fit_Equal6932 — 8 days ago
▲ 11 r/stockstobuytoday
CBRS IPO indicated to open at 380!
This is at 10:25 am.
P.S. It hit 386 soon after opening. Anyone considering buying now should consider this one thing and be careful.
IPO allocation was at 185 so the 133% trigger is most likely met (If this closes above 246.67 today) and new supply from insiders will hit the market tomorrow.
P.P.S: Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank are the underwriters and have a greenshoe overallocation option. Per the prospectus:
"We will grant the underwriters the right to purchase up to an additional 4,200,000 shares of our Class A common stock from us to cover over-allotments, if any, at the initial public offering price less the underwriting discount."
This means that these 4 banks get to profit ~700 million dollars (assuming the opening price of 350) for using this option. This will materially lift their Quarterly earnings. And guess what happened to Citi and MS stocks right after the CBRS IPO opened for trading at 1:00 pm.
Leaving it here, make what you will, perhaps another case of go where the puck will be instead of chasing it. Read the prospectus. I bought some July calls for these banks.
u/Fit_Equal6932 — 8 days ago
▲ 1 r/Stocks_Picks
FCC approves EchoStar sales of 65 megahertz spectrum to SpaceX, 50 megahertz to AT&T
I have been long SATS for a while and added to my position after this. Market hasn't budged, I have listened to their conference calls and read the earnings reports. Still a good time if this makes sense to you. I hold calls for July and some stock. For reference this came out around 2:55 pm EST May 12th.
u/Fit_Equal6932 — 10 days ago
FCC approves EchoStar sales of 65 megahertz spectrum to SpaceX, 50 megahertz to AT&T
I have been long SATS for a while and added to my position after this. Market hasn't budged, I have listened to their conference calls and read the earnings reports. Still a good time if this makes sense to you. I hold calls for July and some stock. For reference this came out around 2:55 pm EST May 12th.
u/Fit_Equal6932 — 9 days ago
▲ 16 r/VCX_Fundrise
Heads up Cerebras IPO this week (CBRS) May 14th
Since VCX holders seem to care about all things AI, the next moment is this week with the Cerebras IPO. The timing seems good with the market bull run and hype and it can be another gangbusters pop moment. Lists May 14th on Nasdaq. Fidelity among others allow applying for pre-IPO shares or if you think the hype is there get in the line first thing in the morning.
https://www.sec.gov/Archives/edgar/data/2021728/000162828026029503/cerebras-sx1amay2026.htm
They specialize in silicon for faster inference and compete for the highest token/second inference benchmarks.
20x oversubscribed. Hive and notice showing prices of 158 and 187
u/Fit_Equal6932 — 12 days ago
▲ 13 r/VCX_Fundrise
EDIT: Added some options related notes at the end.
Enough has been posted here about valuation and updates to NAV based on position and projected valuation in various companies that tickers like VCX, DXYZ and RVI hold. One aspect that has been occasionally mentioned but underappreciated is the impact of opaque SPV structures on the eventual return to the fund holders. If we don't understand that correctly all the valuation math goes out of the window since these can have significant haircuts that drive down the multipliers in any calculation. One thing, all these funds advertise their fees (VCX ~3%, DXYZ ~5%, RVI ~2%) as being very little compared to the industry 2 and 20 model but they **do not** account for or mention the SPV pass through fees. Those fees will subtract from your eventual return and it will cost you more than the 2, 3 or 5% advertised. This is the one grey area that has bothered me for a while even though I understand the rest of the fund structure for these tickers pretty well and can generally do the quick NAV update in my head anytime a new investment or valuation round is announced. We only get small hints here and there in the filings, Here is what I have dug up so far to get a fuzzy picture.
VCX:
https://cdn.sanity.io/files/ivaqw3e8/production/4ccbea9a23711b075c16761b4b4ac3918c9a55e9.pdf
Semi annual report September 30, 2025, Page 15
Description Initial Acquisition Date Shares Cost Value as of September 30, 2025 % of Net Assets
Anthropic, PBC 08/14/25 139 21,462 19,600 5.4%
This is line item 4 on the table. This was the second tranche of their Anthropic investment, made in Aug 2025 and marked on Sep 2025. They paid 21.46 million and immediately marked it to 19.6 million. So they paid a premium of 10% over the actual valuation round. There is still no clarity on the fact that whether there will be any haircut by the SPV for when the holding is liquidated. That will obviously hit the return even harder.
