Fundrise VCX Review 2026: Price vs NAV, Fees & What's Next

🔄 Updated October 13, 2026 (prices through the October 12 close): the demand for "what happens when VCX unlocks" is over; the question now is the premium. VCX closed at $25.53 on October 12, its lowest close since the March 19 listing and 42.8% below the $44.62 post-unlock peak close of August 24 (our arithmetic on Nasdaq closes). Against the $21.70 NAV filed for June 30, 2026 the premium is 17.6%, down from the 75.67% the fund itself reported for September 8. EDGAR shows nothing newer than the fund's September 10 prospectus supplement (a $1 billion at-the-market program with Jefferies): no 8-K, no Form 144, no tender offer and no distribution notice. The next dated item is the September 30, 2026 NAV; see "What Happens Next: The Dated Events" below. Everything lower down is kept as of its own date.

🔄 NAV update, August 28, 2026 — the denominator on this page has changed. Fundrise filed VCX's schedule of investments for June 30, 2026 on August 28, 2026: net assets $776,968,000 and NAV $21.70 per share, up 14.4% from the $18.97 reported for March 31, 2026. Premium figures on this page that were computed against $18.97 were correct for their dates, and are now computed against a superseded NAV. Against the June 30 figure, the August 28 close of $39.84 is a premium of 1.84x (83.6%), not the 2.10x (110.0%) the old denominator gives — a difference of about 26 percentage points. The fund's own prospectus supplement of September 10 gives a premium of 75.67% for September 8 ($38.12 against $21.70), and the September 11 close of $33.50 is 1.54x (54.4%), our arithmetic. Full position-by-position breakdown, at cost and at mark: VCX's NAV is $21.70, not $18.97.

Corrected October 16, 2026 — Fundrise prospectus date. Earlier versions of this page gave the date of the Fundrise Flagship and Income prospectuses as April 29 or April 30, 2026. Both are dated May 1, 2026: EDGAR accepted each Form 486BPOS on the evening of April 29, gave it a filing date of April 30 and made it effective on May 1 (Flagship filing index, Income filing index). The fee figures cited are unchanged.

Current VCX Price, NAV & Premium (Updated October 13, 2026)

Here is the most recent verified data — and the one number that actually matters, which is how far VCX's market price sits above the fund's real net asset value.

A correction to the NAV figure. Earlier versions of this article cited a NAV of $18.43 per share. That number was wrong, and we could not substantiate it against any primary source — so we have replaced it with the audited figure straight from the fund's own SEC filing. The Fundrise Innovation Fund's Form N-CSR for the period ended March 31, 2026 reports total net assets of $678,918 thousand against 35,797,138 common shares outstanding — a net asset value of $18.97 per share, stated explicitly in both the balance sheet and the Financial Highlights table. Premium figures in this article dated before August 28, 2026 use $18.97, the NAV on file at the time; current figures use the June 30, 2026 NAV of $21.70.

What changed since spring 2026: the premium is being carried entirely by market price, not by NAV growth. Every session since listing, with volume and the premium computed on each row, is in the complete VCX price record. The share price cooled from its March highs (a ~$575 intraday spike, then a Citron-driven crash) into closes between $78.65 and $289.51 from late April through June, then collapsed into the low-$30s by July 31 as the lockup approached — and kept drifting down through August, from $36.40 on August 3 to a record-low close of $31.70 on August 11. Then the lockup expiration date itself, August 13, reversed it violently: +20.73% to $38.50 on 1,402,447 shares, the day before the freed shares could actually trade (the full breakdown). The unlock session, August 14, was the heaviest in the fund's history and closed at $34.40 (unlock-day breakdown). It went up first, not down: $41.00 on August 17 and $41.25 on August 18, on volume that halved in each of those sessions — then rolled over, to $40.65 on August 19 and roughly $39.4 on August 20, on the two lightest sessions of the event (what happened after the unlock). At the October 12, 2026 close of $25.53 you are paying about $1.18 for every $1 of the fund's latest stated assets ($21.70 NAV, our arithmetic); on September 11 it was $1.54. Against the $18.97 NAV on file during the unlock, the ratio reached about 2.35x at the August 24 close of $44.62.

The number to watch is the premium, not the price. The current filed NAV is $21.70 (June 30, 2026); the $18.97 below is the superseded March 31 figure. Everything above that is a bet that either the NAV understates the AI holdings, or that the premium holds now that the lockup has expired (August 13, 2026, accelerated from September 14) and ~100,000 former restricted holders (cost basis ~$10–11) can sell. See our dedicated lockup analysis.

