Fundrise Innovation Fund LLC (VCX) surged 17.03% in pre-market trading on Thursday, continuing its volatile ascent since its recent market debut. The closed-end fund, which holds stakes in several high-profile private companies, has been subject to intense investor interest and significant price swings.

The sharp pre-market gain appears directly linked to fresh reports regarding SpaceX's upcoming initial public offering. According to a Financial Times report, SpaceX now aims to raise approximately $75 billion in its IPO, a significant increase from the previously signaled $50 billion, and is targeting a valuation of about $1.75 trillion. As a major holder of SpaceX shares, the Fundrise Innovation Fund is seen by traders as a proxy for gaining exposure to the anticipated blockbuster listing and other coveted pre-IPO artificial intelligence companies like Anthropic and OpenAI in its portfolio.

Investor enthusiasm for the fund has pushed its market price far above its net asset value, with a limited float due to lockup agreements for most shares contributing to the volatility. The movement reflects a bet that the valuations of the private companies within VCX's portfolio, particularly SpaceX, will command even higher prices once they go public.