The Complete VCX Price Record: Every Session From Listing Through the Unlock

🔄 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figures on this page that were computed against $18.97 were correct for their dates, and are now computed against a superseded NAV.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. Full position-by-position breakdown, at cost and at mark: VCX's NAV is $21.70, not $18.97.

Why this page exists

Every article about VCX quotes a price. Almost none of them quote the record, and the ones that quote a drawdown mostly quote it from the wrong starting point. This page is the tape: every session, every close, every volume figure, with the premium to the fund's own SEC-filed net asset value computed on each row.

It was updated after each session through August 21, 2026. The lockup on restricted shares expired August 13, 2026 and those shares first traded on Friday, August 14, which is now the heaviest session in the record. August 17, the second unlocked session, is the second-heaviest. August 18, the third, traded about half of Monday and ranks fifth or sixth. Everything below covers both the run-up and the event itself.

A correction we owe our own readers first. Until this morning, several pages on this site described VCX as "off roughly 63% from the June peak." That is arithmetically true and analytically misleading. The figure is measured from $86.43, the June 30 close, a level the fund reached only after falling 77% from its March record. Anchoring a drawdown to a point that is already deep inside the decline makes the decline look like a correction. Measured from the record close of $380.00, VCX is down 90.9% as of the August 14, 2026 close. Both numbers are now on the relevant pages, with their reference dates stated.

The two manias

The tape does not show one bubble. It shows two, with a full retracement in between.

The first mania is the one people remember: five sessions, an 18-fold move off the opening trade, and a record close of $380.00 on March 25 with 1,423,853 shares changing hands, which stood as the fund's heaviest day until the unlock. The second mania is the one that is missing from most write-ups. Between April 30 and May 22, after the fund had already crashed 80%, VCX rallied from $94.79 to a $305.00 intraday high. Anyone who treated the April low as the bottom and the May rally as recovery bought into a second top.

The single most important row in the table

March 19, 2026. Open: $31.25.

That is the first price VCX ever traded. On August 12, 2026, the last close before the unlock, it was $31.89.

Between those two prints the fund went up eighteen-fold, fell 80%, rallied 3.2x, and fell 90%. The round trip is complete. At the September 11, 2026 close of $33.50, a buyer who took the very first print and never touched it is up 7.2%; a buyer at the March 25 record close is down 91.2%; a buyer at the May 21 second peak is down 88.4% (our arithmetic).

This is the part worth sitting with: the entire visible history of this security has been a round trip to its opening tick. The unlock did not begin from a settled price. It began from the price the market first guessed, reached again by a completely different route. And on unlock day itself the fund briefly traded below that opening tick for the first time ever, printing $28.71 before closing back above it.

What July 24 cost

The clearest single-day event in the record is Monday, July 27, 2026: -31.05%, from $55.62 to $38.35, on 511,544 shares, six times the previous session's volume.

The catalyst is documented and dated. On Friday, July 24, 2026, Fundrise announced it was accelerating the lockup expiration by roughly one month, moving it from mid-September to August 13. The market's first opportunity to price that was the following Monday, and it took a third off the fund.

That is a rare, clean measurement. Lockup expirations are usually anticipated for months and their effect is smeared across weeks. Here the date moved, unexpectedly, in a single announcement, and the tape put a number on what four fewer weeks of protection were worth: about 31%, in one session.

Volume: correcting a number we were about to rely on

Coverage of the unlock, including our own earlier pages and an internal script we had staged for Friday, has used "average daily volume of approximately 150,000 shares" as the baseline against which unlock-day volume would be judged. Checked against the full record, that figure does not describe the present market.

The 150,000 figure appears to have come from the quiet stretch in early-to-mid July, when the fund genuinely was trading around 85,000-160,000 shares a day. That lull ended on July 27. Since then the median session has been roughly 220,000 shares.

The distinction mattered exactly as predicted, and in the direction we flagged. Against a bogus 150,000 baseline, unlock day reads as "25.8x normal." Against the honest 20-session baseline of 219,826, the same session is 17.6x. Both are extraordinary; only one is true. We would rather publish the smaller multiple and have it be right. Use the 20-session median as the reference, and state the window. The full unlock-day analysis is in VCX's unlock day.

Premium to NAV, all the way down

The fund's own net asset value, filed with the SEC on Form N-CSR for the period ended March 31, 2026, is $18.97 per share, on 35,797,138 shares outstanding. Every row of the table below computes the closing premium to that figure.

The compression is the real story of the last five months:

One caveat, stated plainly, because it cuts against the framing above. The NAV is dated March 31, 2026. A venture portfolio's value moves between reporting dates; the fund has since reported $21.70 at June 30, 2026 (Form N-PORT, filed August 28), which is why the note at the top recomputes against it. Every premium in this table is therefore the premium to the last NAV Fundrise filed, not the premium to today's unobservable true value. If the portfolio has appreciated, the real premium is smaller than shown; if it has fallen, larger. We use the filed number, and we label it rather than dressing it up as current.

The complete record

Every NYSE session from listing through August 21, 2026. Prices are as reported on the consolidated tape. The premium column is the closing price against the SEC-filed NAV of $18.97.

