US Stock Market Move | Closed-end fund Fundrise Innovation Fund (VCX.US) plummeted more than 24%, with reports indicating heavy exposure to SpaceX. It may also be going public in June.

On Thursday, Fundrise Innovation Fund (VCX.US), a closed-end fund heavily invested in SpaceX, plunged over 24%. Despite this drop, the fund has still risen by 819% since its listing, and is now trading at $291. VCX is a publicly-traded venture capital fund launched by Fundrise, and it allows retail investors to directly invest in popular tech companies like SpaceX and OpenAI before their IPOs. As of February 15th, the top holding in VCX's portfolio was AI company Anthropic, with their flagship product Claude model, accounting for 20.7% of the fund's net assets. Elon Musk's SpaceX accounted for 5.0% of the fund's net assets, ranking sixth. Additionally, OpenAI, the company behind ChatGPT, held a 9.9% stake, while Epic Games, the developer of "Fortnite," held a 3.5% stake. Earlier reports suggested that SpaceX plans to submit its IPO prospectus to regulators later this week or early next week, with a target listing in June. Advisors involved in the preparations estimated that the company could raise over $75 billion in the IPO, higher than the previous estimate of $50 billion. The company's latest valuation is $1.25 trillion, and the actual fundraising amount and valuation will be finalized in the weeks leading up to the IPO.