What Happens Next: The Dated Events (as of October 13, 2026)

The unlock is behind VCX. What is left is a short list of dated and undated items, all taken from the fund's own filings. Nothing here is a forecast of the price.

How to read it. The one hard date is September 30. Until that NAV is filed, every premium on this page, including the 17.6% above, is measured against a NAV that is three months old. The June 30 mark was 14.4% above the March 31 one, so the denominator can move materially in either direction: a higher NAV shrinks the premium at the same price, a lower one widens it. The September 10 prospectus supplement itself warns that investors who buy at a premium can lose money even if NAV is stable or rises.

What Is the Fundrise Innovation Fund?

The Fundrise Innovation Fund is a private equity vehicle that invests primarily in late-stage, pre-IPO technology companies — with a heavy concentration in artificial intelligence. It commenced investment operations in July 2022 as an SEC-registered, non-listed closed-end fund and was originally available only through the Fundrise platform.

On March 19, 2026, Fundrise listed the fund on the New York Stock Exchange as a closed-end fund under the ticker VCX via a direct listing. This means anyone with a brokerage account can now buy shares of VCX just like they'd buy AAPL or SPY.

That accessibility is both the appeal and the trap for new investors.

The NAV Problem: Why the Premium Matters

This is the most important section of this review and the one most financial media is glossing over.

A closed-end fund does not create and redeem shares every day; its share count changes only when the fund issues or buys back shares, as VCX now may through a $1 billion at-the-market program filed September 10, 2026. It also has a net asset value (NAV) — the total value of its underlying holdings divided by the number of shares outstanding. The first NAV reported after VCX listed was $18.97 per share (March 31, 2026).

The problem: investors immediately bid the price up to multiples of that NAV.

At the October 12, 2026 close of $25.53 and the June 30 NAV of $21.70, you are paying about $1.18 for every $1 of the fund's stated assets (our arithmetic); on September 11 it was $1.54. Against the $18.97 NAV on file at the time, the August 21 close of $42.11 was about $2.22, the widest reading of the first six unlocked sessions (at the August 20 close of $39.42 it was ~$2.08; at the August 19 close of $40.65, ~$2.14; at the August 18 close of $41.25, ~$2.17; at the August 17 close of $41.00, ~$2.16; at the August 14 close of $34.40, ~$1.81; at the August 13 close of $38.50, ~$2.03; at the July 31 price of ~$33.00, ~$1.74; at the July 24 close of $55.62, ~$2.93; at the July 2 close of $77.56, ~$4.09; at the April 22 close of $92.91, closer to $4.90).

This isn't unusual for high-demand closed-end funds in niche spaces — but it does fundamentally change the investment thesis. You're no longer buying Anthropic at a fair value. You're paying a premium on top of the fund's own marks, wrapped in a fund with a 1.85% annual management fee.

Who Sold Into the Premium: The Form 144 Record

This is the part of the VCX story that has gone almost entirely unreported, and it comes straight from the fund's own SEC filings.

While ~100,000 ordinary restricted holders sat locked up and unable to sell, Fundrise-affiliated entities were selling VCX on the open market nearly every single trading day — and they realized an average of $63.54 a share, about 2.5 times the October 12, 2026 close of $25.53 (our arithmetic).

Rule 144 requires affiliates of an issuer to file a Form 144 notice before selling restricted securities, and to disclose everything they have sold in the prior three months. Those filings are public. Here is what VCX's show:

The seller. The selling entity named in the three-month disclosure table is Tech Infrastructure REIT, LLC, listed at 11 Dupont Circle NW, Washington, DC 20036 — the same address as the Fundrise Innovation Fund itself on the very same filing, and Fundrise's corporate headquarters. The August 3, 2026 Form 144 was filed for the account of Fundrise Real Estate Interval Fund, LLC, a Fundrise-sponsored fund registered at that identical address (SEC CIK 0001777677). These are Fundrise-side entities, not outside investors.

The timing. The sales ran on every session in June and July except June 8. The pace picked up as the price fell: 7,316 shares on July 23, then 47,197 on July 27, 45,204 on July 28, and 33,935 on July 31. The shares being sold were acquired on February 24, 2026 — before the March 19 listing — in a registered offering on Form N-2.

