Rich Habits Podcast Episode 162: How Anyone Can Invest in OpenAI & Anthropic w/ Ben Miller

Date: March 23, 2026
Hosts: Austin Hankwitz & Robert Croak
Guest: Ben Miller, CEO & Co-founder of Fundrise
Theme: Opening access to private technology investments for everyday investors via the Fundrise Innovation Fund, now trading as “VCX” on the NYSE.

Episode Overview

In this landmark episode, Austin and Robert are joined by Ben Miller, CEO of Fundrise, to break down how the everyday investor can now gain exposure to world-changing, venture-backed companies like OpenAI, Anthropic, and SpaceX. The discussion centers on VCX, Fundrise’s newly public venture capital fund, and explores the motivations, mechanics, and future impact of democratizing private tech investments.

Key Discussion Points & Insights

The Private Markets Shift (07:08–12:44)

• Why Tech Companies Stay Private:

  • Ben Miller outlines how market dynamics mean top tech companies can now access vast amounts of private capital, making IPOs less necessary for funding.
  • Historic downturns (e.g., 2008, COVID-19) made the public markets more volatile, leading to the rise of the more stable and flexible private market ecosystem.

• Liquidity for Private Investors & Employees:

  • Recent innovations in private markets, such as regular “tender offers,” allow early employees and investors to cash out without an IPO.

• Quote (Ben Miller, 08:00):
  “What’s really happened is not that the public markets have changed that much... it’s mostly that the private markets went from basically nonexistent in the 90s to being a massive, massive sector. And now companies don’t have to go public to get access to capital.”

What is VCX and How Does it Work? (12:44–19:28)

• Traditional vs. Public Venture Capital Funds:

  • Typical venture funds — large minimums, long lockups, <100 investors, no liquidity.
  • VCX mimics venture fund structure for company access but offers public-market style liquidity via its NYSE listing.

• How VCX Benefits Both Sides:

  • Companies get a familiar investor structure (large, long-term, trustworthy), while everyday investors get a diversified, liquid way to access high-growth private companies.

• Quote (Ben Miller, 13:10):
  “We built VCX to deliver that for the companies; you want a counterparty that companies want as an investor. So on the private side we look like a venture fund, and on the public side, we look a lot like an ETF.”

Technical Details: Closed-End Fund Structure & NAV (19:28–22:27)

• Difference from ETFs:
  • Closed-end funds have a static pool of assets (can’t just buy more OpenAI shares as money comes in), as opposed to ETFs which must constantly rebalance.
• Net Asset Value (NAV):
  • Shares reflect the value of underlying holdings, marked to recent private market prices, but market price can diverge (trade at discounts or premiums).
• Quote (Ben Miller, 21:00):
  “When you buy shares of VCX, the money’s not flowing into VCX, right. It’s just, it’s trading. ... The net asset value is the value of all of the underlying assets priced, typically, by the private market pricing of each company.”

Multi-Stage Investing – Early Through Pre-IPO (23:17–27:30)

• Access Across the Growth Curve:
  • VCX invests not only in early-stage, but also in late-stage and pre-IPO companies, getting exposure before the biggest value inflections.
• Why This Matters:
  • Once a company is obviously a “rocket ship,” access is strictly limited to select insiders.
• Quote (Ben Miller, 23:40):
  “Once it becomes clear that that company is a rocket ship, it’s almost impossible to get access... To get shares of Anthropic, you have to have a really close relationship with the executive team.”

Outperforming the Private Tech Curve (27:30–32:42)

• Fund Selection Strategy:
  • Fundrise focused on proactively hunting revolutionary companies based on firsthand use and technical analysis, rather than “spray and pray.”
• Reflections on Luck vs. Process:
  • Acknowledgement that luck plays a part, but deep domain conviction and technical understanding were key.
• Quote (Ben Miller, 30:59):
  “Every investment you made in Nvidia over the last probably five years seemed expensive. I’m much more of a believer in, you get the right thematic, you get the right team, get the right product. ... you’re much better off investing in the best company at an expensive price than a mediocre company at a great price.”

