What's Going On With Destiny Tech100 Stock Monday?

Destiny Tech100 Inc. DXYZ shares are moving higher on Monday, adding to gains of more than 300% over the past week. The stock has seen increased attention since Donald Trump won the 2024 U.S. presidential election last week. Here’s what you need to know.

What To Know: Destiny Tech100 is a closed-end management investment firm that invests in private technology companies such as SpaceX, OpenAI and Epic Games.

The company’s largest holding is SpaceX with a 37.6% weighting in the firm’s portfolio. Destiny Tech100 also provides exposure to other space exploration companies including Axiom Space and Relativity Space, but SpaceX is its biggest holding by far.

The private space industry could benefit under a Trump presidency given SpaceX CEO Elon Musk's close ties to Trump and strong support throughout the campaign. Changes could be coming to the Federal Aviation Administration's commercial space office, which oversees private rocket launches, according to Reuters.

Sources also told Reuters that human manned missions to Mars will become a bigger national priority during Trump’s second term.

“At a minimum, we’re going to get a more realistic Mars plan, you’ll see Mars being set as an objective,” said Doug Loverro, a space industry consultant who worked for NASA during Trump’s first term.

SpaceX may stand to gain the most given that Musk endorsed Trump for president and donated millions to his campaign. With Trump set to take the White House again, NASA may shift to supporting fixed-price space contracts that place more responsibility on private companies.

NASA’s Artemis program currently plans to use SpaceX’s Starship for moon missions as a step toward Mars, but the program could be shifted to prioritize missions to Mars. Musk previously expressed frustration that the FAA was slowing down Starship development.

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DXYZ Price Action: At the time of writing, Destiny Tech100 shares were up 14.6% at $41.77, per data from Benzinga Pro.

Photo: courtesy of SpaceX.