162: How Anyone Can Invest in OpenAI & Anthropic w/ Ben Miller

15 snips

Mar 23, 2026

Ben Miller, Co-founder and CEO of Fundrise, a platform that opens access to real estate and private tech investments. He talks about Fundrise’s public listing VCX and how it bridges private and public markets. He explains why tech firms stay private longer. The conversation covers valuation marks, closed-end fund mechanics, multi-stage sourcing, and democratizing ownership in private tech.

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INSIGHT

Closed-End Wrapper Solves ETF Limitations

Closed-end listed funds avoid daily create/redeem pressures that would force buying scarce private shares at inflated prices.
That static pool lets managers hold fixed private allocations (NAV) while public investors trade the fund.

INSIGHT

Invest Across Stages To Catch Winners

Multi-stage investing increases chances of owning future winners because early access is rare and later access is often impossible.
VCX invested across stages and hunted specific companies like Anthropic by being a customer and building technical conviction.

ANECDOTE

Contrarian 2022 Investments Became Big Winners

Fundrise invested in many private tech names during 2022 when the market was negative and Silicon Valley Bank had just failed.
That contrarian timing produced outsized returns as those companies later re-rated post‑AI surge.

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