Democratizing Private Tech Ownership (32:42–35:36)

• Social Impact & Economic Fairness:
  • Open ownership means capturing societal gains, not just enriching the 0.1%.
• Quote (Ben Miller, 34:25):
  “The democratic ownership is one of the key pillars of a capitalist democracy. We have to maintain that.”
• Warning Against a Closed Wealth System:
  • “Can you imagine if Google, Amazon, Nvidia, Tesla ... had never gone public?...Our society would crumble.”

Understanding the Risks (35:36–41:31)

• Liquidity Risks for Early Investors:
  • Large base of early investors may see trading premium/discount on VCX at NYSE debut.
• Private Market Risk & Growth Potential:
  • Private tech offers higher growth and risk than mature public equities—should be seen as a long-term complement, not a core portfolio holding.
• Quote (Ben Miller, 39:21): “You’re just creating access to a part of the world that’s faster growth, younger, more risky. ... Sometimes private markets are hot, sometimes they’re cold over 20 years. I think it’s a growing important part of portfolio management.”

Notable Quotes & Memorable Moments

• “Let’s just imagine if the Mag 7 never entered the public markets. That’s 40% value of the S&P just within these seven to ten companies.”
  • Austin Hankwitz, reflecting on the stakes for everyday investors (36:04)
• “The only way you can protect yourself [from AI disruption]: you can be as active as possible in learning, and you can own a piece of it.”
  • Ben Miller, on the urgency of investing in transformative tech (32:37)
• “VCX is democratizing and allowing the everyday investor to get involved and own pieces of these companies...leveling the playing field.”
  • Robert Croak (03:32)

Timestamps for Important Segments

| Timestamp | Segment | |-------------|-----------------------------------------------------------------| | 07:08–12:44 | Why Companies Stay Private; Shift to Private Markets | | 13:10–19:28 | How VCX Works: Structure, VC Fund vs. Public Fund, ETF Diff | | 19:28–22:27 | Closed-End Fund Structure, NAV Meaning, Trading Dynamics | | 23:17–27:30 | Multi-Stage Investing Strategy, Access Challenges | | 27:30–32:42 | Selection Process: Luck, Skill, Contrarian Bets | | 32:42–35:36 | Democratizing Wealth; Societal Impact if Private Ownership Only | | 35:36–41:31 | Risks: Existing vs. New Investors, Private Market Volatility |

Q&A and Listener Advice Highlights

Adam (47:25): Young professional about Roth IRA & emergency fund

• Recommendation: Max out Roth IRA, invest excess cash, don’t over-emphasize liquidity at this stage.

RJ (51:48): Retiree considering buying vs. renting in retirement

• Recommendation: Avoid spending the bulk of assets for a condo; continue renting to preserve investments for retirement security.

Raymond (58:36): Middle-aged couple with real estate and inheritance

• Recommendation: Don’t feel “behind.” Consider investing the inheritance for long-term growth, but if debt feels burdensome emotionally, paying down low-rate loans is also reasonable.

Final Thoughts & Takeaways

• Access to Tech Disruption: VCX aims to provide regular investors with access to the same opportunities as elite VCs—changing the landscape for wealth creation in the age of private megacompanies.
• Portfolio Role: Treat as a high growth, high risk complement to diversified core holdings.
• Wealth Inclusion: The episode continually emphasizes that opening access to private market gains is vital, both for personal wealth and for the healthy functioning of society.

“If you want to own a piece of AI’s future and all those returns—it’s no longer only for the ultra-wealthy. VCX might just be your ticket.”
– Austin Hankwitz (32:37 & closing remarks)

For further information:

• Check out the new “VCX” ticker on NYSE
• Explore Fundrise’s Innovation Fund details
• Continue listening, saving, and investing with the Rich Habits network

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