Is There a Way to Buy Private OpenAI? A Deep Dive into DXYZ

Master, today I will dissect one of the most unique and controversial funds in the 2026 U.S. stock market: 'Destiny Tech100 (Ticker: $DXYZ)'.

It is a magical product that allows individual investors to directly invest in private unicorn companies that were once the exclusive domain of venture capital (VC). However, a very complex and dangerous structure is hidden behind it. The three of us will thoroughly analyze whether this product is a 'cheat code' that will bring innovative growth to your portfolio or a 'trap' that will eat away at your assets.

Mew

Master, I will first brief you on the objective data and fund structure of DXYZ. Approaching this like a regular ETF could lead to serious trouble.

• Fund Identity: DXYZ is not a typical Exchange-Traded Fund (ETF) but a 'Closed-End Fund (CEF)' structure. While an ETF's share count fluctuates with demand and supply to keep the stock price close to its Net Asset Value (NAV), a closed-end fund has a fixed number of shares, which can cause the stock price to deviate significantly from the fund's actual value.
• Core Holdings: As the name 'Destiny Tech100' suggests, the goal is to hold 100 of the best private innovative companies in the U.S. As of 2026, the portfolio includes major private unicorns such as Elon Musk's space exploration company SpaceX, OpenAI (the creator of ChatGPT), Stripe, Discord, Epic Games, and Anthropic.
• Current Price and NAV Premium: As of April 2026, DXYZ is trading around the $28 range. In contrast, the Net Asset Value (NAV) per share—the sum of the value of the private shares it holds—is around $20. This means the current price carries a premium of about 40% over its actual value. In the early days of its listing in March 2024, there was a history of madness where the premium skyrocketed to 500-1000% due to speculative frenzy.
• Management Fees: Due to the costs of sourcing and managing innovative private shares, the management fees and other expenses exceed 2% per year. Compared to a standard S&P 500 ETF fee of around 0.03%, this is an enormous maintenance cost.

That concludes the data briefing. DXYZ is a two-faced fund that possesses both the ultimate advantage of being the 'only gateway to private unicorns' and the fatal disadvantage of an 'NAV premium and high-cost structure'.

Kurumi

My Lord! It’s finally here! This isn’t just a stock; it’s a 'ticket to the future'! Devilish! Listen to why Kurumi-chan thinks you absolutely must include DXYZ in your portfolio!

First, it’s a revolution that smashes the venture capital (VC) monopoly!
My Lord, in the old days, companies like Amazon or Apple went public (IPO) when they were still very small. So, regular investors could buy shares early and enjoy thousands of times in returns. But how is it these days? Real gems like SpaceX, OpenAI, and Stripe don't go public until their valuation reaches hundreds of trillions of won! All the massive fruits of growth are monopolized by Silicon Valley venture capitalists and billionaires! DXYZ is the only key that opens the door for regular investors like us to join this 'private party'!

Second, the portfolio quality is practically 'Avengers' level!
Is there a way for an individual to buy Elon Musk's SpaceX shares directly? No! Can you buy shares of OpenAI, the AI leader changing the future of humanity? Absolutely not! But if you buy even one share of DXYZ, your account will hold a rocket going to Mars and humanity's first AGI (Artificial General Intelligence). Regardless of immediate stock returns, it’s a thrilling experience to jump on a massive paradigm shift of the era!

Third, the premium? That’s just the 'entrance fee' to secure the future!
Myu-tan and Mika-pi always make a fuss about the 40% premium over NAV, but think about it! Look at how fast the value of SpaceX or OpenAI is rising in the private market! Their corporate value can double in a single year, so if you buy with a 40% premium and bury it for a few years, that growth will swallow up the premium in no time! Later, when these companies start going public one by one, the value of DXYZ will soar uncontrollably! Devilish!

💖 Kurumi's Heart-o-Meter Score: 95/100

My Lord! You must start collecting DXYZ even if you have to save on lunch today! You don't want to be hitting the ground in regret 10 years from now saying, 'Oh, I could have bought SpaceX back then!'

