Destiny Tech100

Destiny Tech100 (NYSE: DXYZ) is a registered closed-end fund that any brokerage account can buy, holding late-stage private technology companies such as Anthropic, SpaceX and OpenAI mostly through special purpose vehicles. Its net asset value per share went from $6.44 at the end of 2024 to $34.30 at June 30, 2026, and the fund's own financial highlights attribute most of that to selling new shares above net asset value: $9.95 of the $13.49 rise in 2025 and $7.10 of the $14.37 rise in the first half of 2026 came from the at-the-market program, not the portfolio. That accretion raised net asset value for every holder already in the fund, but it did not translate into comparable shareholder returns: a shareholder who held at the market price lost 47.96% in 2025 and 15.90% in the first half of 2026, because the market premium compressed faster than net asset value rose. Management named the shelf behind that program as its principal plan for a going-concern warning at December 31, 2024, and the proceeds, together with portfolio dispositions, also remediated a breach of the fund's tax diversification test; at June 30, 2026 the program had left 57.5% of net assets in a money market fund, on which the adviser charges 2.50%.