Premarket Movers | VCX With Stakes in SpaceX and Anthropic Rockets 13%; Storage Shares Drop with SanDisk Down 4%; Alibaba Drops 3%

Fundrise Innovation Fund LLC rose 13% in premarket trading after soaring 21% on Wednesday.

A newly-listed closed-end fund has soared more than 1,500% above its net asset value since its debut last week, as investors eager for stakes in IPO-bound companies such as SpaceX and Anthropic PBC push the vehicle’s market capitalization far beyond the estimated worth of its holdings.

Shares in the Fundrise Innovation Fund, listed under the symbol Fundrise Innovation Fund LLC, climbed 64% to $314.99 each on Tuesday — just their fourth day of trading — and were halted twice for volatility, in an echo of the meme stock era. With the majority of the fund’s shares subject to a lockup agreement, investors bid the small amount that’s available more than 16 times above its recent net asset value per share of $18.97.

Storage shares slid in premarket trading. SanDisk down 4%; Micron, Western Digital down nearly 3%.

Chinese ADRs fell in premarket trading. WeRide down 4%; Alibaba, Baidu down around 3%; Trip.com, JD.com, NetEase down over 2%.