Mikael

Kurumi. You are as naive and blind as ever. Do you have any idea how many individual investors' accounts such emotional agitation has wrecked?

Human, listen to me clearly. Innovative companies and the 'fund structure' that contains them are completely separate issues. DXYZ might have a good idea, but the current price tag is a time bomb, terribly distorted.

First, buying a $1 asset for $1.40 is mathematical foolishness.
Do you know what a 40% NAV premium means? It means the actual value of the private shares held by the fund is 1 million won, but people are paying 1.4 million won for it in the market. As soon as you buy DXYZ, the corporate value of SpaceX or OpenAI has to explode by 40% just for you to break even. In the early days of its 2024 listing, crazed individuals flocked in and pushed the premium to hundreds of percent. What happened next? The bubble burst, and while the innovative companies in the fund were perfectly fine, the stock price crashed to a quarter of its value. It was a disaster.

Second, you are overlooking the risk of a premium collapse in a 'Closed-End Fund (CEF)'.
Unlike a regular ETF, DXYZ lacks an 'arbitrage mechanism' to align the market price with the NAV by issuing new shares. The premium is a castle built on the thin ice of investor 'expectation.' The moment a small shock hits the market or investor sentiment toward private tech cools down, that 40% premium can instantly vanish or even turn into a discount. When a decline in the fund's intrinsic value and a shrinking premium happen simultaneously, your account will melt away through compounding losses.

Third, the opacity of private share valuation and murderous fees.
The value of private shares (NAV) isn't determined by daily market trading; it's 'appraised' by the fund manager based on internal models or recent investment rounds. If an economic crisis hits and the venture market freezes, this NAV tends to lag and won't reflect the drop immediately. This means even the $20 NAV you trust could be an overestimated figure. And a fee of over 2% per year? Long-term investment in a fund that takes away 2% of your assets every year just for breathing is madness.

Fourth, the paradox of the IPO.
Kurumi said DXYZ would skyrocket when the unicorns go public, didn't she? Absolutely not. When SpaceX or OpenAI go public and anyone can buy their shares, the reason to buy DXYZ—with its high fees and premium—disappears. In fact, the moment core holdings enter the public market, the 'private scarcity premium' that DXYZ enjoyed is likely to evaporate, causing the stock price to plummet.

🚨 Mikael's Risk Score: 88/100

Human, I understand the desire to invest in private unicorns. But current DXYZ is closer to buying expensive 'merch' than an actual investment. You must never make it a core asset until that premium is completely gone.

Kurumi

Ugh... Mika-pi isn't completely wrong, but...! Still, this is the only way to own SpaceX before it goes public! Are you going to just watch from the sidelines forever because you're scared of a premium? Devilish!

Mew

Both of you, calm down. Kurumi's point about 'scarcity value' is valid, and Mikael's point about 'structural mathematical flaws' is also accurate. Then how should an individual investor like Master handle this contradictory fund in a portfolio? It must be approached with a strictly calculated 'Core-Satellite Strategy'.

Master, DXYZ is a product that can never be the core (Center) of a portfolio. I recommend approaching it with the following clear principles.

1. Control position size to less than 3% of total assets: The risk of a premium collapse that Mikael warned about is real. Therefore, DXYZ should only be kept as a 'Satellite' asset—a sort of 'lottery ticket' or 'Alpha Pick' that can explode your portfolio's returns. Even if 3% becomes worthless, it won't impact Master's retirement plans, but if it explodes 10 times, it’s a golden ratio that can significantly lift your entire account's returns.


2. Monitor the premium index before buying: Blindly DCA-ing (Dollar Cost Averaging) is forbidden. DXYZ's NAV information is updated periodically. You must absolutely refrain from new purchases in overheated zones where the premium exceeds 50% over the stock price. Take a mechanical strategy of 'scooping up' only when the market corrects and the premium shrinks to the 10-20% level or even enters a discount zone.


3. Expect 'Asymmetric Upside,' not 'Value Preservation': The money put into DXYZ is the cost of betting on 'low-probability but infinite-impact events' like SpaceX's colonization of Mars or the AI revolution, even while accepting fees and structural flaws.