May. 13 at 2:02 PM
$SATS The comparison between
$VCX $DXYZ and
$SATS is damning for both DXYZ and VCX. Here’s the breakdown:
SpaceX exposure per dollar invested:
VCX at
$300:
• SpaceX is only 5% of VCX’s portfolio
• Underlying NAV is ~
$19/share — so you’re paying ~
$300 for
$19 of real assets
• SpaceX slice of that NAV = 5% ×
$19 = roughly
$0.95 of SpaceX exposure per
$300 share
• One analyst calculated that even in a dream scenario where SpaceX and OpenAI both 6x, VCX NAV only reaches ~
$76/share — still a 75% loss from
$300
DXYZ at
$60:
• SpaceX is ~16.2% of DXYZ’s portfolio, NAV ~
$19.97/share
• Q2 NAV estimates range
$28–
$40/share
• SpaceX slice = 16% × ~
$35 midpoint = ~
$5.60 of SpaceX exposure per
$60 share
• Still trading at a significant premium to NAV, but far more rational than VCX
Continued in comments...