I gave Claude Fable the March SEC filing… VCX’s real NAV isn’t $18.97
I used Claude Fable and fed it VCX’s SEC disclosure from March (the N-CSR Schedule of Investments) and had it roll the marks forward to today.
Big one: Anthropic went from $350B → $965B post-money in May. Dilution-adjusted that’s ~2.57x on the fund’s largest position (16.5% of NAV in the filing)… adds ~$5/share by itself.
The rest:
• Databricks: $190B round → ~1.4x
• OpenAI: ~$730B pre → ~1.5x
• Anduril: $56B pre → ~1.84x
• SpaceX: IPO’d in June → ~1.8x
Formula: weight × (markup − 1), so you don’t double count the stake already in the $18.97.
Result: NAV is roughly $28–31/share today. Stock closed ~$32 at lockup… price has basically converged to fundamentals. At current marks Anthropic is ~29% of the fund.
See the comparisons of March to August here:
https://claude.ai/public/artifacts/661fa2a5-5c06-49c8-b2a6-703f8891761c