55: IPO Roadshow: VCX is the public ticker for private tech

42 snips

Feb 20, 2026

They unveil a plan to list a venture-style fund publicly under the ticker VCX. They debate why so few tech firms go public and how private rounds now capture huge value. The conversation covers the structure and fees of a public venture fund versus traditional VC. They highlight the fund's heavy exposure to AI-focused private companies and the fairness argument for broader access to private tech.

Ask episode

AI Snips

Chapters

Transcript

Episode notes

ANECDOTE

Existing Investors Become Public Shareholders

When VCX lists, current Innovation Fund holders will migrate shares to brokerage accounts and gain tradability after a lockup.
Ben compares this to private-company IPO mechanics with an initial lockup then daily liquidity.

INSIGHT

Lower Fees Replace Traditional Carry

VCX will drop carried interest and offer a flat management fee, lowering the cost of accessing top private tech.
That fee shift materially changes the economics versus traditional VC funds.

INSIGHT

Democratizing AI Ownership Is A Social Imperative

Democratizing ownership of AI-driven firms matters morally and politically because AI could concentrate returns.
Broader ownership helps share AI-driven gains if automation reduces labor income for many.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

IPO Roadshow: VCX is the public ticker for private tech

The number of public companies has been cut in half over the past 25 years. The best private companies are staying private longer than ever. As a result, ordinary investors have been locked out of the biggest wealth-creation opportunities of this generation. With AI threatening to drive wealth inequality to new levels, Ben calls this a fairness problem as much as a financial one.

His answer: take the Fundrise Innovation Fund public under the ticker VCX, creating the first publicly traded venture capital fund and a new category Ben calls the PVC (Public Venture Capital fund).

In this episode, Ben and co-host Cardiff Garcia (Economic Innovation Group, New Bazaar podcast) examine the history of financial innovations, what VCX is, and what it means for the everyday American investor who's been locked out of private markets.

For a deeper dive into these insights and more, listen to the full episode of the Onward podcast. You can learn more about VCX at https://www.getvcx.com.

Questions or feedback? Drop us a note at Onward@Fundrise.com.

Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, with co-host Cardiff Garcia.

About Fundrise

With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.

More Info & Disclaimers

Investing in the Innovation Fund (the “Fund”) is speculative and involves substantial risks. You should purchase shares of the Fund only if you can afford a complete loss of your investment.

Past performance does not guarantee future results. Current and future holdings are subject to risk. Returns of one company are not indicative of an investment in the Fund. To obtain Fund performance, visit getvcx.com. The Fund's most recent schedule of investments is available at getvcx.com.

Investors should consider the Fund’s investment objectives, risks, charges, and expenses before investing. This information is included in the Fund Prospectus and can be accessed by calling (202) 804-0023. Read the prospectus carefully before investing.

The Innovation Fund is publicly registered under the Investment Company Act of 1940 as a non-diversified, closed-end management investment company.

The Fund’s portfolio will be concentrated in securities issued by technology companies and other investments that provide economic exposure to technology companies and as such, it may be subject to more risks than if it were broadly diversified across additional sectors and industries of the economy. Certain technology companies may face special risks that their products or services may not prove to be commercially successful. Technology companies are also strongly affected by worldwide scientific or technological developments, and as a result, their products may rapidly become obsolete. The Fund’s investments in companies involved in, or exposed to, artificial intelligence-related businesses may be negatively impacted because of, among other things, limited product lines, markets, financial resources and/or personnel; intense competition and potentially rapid product obsolescence these companies may face; loss or impairment of intellectual property rights; and the inability to successfully develop products or services even after spending significant amount of resources.

The Fund’s investment in private company securities, whether made directly or indirectly (e.g., through derivatives or private pooled investment vehicles) are generally illiquid. Because private company securities are thinly traded, such securities may display especially volatile or erratic price movements, sometimes in response to relatively small changes in investor supply or demand or other market conditions.

Nothing in the advertising material should be construed as tax advice, an offer, recommendation, or solicitation to buy or sell any security. All investing includes risk, including the possible loss of money you invest, and past performance does not guarantee future performance. Carefully consider the investment objectives, risks, charges and expenses of the Fundrise Innovation Fund, LLC before investing.