Craig Stephens | Access IPOs

The Fundrise $VCX fund starts trading today. It's not an IPO, but a VERY UNIQUE direct listing. Once trading, all retail investors can own a piece of Anthropic, OpenAI, Ramp, Anduril, SpaceX, and 23 more holdings through the Fund. It launched in July 2022, but any shares purchased before Feb 20th, 2026, will be locked up for 6 months. VCX has 100k+ investors already. HOWEVER... Fundrise issued new unrestricted shares in the last few weeks, but ONLY to existing Fundrise investors (max $10,000 per investor). These unrestricted shares will be the initial float. Institutions, for once, are completely shut out of the deal, leaving the Fundrise investors in control of the trading. The Fund's net asset value (NAV) headed into the trading day is $18.97. If this core group of unrestricted $VCX shareholders HOLD, tradable shares will be scarce, potentially driving up the price. Or if it trades like $RVI, it may lag NAV. But Robinhood's RVI IPO was fundamentally different, raising new funds for new investments (late to the AI game), with little venture track record. Fundrise VCX has a track record, with early investments in multiple generational startups. Though $HOOD and Fundrise share the goal of democratizing investing and venture capital for ordinary investors, $VCX is a different animal.

@fundrisefan @fundrise @BenMillerise Respect the unwavering conviction.

@AccessIPOs no. the market is correctly pricing in @fundrise ceo @BenMillerise's leadership & vision

$VCX up pre-market. Issues with transfer agent may have reduced the pool of tradeable shares yesterday. Hopefully we'll see better liquidity today. It's a trader's game now. Long-term retail beware. Unrestricted holders: Irresponsible to leave a 4-5X gain without some profit taking. Unless you're @fundrisefan he'll never sell.

@fundmyfund All of the shares purchased before Feb 20th are locked. Only the unrestricted shares sold over the past few weeks are trading, which explains the volatility.

@AccessIPOs Some people are on a 6 month lockup as well

$VCX is trading considerably above its NAV ($18.97) due to small float and Fundrise investors' long-term outlook tilt (and likely, transfer agent issues). Over time, it may trend similarly to the $DXYZ vs. NAV chart. The gap will eventually narrow. Need more shares trading. $RVI still trades below NAV because of a share surplus at the IPO (only sold 12.6 of 40 million available).

@grifocx @fundrisefan @SavaSavvich @fundrise Yep. I haven’t found the float info yet.

In 2011, I pitched a top securities attorney in New York on democratizing investing. After hearing me list all of the ways I believed retail investors were disadvantaged by the financial system, he just looked at me and said: “Why would you bother with the little guy?” Today, 15 later, we’re listing the @fundrise Innovation Fund on the NYSE under the ticker $VCX. The financial system has a structural problem that most people can feel but few can name. The most valuable private technology companies are worth hundreds of billions, even over a trillion dollars, and they’ve never gone public. The wealth creation that used to flow through public markets—enabling everyone to participate—now happens behind a wall that excludes everyday investors. AI compounds the urgency. The companies building the most transformative technology in a generation are growing at rates we’ve never seen before, and the gap between who owns that growth and who benefits from it widens every quarter. We started working on the Fundrise Innovation Fund in 2021 to test whether a public venture capital fund could work. Over 100,000 investors now own a portfolio concentrated in the leading private AI and technology companies, making VCX one of the largest funds of its kind to ever list on a major exchange. No accredited investor requirement. Now available in any brokerage account. When that attorney asked me why I’d bother with the little guy, I told him: because they’re getting screwed! But I believe today marks another step in building a better financial system for the individual investor. Onward

Here here $VCX

@brenbto Yes, but not 6X!

@AccessIPOs is it possible that inventors think the nav is too low and the underlying assets or valued too low?

@philllyfanatic Not open yet. Price discovery in process.

@AccessIPOs Just checked Schwabb and my other account that I cannot name and neither show $VCX trading. The tickets show on both apps, but neither are available to purchase. Any idea why I can’t buy VCX yet?

New date announced to shareholders via email: $VCX Target: Thursday the 19th.

Via Coindesk: coindesk.com/business/2026/…

Unsurprising

• we create the market for $VCX tomorrow • @fundrise innovation fund unrestricted pre-listing shareholders, let's fucking go! • update from ceo @BenMillerise prior to tomorrow's public listing fundrise.com/vcx #VCX #fundrise

@the_jsv New date: x.com/AccessIPOs/sta…

@AccessIPOs Lame.

$VCX "Postponed to a Date to be Announced"

Press release globenewswire.com/news-release/2…

I love the transparency by $HOOD $RVI. New investments in Stripe and ElevenLabs. On March 9, 2026 RVI purchased an aggregate of $14,577,645 of Class B Common Stock of Stripe. On March 12, 2026 RVI purchased an aggregate of $19,999,971.34 of Series D Preferred Stock of ElevenLabs in a primary transaction

$HOOD - Robinhood Ventures Fund I (RVI) Announces Investments in Stripe and ElevenLabs seekingalpha.com/pr/20440832-ro… $rvi $vcx

Postponed again: x.com/AccessIPOs/sta…

$VCX is scheduled to list tomorrow, 03/17. Will the @fundrise team ring the bell too?

@brenbto Just sounds like a complex listing and running into technical issues. I am not concerned at all. Long-term investment and I already own shares.

@AccessIPOs Any thoughts yet?

Via r/FundRise on Reddit. Posted at about 6:00 pm ET. $VCX. Also postponed again on NYSE corporate actions.