In short: Heavily short: a closed/venture vehicle with concentrated OpenAI/Anthropic secondary allocations. The public market is applying heavy discounts to these pre-IPO wrappers as Microsoft's model-swapping shows the OpenAI/Anthropic enterprise moats are "far less secure than originally hyped."
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In short: The flagship short worked: made all-time lows ahead of the SpaceX IPO and is still down >50% from when flagged (closed ~$115, bounced ~$130). "Sell the news" hit the listed pre-IPO funds hardest; the September unlock remains the catalyst.
VCX is a listed fund that holds stakes in hot private companies like SpaceX — a way for small investors to "touch" names they can't buy directly, which let it trade at a wild premium to the value of what it actually owns. Singh has been short it for a while.
The trade paid off: when SpaceX finally went public, the "I need it because I can't get it" premium evaporated ("sell the news"), and VCX made all-time lows — still down more than 50% from where he flagged it. The next catalyst is the September "unlock," when frozen shares become sellable and the artificial scarcity that propped it up disappears. It's his template: short the overpriced wrapper, not the asset.
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In short: Flagship short: a listed pre-IPO fund that traded at $565 — 40× its ~$20 stated NAV. Shorted from ~$300 via options (now ~$150); re-shorted at ~7–11× his $30 adjusted NAV (which already credits SpaceX at $1.75T, Anthropic near $1T) ahead of the September IPO unlock.
VCX is a listed fund holding stakes in hot private companies like SpaceX and OpenAI — a way for small investors to "own" the names they can't buy directly. The problem: the fund's shares traded at $565 when the assets inside were worth about $20 a share — investors were paying 40 times what the holdings were actually worth, purely to touch the SpaceX story.
Singh shorted it (via options) from around $300; it has been cut in half. He re-shorted recently: even crediting SpaceX at its full $1.75T IPO value and Anthropic near $1T, he gets a generous value of ~$30 a share against a ~$150 price. The catalyst is the September "unlock," when the 80–90% of shares currently frozen become sellable — the artificial scarcity that propped the price up disappears. It's his template trade: short the wrapper, not the asset.
50:21and it's a company called VCX. so VCX was effectively a fund set up by Fundrise and was comprised of effectively hundreds of thousands over a 100,000 investors that basically had clamored to get into this fund and this fund effectively IPOed in March and it held stakes in some very you prominent companies everything from open AI to SpaceX so there are other funds like this like DXYZ in the market there's a new one PWRL but the
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