DXYZ, a closed-end fund with Anthropic and OpenAI exposure, is positioned as a proxy play before the Anthropic IPO. The author believes retail FOMO will drive the fund to trade above NAV (similar to SpaceX hype), presenting an arbitrage opportunity at current NAV-aligned pricing.

DXYZ is positioned to trade at a significant premium to NAV ahead of the Anthropic IPO, similar to its historical behavior before SpaceX went public, driven by retail investors seeking private-tech exposure. Key risks include IPO timing uncertainty, potential disappointment if Anthropic's valuation doesn't justify the hype, and broader market sentiment shifts that could deflate the premium.

Post discusses a discrepancy between NAV (Net Asset Value) of $34 and a valuation suggesting a $2T Anthropic company valuation, implying significant upside or downside depending on interpretation. Key risks include valuation accuracy, market sentiment shifts, and the reliability of NAV calculations versus market expectations.

NVIDIA has guaranteed up to $105B in residual value for OpenAI's data center leases, with OpenAI as tenant and NVIDIA backstopping defaults, while retail investors gain OpenAI exposure through Destiny Tech100 (DXYZ) which invested $150M in OpenAI without disclosing cybersecurity risks. Key risks include OpenAI's apparent inability to secure financing independently, reliance on NVIDIA guarantees suggesting weak creditworthiness, and lack of security/breach disclosures to retail investors.

DXYZ is trading below its March 31st NAV of $24.56 and significantly below the projected June 30th NAV of ~$35, driven by substantial unrealized gains in Anthropic (valued at $965B vs $380B) and SpaceX ($2T vs $1.25T). Key catalysts include Anthropic's S1 filing and DXYZ's updated NAV announcement, with additional upside potential from OpenAI, Stripe, and Revolut IPOs not yet reflected in valuation.

Author argues STCK (Stack Capital) offers better value than DXYZ for SpaceX pre-IPO exposure, with 32% SpaceX weighting versus 16% at much lower premium to NAV (90-95% vs 200%+). Position also includes complementary holdings in AI/energy infrastructure companies like OpenAI, Databricks, and Crusoe Energy.