The Fundrise Innovation Fund ($VCX), a closed-end fund offering exposure to tech companies such as SpaceX, OpenAI, and Anthropic, experienced a surge in its market debut last week. Investors were seeking exposure to the fund's underlying holdings, which led to a 1,200% premium to its net asset value (NAV), or the value of the underlying assets in the fund. However, speculative traders also bought into the fund, leading to a high of $600/share. The fund's 1,800% surge fell apart on Thursday as speculative traders sold and a short seller report from Citron Research brought shares back to Earth. Despite these successes, there are numerous warnings about the potential pitfalls of investing in private assets on Wall Street.