Why this matters more than the premium number. Two facts sit next to each other. Fundrise-affiliated entities realized an average of $63.54 per share, roughly 3.3x the fund's own $18.97 NAV. Retail holders of restricted shares could not sell at all during that window, and when they finally could, on August 14, the session closed at $34.40 after touching an all-time low of $28.71. The affiliates exited at an average well above anything available since. What did not happen is the part we got wrong: the price rose through the unlock rather than collapsing, closing as high as $44.62 on August 24 before falling back to $25.53 by October 12, a premium of about 17.6% to the June 30 NAV of $21.70 (our arithmetic).

To be precise about what this is and is not: these sales are legal, and they were disclosed exactly as the rules require. Form 144 exists so that this information is public, and Fundrise filed it. Nothing here is evidence of wrongdoing. But "legal and disclosed" is not the same as "irrelevant to you." If you are deciding whether to buy VCX at a premium of about 17.6% (the October 12, 2026 close of $25.53 against the $21.70 NAV filed August 28, our arithmetic), the fact that the sponsor's own affiliated vehicles were steady net sellers into that premium — at an average of $63.54, about 2.5x that price — is information you are entitled to weigh.

The complete day-by-day table of all 48 selling sessions lives on our VCX Form 144 record.

Primary sources: Form 144 filed August 12, 2026 (the three-month sales table covering June 2 – August 11), August 3, 2026 and July 24, 2026, Fundrise Innovation Fund, LLC (SEC CIK 0001867090).

Who Already Won: The Private Investor Story

Before VCX traded publicly, the fund was available only to Fundrise platform investors. Here's the track record for those early participants:

Private investors who put money in through Fundrise's platform in 2022-2023 are now sitting on substantial unrealized gains. The NYSE listing gave them an exit path — but also put a lock on it.

The lockup (accelerated to August 13, 2026): Existing "restricted" shareholders (private investors who held units before the NYSE listing) faced a post-listing lockup originally set to expire September 14, 2026. On July 24, 2026 Fundrise accelerated that expiration by about a month to August 13, 2026 (shares first tradeable August 14). Fundrise's original private investors have been able to sell on the NYSE since August 14, 2026.

What the Fund Actually Holds

The Innovation Fund's portfolio is concentrated in AI companies, most of them private. At June 30, 2026, by underlying company (schedule of investments, filed August 28, 2026):

These are genuinely exciting companies. Anthropic raised at a $61.5B valuation in early 2025. OpenAI's April 2026 round valued the company at $852B post-money (Business Wire, April 1, 2026).

The question is whether the fund's current market price reflects those valuations accurately — or over-represents them.

At a premium of about 17.6% to the June 30 NAV (roughly 1.18x at the October 12, 2026 close of $25.53, our arithmetic), the market is pricing VCX as if either (a) the NAV is understated, or (b) investors expect near-term appreciation that has not shown up in the NAV calculation yet. Updated September 11, 2026: against the $18.97 NAV then on file, the premium compressed into the lockup (~353% at the end of June, ~193% in late July, ~67% at the August 11 close). That compression stopped and reversed at the unlock itself: 68% on August 12, then 81%, 116% and 117% across the first three sessions in which restricted shares could trade, narrowing to 114% and 108% before widening again to about 135% at the August 24 close of $44.62. Against the June 30 NAV of $21.70, the October 12 close of $25.53 is a premium of about 17.6% (our arithmetic).

Fees: Higher Than the Private Fund

Closed-end fund structure comes with costs:

The rejected fee increase is worth noting. (Corrected August 25, 2026: an earlier version of this paragraph described the vote backwards.) At a special meeting on February 19, 2026 Fundrise asked shareholders to raise the management fee from 1.85% to 2.50%. The proposal drew 12,716,173 votes in favour and 7,803,446 against, so roughly 60% of the shares present supported it. It still failed, because the Investment Company Act required the lesser of 67% of the shares present or a majority of all shares outstanding, a bar of 14,146,285 votes that it missed by 1,430,112. VCX therefore still charges 1.85%. What makes the attempt worth tracking is what came next: Fundrise has since registered a second venture fund whose fee table asks for exactly the 2.50% these shareholders refused.

For comparison: ARKVX (ARK Venture Fund, a direct competitor for retail venture exposure) is an unlisted interval fund; its prospectus says its shares "are not listed on any securities exchange," and its adviser caps operating expenses (with exclusions) at 2.90% to 3.60% of average daily net assets depending on share class. VCX's 1.85% management fee is below that cap, but its total annual operating expenses are 3.40% under its September 2026 prospectus supplement.

