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.