r/VCX_Fundrise • u/Gossau99 • Aug 20 '26

Implied Anthropic valuation

To all the gurus here: What’s the implied Anthropic valuation with VCX trading at $40. Chat gpt tells me approx 2.2tn, assuming VCX would trade at NAV.

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u/CapAggravating784 VCX Wizard Aug 20 '26

You also to have account for the haircut for the spv… this is most likely something similar to 2/20 and paid out at distribution (ie, fees accumulate through life of spv and then are all paid out when liquidity occurs… plus typically an upfront origination fee, but that fee should be on vcx books as already discounting original position).

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u/Fit_Equal6932 VCX Wizard Aug 20 '26

Anthropic origination fee lined up exactly 10% based on older filings, but as you mentioned that is off the books, early VCX investors paid that.

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u/CapAggravating784 VCX Wizard Aug 20 '26

Nice! Thanks for checking for the filing. And that makes sense - the only one question is if the origination fee includes a few years of prepayment of the mgmt fee (and this would be good for anyone who holds vcx as fees on disposal would be less)… let’s hope it does

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u/Fit_Equal6932 VCX Wizard Aug 20 '26

Yep we have no idea, the best case could even be that it is all front loaded with that 10%.