VCX vs. Comparable Listed Closed-End Funds

DXYZ is the cautionary tale here. Destiny Tech100 launched in 2024 to enormous retail excitement and at one point traded at a 2,000% premium to NAV. It then collapsed as the premium compressed. As of April 2026, DXYZ has traded down 80%+ from peak as premiums mean-reverted. VCX's premium of about 17.6% at the October 12, 2026 close (our arithmetic, against the $21.70 June 30 NAV) is modest by DXYZ's historical peak — but the same dynamics apply. Updated September 11, 2026: against the $18.97 NAV then on file, VCX's premium compressed hard into the lockup (~353% at the end of June to ~67% at the August 11 close) and then reversed through the unlock itself, reaching about 135% at the August 24 close of $44.62.

Citron Research's March 26, 2026 Short Thesis (April 30, 2026 Update)

This section was added April 30, 2026 and updated July 9, 2026 to incorporate developments since the article's original publication — including the June 1, 2026 conviction of Andrew Left.

On March 26, 2026, Citron Research — the firm founded by Andrew Left, who was convicted of securities fraud on June 1, 2026 (a federal jury found him guilty on 13 of 17 counts; sentencing was scheduled for August 31, 2026 — see the update below) — published a short thesis on VCX via posts on X (Twitter). The stock fell about 31% in a single day, from a $380.00 close on March 25 (after an intraday high of $575.00) to $262.00 on March 26 (our arithmetic on Nasdaq closing prices). It rebounded to a $289.51 close on May 21 before sliding to $77.56 by July 2, 2026.

Citron's five-point thesis

1. Mathematical premium unsustainable. Citron flagged the gap between VCX's then-trading price ($400+) and underlying NAV (~$19) as "simple math" indicating a 25x premium that cannot persist.
2. 2023 SEC settlement context. Citron cited Fundrise Advisors LLC's prior $250,000 SEC settlement for paying 200+ social media influencers and online newsletter publishers more than $8 million to promote products without required disclosures.
3. Marketing-spend opacity. Citron pointed to the prospectus's 0.42% marketing expense (~$3M annually) and publicly called on the SEC's Division of Enforcement to investigate whether Fundrise is currently paying influencers, YouTube creators, or newsletters to promote VCX.
4. DXYZ analog price target. Using Destiny Tech100's current ~50-65% premium as the long-run equilibrium for listed private-markets vehicles, Citron implied a fair-value VCX price of approximately $26. Updated October 13, 2026: VCX closed at $25.53 on October 12, about 1.8% below that ~$26 analog (our arithmetic); on September 11, at $33.50, the analog implied about 22% downside. VCX first reached $28.71 intraday on unlock day and has since traded through the Citron analog.
5. Lockup catalyst. Citron explicitly warned about the lockup expiration (then scheduled for September, since accelerated to August 13, 2026): "When that lockup expires, they will all be looking at the same exit at the same time."

For the full lockup-event analysis, see VCX's 100,000-Investor Supply Wall (lockup now Aug 13, 2026).

The messenger problem

Andrew Left was indicted by the DOJ on July 25, 2024 on 19 federal charges (one securities-fraud scheme, 17 counts of securities fraud, one count of false statements to federal investigators). Update (July 2026): on June 1, 2026 a federal jury in Los Angeles convicted Left, finding him guilty on 13 of 17 counts, including one count of engaging in a securities-fraud scheme and 12 counts of securities fraud. Sentencing was scheduled for August 31, 2026; he faced a statutory maximum of 25 years on the scheme count (18 U.S.C. § 1348: "imprisoned not more than 25 years") and has said he intends to appeal. A fraud conviction is directly relevant to how much weight to give the messenger — but it does not, by itself, disprove the underlying math.

This does not invalidate the structural arguments in the short thesis — particularly the lockup-supply observation, which any honest analyst would identify from public Form 144 filings. But it does mean readers should evaluate Citron's claims on their merits, not the brand.

Fundrise / Ben Miller's response

On March 27, 2026 (one day after Citron's posts), Ben Miller (Fundrise CEO) appeared on CNBC and addressed the short thesis directly. Sherwood News reported that Miller pushed back on the short report, saying his firm can't control the stock price and noting that pre-IPO investors had actually worried the fund would end up trading at a discount, not a premium.

Fundrise emphasized it had rejected hedge-fund allocations during the listing in favor of distributing shares directly to its 100,000+ retail investors.