DXYZ (they are surprisingly forthcoming, I wish VCX was like this too):
https://destiny.xyz/tech100/Destiny%20Tech100%20Inc.%20Prospectus.pdf
Prospectus page 9:
"We will be subject to general risks associated with SPVs, which include: the fees we pay to invest in an SPV may be higher than if we invested in the single underlying portfolio company directly;"
https://destiny.xyz/tech100-2025-semi-annual-report
Semi annual report 2025 page 5 footnote (i) in reference to the SpaceX stake:
"The SPV has invested through multiple underlying SPVs, some of which have more than one layer, resulting in the related economic exposure to the Fund."
Multiple layers of pass through. Elsewhere page 21. "MWAM VC SpaceX-II, LLC (economic exposure to Space Exploration Technologies Corp., 55% Class A Common Stock and 45% Class C Common Stock), carried interest/incentive fees 10%"
They invested 100 million in Anthropic which leads to a 22% stake in the fund but we don't know if it was at par or premium. We also don't know the SPV structure. So this makes it harder than a simple NAV update of 380 billion -> 1 trillion hence ~6 dollars update to the DXYZ NAV, it should probably be less. My fair for DXYZ will be around 26-27.
The most extreme example of the SPV haircut phenomenon is the ticker XOVR which has at times had its SpaceX holding balloon to 40%. The problem is that the holding seems mostly for show only. When the large jump in valuation happened to SpaceX in Dec/Jan the NAV of XOVR didn't even budge.
RVI, their NAV is 24.71 and they have now invested in OpenAI, but we don't know whether at par or a premium. Further this was at 850 billion valuation but RVI is now trading at 32. My fair is the still 24.71.
The other kink in the whole process is the reporting delay and the valuation rounds for various holdings that happen in the meantime. Going back to DXYZ their next N-PORT will be around 29th May and will be a snapshot for 31st March (and it will be around the same date for VCX and RVI). This will show the holding and valuation of Anthropic. Meanwhile Anthropic is now in talks to raise at a trillion. The N-PORT will not have that mark. If the raise happens before June 30th (it likely will) then this will be reflected around August 30th. Therefore it is important to do the valuation with all this in consideration to find good buy and sell opportunities in these tickers. The SPV haircut is the biggest headache though and I will apply a generous deflator for that.
With VCX the one issue we will end up having is that their holding percentages are snapshotted to 15 Feb, before the roughly 200 million poured into the fund. The 20% Anthropic is 20% of the 437 million fund, not the 679 million that listed with all the new cash. So all the holdings get deflated significantly. I am hoping they pour in some more cash towards the latest rounds to get these back up.
Please share if you have any further insights or detective work into these opaque SPV structures. And meanwhile the latest rally has led to a good opportunity with October puts. I picked up a bunch with average ex-price of $64 and cost of $9. So in a way this locks a share price of $55 for my restricted shares after cost. I am happy, If the stock stays irrationally high and let the puts expire worthless, otherwise based on the math this has already turned out to be the best investment I ever made. The puts give me the further flexibility to keep holding the shares long term but profit from them in case there is a price crash post lockout.
Edit: This was my original post on options
https://www.reddit.com/r/VCX_Fundrise/comments/1sam6a0/how_to_think_about_vcx_options/
The situation has gotten dramatically better now. I calculated this on Tuesday night (5/5)
By the time morning came I was able to juice this up a bit more and locked in a total return of 135% on the deployed capital. Granted it is $9 a share but if you have the money sitting around its a no brainer. The 135% is on the total i.e. share price + the options cost so I am not losing out on any opportunity cost by deploying this money (show me something that will pay guaranteed 135% over 5 months). You can choose to recalculate this table with the latest prices and decide to go for the cheaper strikes trading off for a slightly lower return. It the stock rips further you can do much better than me.
u/Fit_Equal6932 — 16 days ago
▲ 8 r/VCX_Fundrise
Sold for $111 and I got 96 as explained by u/BarneyBloodAxe below.
u/Fit_Equal6932 — 17 days ago
▲ 0 r/options
IV and spread on this scares people but this has been paying for the last few days. The straddles would have paid for the last 4 days straight. Worth a look if you believe in a large move in either direction. Short fees is 80%+ and low float add to the dynamics. It is also sort of a position where if this rips a bit more then you cash out on the long leg and wait for the short leg to pay later.
u/Fit_Equal6932 — 17 days ago
▲ 3 r/VCX_Fundrise
So I see that there is no more daily reporting of VCX shares by Fundrise REITs. Why is that and what are the rules? They still have a bunch to sell.
u/CapAggravating784 care to enlighten us?
u/Fit_Equal6932 — 22 days ago