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DXYZ

Destiny Tech100 Inc.

DXYZ

Destiny Tech100 Inc. • NYSE
$22.51 ▲ 3.68% (+0.80)
Market Cap $244.91 M
52w High $77.35
52w Low $19.71
Dividend Yield 0%
P/E 12.3
Volume 233.37K
Outstanding Shares 10.88M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $-4.331M ▼ $0 ▲ $5.247M ▼ -121.147% ▼ $0.48 ▼ $5.247M ▼
Q4-2024 $1.736M ▲ $-13.169M ▼ $14.05M ▲ 809.161% ▼ $1.29 ▲ $14.05M ▲
Q2-2024 $167.334K ▼ $4.193M ▲ $3.377M ▲ 2.018K% ▲ $0.31 ▲ $3.377M ▲
Q4-2023 $278.45K ▲ $-5.296 ▲ $-1.475M ▼ -529.581% ▼ $-0.14 ▼ $-1.475M ▲
Q2-2023 $82.01K $-32.507 $0 0% $0 $-2.666M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $0 $71.41M ▲ $1.36M ▲ $70.05M ▲
Q2-2024 $0 ▼ $56.755M ▲ $754.858K ▼ $56M ▲
Q4-2023 $4.834M ▲ $53.462M ▼ $838.427K ▲ $52.624M ▼
Q2-2023 $0 ▼ $56.077M ▼ $0 ▼ $54.098M ▼
Q4-2022 $12.026M $61.886M $5.122M $56.764M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $5.247M ▼ $-1.523M ▼ $1.817M ▲ $-293.562K ▲ $0 $-1.523M ▼
Q4-2024 $14.05M ▲ $-1.224M ▲ $1.569M ▼ $-344.985K ▼ $0 $-1.224M ▲
Q4-2023 $-1.475M ▲ $-2.328M ▼ $2.62M ▲ $-291.51K ▼ $0 ▲ $-2.328M ▼
Q2-2023 $-2.666M ▲ $-942.71K ▲ $-11.083M ▼ $0 $-12.026M ▼ $-942.71K ▲
Q4-2022 $-9.81M $-3.419M $2.91M $0 $-509.234K $-3.419M

Five-Year Company Overview

Income Statement

Income Statement The income statement shows a very young fund with a short and inconsistent track record. Revenue so far is minimal and mostly reflects early-stage fund activity rather than a mature, fee-generating asset manager. Recent reported profit looks more like a one‑off swing than a stable earning pattern, especially given prior years of losses. Because results depend heavily on the value of private tech holdings, reported earnings may jump around from year to year as valuations move, rather than following a smooth growth path. Overall, the business model is still in the “proving itself” phase from an income perspective.

Balance Sheet

Balance Sheet The balance sheet is small and simple, which is typical for a newly listed closed‑end fund. Assets are modest and largely represent stakes in private companies and related holdings, with limited cash on hand. The company currently relies mostly on shareholder capital rather than heavy borrowing, so financial leverage is not a central risk right now. However, because the portfolio is concentrated in high‑growth private tech names, the true economic strength of the balance sheet depends on how those private valuations hold up over time, something that can be hard to verify frequently.

Cash Flow

Cash Flow Cash flow is thin and still stabilizing. Operating cash flows have been close to break‑even or slightly negative, reflecting start‑up costs, management fees, and the early build‑out of the portfolio. There is little traditional capital spending, since this is an investment vehicle rather than an operating tech company. In practice, the fund’s growth is likely to rely on raising capital from investors and carefully pacing new investments, rather than on strong internal cash generation at this stage. This makes discipline around deal timing and expense control especially important.

Competitive Edge

Competitive Edge Competitively, DXYZ is unusual and early to market. Its main edge is being one of the first publicly traded vehicles that gives everyday investors exposure to a curated basket of late‑stage private tech companies like SpaceX and OpenAI. The founders’ experience and networks in private markets, plus the closed‑end structure with daily trading on a stock exchange, create a combination that is hard to find elsewhere today. At the same time, the concept can be copied by others, and the fund is exposed to several pressures: competition for private deal access, the risk that its share price trades far above or below the value of its underlying holdings, and heavy dependence on sentiment toward high‑growth tech and venture capital.

Innovation and R&D

Innovation and R&D Innovation here is about financial structure, not traditional R&D. DXYZ’s core innovation is democratizing access to venture‑backed private tech through a single, tradeable stock. It uses a flexible toolkit—primary and secondary share purchases, special vehicles, and forward contracts—to reach private companies that are normally off‑limits to retail investors. The company talks about building a broader family of similar products and improving transparency around valuations and portfolio reporting over time. The main question is not whether the idea is novel—it clearly is—but whether the team can sustain deal access, maintain credible valuations, and stay ahead as others try to launch similar offerings.

Summary

Destiny Tech100 is an experimental bridge between public investors and private, late‑stage tech companies. Financially, it is still very small with a short, uneven history of profits and cash flows, so reported numbers should be viewed as early indications rather than a mature earnings profile. The balance sheet is light on debt and driven by the changing values of its private holdings. Its strongest assets are its first‑mover status, the founders’ private market expertise, and a structure that offers daily liquidity for an otherwise illiquid asset class. Key uncertainties include the volatility of private tech valuations, the gap that can open between the share price and underlying asset value, and the possibility of new entrants offering similar products. Over time, the success of DXYZ will depend on building a deeper, more diversified portfolio, showing disciplined valuation practices, and proving that this new structure can weather both strong and weak tech cycles.

NEWS

November 6, 2025 · 8:00 AM UTC

Destiny Tech100 Inc. Reports Third Quarter 2025 Results

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