Fundrise's strategic counter-moves

Two specific actions Fundrise took in the days after Citron's report:

1. xStocks tokenization (March 27, 2026). Fundrise partnered with Kraken-affiliated xStocks to launch VCXx, a tokenized version of VCX backed 1:1 by underlying VCX shares. Issued by Backed Assets (JE) Limited (Jersey) and offered via Payward Digital Solutions Ltd. (Bermuda Monetary Authority-licensed). Critical caveat: VCXx is not available to U.S. persons.

Ben Miller on the launch: "We built VCX to act as a bridge between the public and private markets. We believe all individual investors should be able to own a piece of the best private technology companies in the world."

2. OpenAI direct round participation (April 1, 2026). Per a Business Wire press release, VCX participated in OpenAI's $122 billion funding round at an $852 billion post-money valuation, increasing its existing position. The round was anchored by Amazon ($50B), with Nvidia and SoftBank at $30B each. Fundrise's incremental check size was not disclosed, and the fund's filings show its OpenAI exposure is held through co-investment vehicles.

This was a deliberate counter to Citron's "private holdings overstated" narrative.

Underlying NAV trajectory since listing

Citron's thesis depends on premium compression. The bull counter depends on NAV growth. As of late April 2026, the NAV story is meaningfully positive:

• Anthropic Series G closed February 12, 2026 at $380B post-money (up from $183B in September 2025). Bloomberg reported April 29, 2026 that Anthropic is in talks for a follow-on raise at $850-900B. VCX's exposure to Anthropic was 16.5% of net assets at March 31, 2026 (Form N-CSR) and more than 20% at June 30, 2026.
• Databricks Series L closed February 9, 2026 at $134B valuation. Databricks was 14.1% of net assets at March 31 and 10–20% at June 30.
• OpenAI at $852B post-money per April 1, 2026 round VCX participated in directly. OpenAI was 12.4% of net assets at March 31 and 10–20% at June 30.

Update, August 28, 2026 — this happened. The June 30, 2026 schedule of investments, filed August 28, marks net assets at $776,968,000 and NAV at $21.70 per share, 14.4% above the $18.97 Q1 figure, on an essentially unchanged share count. The revaluation this paragraph anticipated is now on file, and it did partially offset premium compression: the same $39.84 price is an 83.6% premium on the new mark against 110.0% on the old one. The position-by-position breakdown is here.

What we are watching

• August 21, 2026 price (sixth unlocked session): $42.11, up 6.8%, on 883,915 shares — a new closing high for the event at the time, on the first session-over-session rise in volume since the unlock. That is ~2.22x the $18.97 NAV then on file, the widest premium of the first six unlocked sessions, and 32.0% above the $31.89 close that preceded the unlock. The August 20 session settled at $39.42 on 802,127 shares. Full breakdown: VCX after the unlock.
• August 17, 2026 price (second unlocked session): $41.00, up 19.19% and closing at the session high, on 2,149,456 to 2,401,068 shares, the second-heaviest session in the fund's history. That is ~2.16x the $18.97 NAV and 28.57% above the $31.89 close that preceded the event. Full breakdown: VCX after the unlock.
• August 14, 2026 price (unlock day): $34.40, down 10.65%, on 3,820,606 to 3,863,203 shares, the heaviest session in the fund's history and roughly 17x the 20-session median. That is ~1.81x the $18.97 NAV, down from $55.62 on July 24, $58.38 on July 17, $77.56 on July 2, and the mid-$80s–$90s of April–June. The session printed a new all-time low of $28.71 intraday, yet closed above the $31.89 of August 12, the last pre-unlock session. (As of October 12, 2026 the lowest intraday price is $25.0301 and the lowest close is $25.53; see the lockup-expiration page.)
• June 1, 2026 (resolved): Andrew Left was convicted of securities fraud (13 of 17 counts). Sentencing was scheduled for August 31, 2026.
• Q2 NAV (resolved): the June 30 schedule of investments, filed August 28, 2026, moved NAV to $21.70 from $18.97. The next quarterly NAV is for September 30, 2026. As of October 13 it is not on EDGAR; the June 30 NAV was filed 59 days after quarter-end, so late November to early December is the likely window (our projection, no date announced).
• August 13, 2026 (resolved): lockup expiration (accelerated July 24 from September 14; shares first tradeable August 14). It was the single most important date for VCX investors: the price rose through the unlock, then peaked at a $44.62 close on August 24 and fell back to $25.53 by October 12. See our dedicated lockup analysis →.

