Alright fellow regards, here's the thesis:
DXYZ's last reported NAV was $34.30/share.
Stock is around ~$30.
For context: in May, DXYZ had $24.56/share of NAV and traded at $61.66. This was pre-IPO Space X. Anthropic's IPO is rumored to be the largest IPO in history.
So unlike the lunatics who bought this thing at $61.66 when NAV was ~$25, you're currently getting it at roughly a 10% discount to NAV.
Historically speaking, DXYZ is almost never priced under its NAV. This makes for a fantastic entry level.
At June 30, Anthropic was ~14.4% of DXYZ NAV, worth roughly $236M. Anthropic's last major financing valued it around $965B. Now there are reports discussing a possible IPO valuation around $2T. If Anthropic actually rerates anywhere near that, DXYZ's NAV could gain several dollars per share from Anthropic alone.
DXYZ also owns a big chunk of OpenAI exposure, SpaceX, Databricks, Shield AI, etc.
They also dumped another $150M into OpenAI recently.
So you're basically buying:
- Anthropic
- OpenAI
- SpaceX
- other private tech
- + a giant pile of T-bills
If NAV eventually gets to ~$40:
- 20% discount = $32
- 25% premium = $50
- 50% premium = $60
- 100% premium = $80
Premium will inflate as Anthropic IPO gets closer, and surely after the S-1 public filing drops.
Also: CEO Sohail Prasad recently bought ~56,000 shares around $31-32, roughly $1.8M worth. CEO is putting his money where his mouth is.
POSITIONS:
1000 shares DXYZ
50x DXYZ 40 18 Dec 26 Calls
DYOR