The last four rows are the ones nobody expected. August 13, the lockup expiration date, closed +20.73% at $38.50 on 1,402,447 shares, the second-heaviest session the fund had ever traded, with the freed shares still a day away from being tradeable (breakdown here). Then August 14, the first session those shares could actually trade, became the heaviest day in the fund's history by a wide margin: 3,863,203 shares on Nasdaq's count, 2.7x the previous record and roughly 17x the 20-session median. It opened at $37.38, which was its high, printed a new all-time low of $28.71, the first VCX trade ever below $30, and closed at $34.40. Note that the close is still above the $31.89 of August 12, the last pre-unlock session. Full breakdown: VCX's unlock day.

Then August 17, the second session freed shares could trade, closed +19.19% at $41.00, and the close was the session high, on a settled 2,401,067 shares. That makes it the second-heaviest session in the record, so the two heaviest days in this fund's history are the two days after its lockup expired.

August 18 set the intraday high of the unlock week. It opened at $37.86, 7.66% below Monday, fell to $37.26, ran to $42.95 — the highest print of the unlock week (August 24 later reached $46.93) — and closed at $41.25, up 0.61% and 3.96% off the high, on a settled 1,274,701 shares. That close was the highest since July 24, the day the acceleration was announced, and put VCX 29.35% above its pre-unlock close at a 117.4% premium to filed NAV. It held as the widest premium of the event for three sessions, until August 21 passed it.

August 19 and 20 turned it down, and August 21 took it straight back. August 19 closed $40.65, -1.45%, on 840,831 shares and August 20 closed $39.42, -3.03%, on 802,127 — both now settled and agreed exactly by Nasdaq, StockAnalysis and Investing.com. August 21 then closed at $42.11, up 6.8%, on about 873,900 shares, a new high for the event to that point on the first rise in volume since the unlock. Across all six unlocked sessions the fund has turned over about 10.0 million shares, roughly 28% of itself. The important detail is that price and volume fell together: a decline on thinning volume is demand fading, not supply arriving. Full breakdown: VCX after the unlock.

A correction to the August 18 row. We first published that session as 1,095,837 to 1,241,755 shares, a range drawn from four providers on the night. It settled at 1,274,701, above our entire published range. The same thing happened on August 20 (published 748,835 to 779,370, settled 802,127) and, less severely, on August 14 and August 17, where the settled figure landed at the top of the range. That is four sessions out of four. Same-day volume on this fund reads low and settles upward, and August 21 did the same, settling at about 873,900 shares against the 816,810-853,770 published that night.

Method, and what we could not verify

• Sessions March 19 through August 11 are taken from Nasdaq's historical quote service for NYSE-listed VCX, and were cross-checked bar for bar against StockAnalysis for the period August 3-11. The two sources agreed on every open, high, low, close and volume to the share, which is why we treat the rest of the series as reliable.
• August 12's volume has been revised, and we are flagging it rather than quietly overwriting it. On August 13 we published 515,461 shares from live end-of-session quotes. The settled historical bar now reads 520,645 (FinancialContent) to 524,648 (Nasdaq and StockAnalysis), about 1.5% higher. The close of $31.89 (+0.60%, range $31.40-$33.88) is unchanged. This is normal post-session settlement, and it is the reason a same-day volume figure carries more uncertainty than a next-day one. The table above uses settled bars throughout.
• August 14 volume differs across providers by about 1.1%: 3,820,606 (StockAnalysis), 3,856,952 (FinancialContent), 3,863,203 (Nasdaq). All three agree exactly on open, high, low and close. The table shows the Nasdaq figure; the range is stated wherever the number is used analytically.
• We did not use adjusted-close data, and none is required: VCX has had no split and no distribution over this window.
• Nasdaq's service carries a flat $18.26 quote with no volume for March 2-18, 2026, before the fund traded. We have not been able to establish what that figure represents. It is close to the $18.97 NAV later filed, so it is plausibly a NAV carry-forward, but we are not asserting that, and it is excluded from every calculation on this page.
• The "52-week high" of $280 shown by some quote services is wrong for this security, or at least is not the high. The tape shows $575.00 on March 25. We flag it because it is the kind of number that gets copied.
• We have not independently audited the NAV. $18.97 is what the fund filed; we have not valued its portfolio.

What this does not tell you

A price record is not a forecast. The honest summary of what the tape supported going into the unlock:

1. The market has already repriced this fund by more than 90% from its high, mostly before the unlock rather than in anticipation of it being absorbed.
2. It has done so twice, which means "it already crashed" has been wrong once before on this security.
3. It entered the unlock at a 68% premium to the only NAV its sponsor has published, which is a smaller premium than at any point in its listed history and still a premium.

Whether that premium is justified depends entirely on what the underlying venture portfolio is actually worth, which no one outside Fundrise currently knows, and about which the June 30, 2026 schedule of investments (NAV $21.70) is the latest public evidence.

CrowdfundedWealth earns nothing from Fundrise. We are not in Fundrise's affiliate programme and have no financial relationship with the fund. This page is a transcription of public market data and public SEC filings. It is research, not investment advice, and a price record is not a prediction.