Article Outline: The Case for Destiny 100 (DXYZ) in 2026

⚠️ Not Financial Advice
These are the personal views and research of the Nomad Investor. Nothing published here constitutes financial advice. Always consult a licensed financial adviser before making investment decisions.

The investment landscape in 2026 is increasingly defined by the “scarcity premium” within private markets. Companies like SpaceX and OpenAI, once the exclusive domain of venture capitalists and institutional investors, are staying private longer, capturing outsized growth before retail investors can participate. For those seeking exposure to these groundbreaking businesses, Destiny 100 (DXYZ) has emerged as a standout solution, acting as a bridge to the world’s most exclusive private tech giants. As SpaceX inches closer to its rumoured IPO at a projected $1.75 trillion valuation, the case for DXYZ as a proxy trade has never been stronger.

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What makes DXYZ particularly compelling is its access to companies that are shaping the future of technology and innovation. With SpaceX accounting for 16.2% of its holdings and significant stakes in Anthropic and Databricks, DXYZ offers a unique opportunity to capture growth before these firms transition to public markets. The fund’s explosive performance this year—up 78% year-to-date as of May—underscores its potential as an alpha-generator in the current high-beta environment.

What’s Happening

The narrative driving DXYZ is rooted in the extended lifecycle of private companies. Historically, tech firms would go public during their hyper-growth phase, but the dynamics have shifted. Today, businesses are opting to remain private for longer, often until valuations climb into the hundreds of billions. This trend is exemplified by SpaceX, whose projected $1.75 trillion IPO could redefine market history.

DXYZ capitalises on this shift by holding stakes in some of the most sought-after private companies. The fund’s structure allows retail investors to access these opportunities without waiting for an IPO. For instance, OpenAI, another key holding, is exploring a late-2026 listing with revenue approaching $20 billion—a liquidity event that could dramatically boost DXYZ’s Net Asset Value (NAV).

Key Stat: DXYZ’s NAV surged 210% year-over-year, reaching $19.97 per share at the start of 2026. This reflects the rapid appreciation of its private-market assets.

The Data Behind the Story

Performance metrics for DXYZ in 2026 illustrate why this fund is commanding attention. Year-to-date, the stock has climbed 78%, significantly outperforming the S&P 500, which rose just 68% over the same period. This level of momentum signals robust demand driven by its unique portfolio.

Breaking down its holdings, SpaceX leads the pack at 16.2%, followed by Anthropic (2.6%) and Databricks. The fund’s NAV of $19.97 per share, up 210% from the previous year, highlights the strong appreciation of its underlying assets. Meanwhile, DXYZ trades at a premium of $54.60 per share—a testament to its liquidity advantage in an otherwise illiquid market.

Metric	Value
Year-to-Date Growth	78% (May 2026)
Net Asset Value (NAV)	$19.97 (+210% YoY)
Premium to NAV	$54.60 per share

What This Means for Investors

For Australian investors, DXYZ offers a distinct advantage by providing exposure to private-market tech innovation without the need for direct venture capital involvement. In an era where the ASX has limited access to global tech giants, DXYZ bridges the gap, enabling portfolios to benefit from the growth of companies like SpaceX and OpenAI before their public debuts.

The fund’s focus on the space economy, AI, and liquidity events positions it as a forward-looking investment. With SpaceX and OpenAI at the forefront of these sectors, the potential for NAV appreciation remains significant, even amidst premium pricing.

Opportunity: The rumoured SpaceX IPO in 2026 represents a potential tidal wave for DXYZ’s NAV, offering retail investors a front-row seat to historic value creation.

Key Risks to Watch

Despite its strengths, DXYZ is not without risks. Investors should consider the following:

Valuation Premium: Trading at a significant premium to its NAV, DXYZ’s pricing reflects high growth expectations, which could amplify downside risk in a market correction.
Liquidity Events: Delays in IPOs, like SpaceX or OpenAI, could impede NAV growth and investor sentiment.
Market Volatility: As a high-beta fund, DXYZ is susceptible to broader tech-market fluctuations, particularly if interest rates rise unexpectedly.
Regulatory Uncertainty: The fund’s exposure to AI and space technology may face heightened scrutiny, impacting valuations.

Warning: High-beta funds like DXYZ can experience sharp price swings, making them unsuitable for conservative portfolios or short-term investors.

Nomad Investor Takeaways

DXYZ is a compelling proxy trade for accessing private tech giants before IPOs, including SpaceX and OpenAI.
The fund’s NAV growth of 210% year-over-year reflects the strong appreciation of its private-market holdings.
Trading at $54.60 per share, DXYZ offers liquidity in an otherwise illiquid asset class but comes with a valuation premium.
Australian investors can benefit from DXYZ’s global exposure, diversifying portfolios beyond ASX-listed stocks.
Key themes driving DXYZ—space economy, AI innovation, and liquidity events—align with long-term growth trends.
Investors should monitor risks, including valuation premiums, IPO delays, and broader market volatility.
DXYZ is best suited for aggressive portfolios seeking high-growth opportunities in the tech space.