Buying VCX Now vs. Existing Fundrise Holders

This is the strategic question that matters most for readers already on the Fundrise platform.

The short version: Since the March 2026 listing, VCX is bought on the NYSE at the market price; the fund's annual report says listed closed-end fund shares "are not continuously offered." At the October 12, 2026 close of $25.53 that price was about 17.6% above the June 30 NAV of $21.70 (our arithmetic).

The real choice is whether to pay that premium for NYSE liquidity, or wait.

Who Should Buy VCX — and Who Shouldn't

Reasonable case for buying VCX:

• You believe the NAV significantly understates the actual current value of Anthropic, OpenAI, etc. (possible given lag in private company valuations)
• You want AI-company exposure with public market liquidity and no Fundrise account required
• You're allocating a small position ($1,000-5,000) as speculative exposure to pre-IPO AI, not a core holding
• The August 13, 2026 lockup expiry has passed. Through the first six unlocked sessions the premium, against the $18.97 NAV then on file, went from 68.1% to about 122%; at the October 12 close of $25.53 it was about 17.6% over the June 30 NAV of $21.70 (our arithmetic)

Strong reasons not to buy VCX at current prices:

• You're paying roughly $3.83 per share in premium over asset value ($25.53 at the October 12, 2026 close vs. the $21.70 June 30 NAV, our arithmetic)
• The August 13, 2026 lockup expiry (accelerated from September 14) was expected to create a supply shock. It did produce the two heaviest sessions in the fund's history, but the price first rose (a $44.62 close on August 24) and then fell to $25.53 by October 12 — see VCX after the unlock
• Three companies (Anthropic, OpenAI, Databricks) are more than 40% of net assets, and two of them (Anthropic, OpenAI) compete directly
• Management fee on a premium-priced vehicle means your real effective expense ratio on the underlying assets is dramatically higher
• This projection has been overtaken by events and is left here with the correction rather than deleted. It argued the premium was compressing toward a ~100%-over-NAV level (~2x, ~$37 on that basis) and that a further move to DXYZ's 50–65% premium ($29–30) was plausible. VCX traded to an all-time low of $28.71 on unlock day, inside that range, and then went the other way: it closed $41.25 on August 18, a 117% premium, wider than at any point in the run-up

What I'd actually do: Treat VCX as what it now is: a listed fund bought at the market price, where the premium to NAV is the number to watch. Fundrise's other platform funds are at Fundrise.

If VCX is your only option for AI-company exposure, treat it as you would any high-premium, concentrated speculative vehicle: small position, long time horizon, and price targets tied to NAV expansion rather than premium expansion.

The Broader Fundrise Context

The Innovation Fund is one product within Fundrise's broader platform. Fundrise's core business is still real estate — the Flagship Fund ($10 minimum, ~7% historical average returns, 0.85% management fee and 1.78% total annual fund expenses per its May 1, 2026 prospectus) remains their most popular product.

The Innovation Fund was launched to give Fundrise investors exposure to the AI boom — a strategic expansion beyond real estate. For long-term Fundrise investors, this expansion has been a significant value-add. For new investors encountering Fundrise through VCX, it's important to understand that the company's foundation is real estate crowdfunding, not venture capital.

For a full picture of Fundrise as a platform — fees, real estate track record, redemption windows, the 2023 SEC fine — read our complete Fundrise review.

Related deeper reads: Fundrise VCX vs DXYZ comparison — the only other NYSE-listed pure-play retail private-tech fund, and what its 24-month price history tells you about VCX's next two years. Fundrise VCX Lockup Expiration (now Aug 13, 2026) — the supply-side math on the 100,000-investor unlock event, which took place on August 13, 2026.

Last updated: October 13, 2026. Current price data as of the October 12, 2026 close (VCX $25.53; Nasdaq historical quotes, non-SEC, saved by us); NAV of $21.70 per share from the fund's June 30, 2026 schedule of investments (filed August 28, 2026); premium figures for dates before August 28 use the $18.97 NAV in the fund's SEC Form N-CSR for the period ended March 31, 2026. Affiliate sale figures are taken directly from Form 144 filings under SEC CIK 0001867090. Market prices are volatile — check a live quote before trading. Returns are historical and not guaranteed. This article contains affiliate links — see our affiliate disclosure. VCX is a security; consult a financial advisor before investing.