Anthropic 2T IPO and VCX SPV impact.
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?