424B3 1 es087_424b3.htm FORM 424B3

 

Filed pursuant to Rule 424(b)(3)

File No. 333-264909

 

Destiny Tech100 Inc.

 

Maximum Offering of 1,455,276 Shares

________________

 

Supplement No. 1 dated January 25, 2024

to the

Prospectus dated December 22, 2023

________________

 

This prospectus supplement modifies, amends and supplements certain information contained in the Prospectus of Destiny Tech100 Inc. (the “Company”) dated December 22, 2023, as amended or supplemented (the “Prospectus”). Capitalized terms used in this prospectus supplement and not otherwise defined have the meaning specified in the Prospectus.

 

You should carefully consider the "Risk Factors" section beginning on page 16 of the Prospectus.

 

Net Asset Value

 

In connection with our regular net asset value determination process, as provided in our valuation policies and procedures, we are announcing that the net asset value as of September 30, 2023, is $4.71 per share of our common stock.

 

Portfolio

 

The following table sets forth certain information as of September 30, 2023, for each portfolio company in which we have invested. Percentage of portfolio column is based on a portfolio value of $48,677,175 as of September 30, 2023.

 

Portfolio Company  

Nature of Principal Business

  Underlying Security Type % of Portfolio
Automation Anywhere, Inc.   Enterprise Software   Common Stock   0.84%
Axiom Space, Inc. Series C Preferred Stock   Aviation/Aerospace   Preferred Stock   2.97%
Axiom Space, Inc. Series C-1 Preferred Stock   Aviation/Aerospace   Preferred Stock   7.20%
Bolt Financial, Inc., Series C Preferred Stock   Financial Technology   Preferred Stock(1)   0.30%
Boom Technology, Inc., 5.00% 01/09/2027   Aviation/Aerospace   Convertible Note   3.96%
Brex, Inc.   Financial Technology   Common Stock(1)   4.20%
CElegans Labs, Inc.   Financial Technology   Common Stock   2.56%
Chime Financial Inc. - Series A Preferred Stock   Financial Technology   Preferred Stock   2.86%
ClassDojo, Inc.   Education Services   Common Stock   3.15%
Discord, Inc.   Social Media   Common Stock   0.58%
Discord, Inc. - Series G Preferred Stock   Social Media   Preferred Stock   0.71%
Epic Games, Inc.   Gaming/Entertainment   Common Stock(1)   4.94%
Flexport, Inc.   Supply Chain/Logistics   Common Stock   0.41%
Impossible Foods, Inc. - Series A Preferred Stock   Food Products   Preferred Stock   0.50%
Impossible Foods, Inc. - Series H Preferred Stock   Food Products   Preferred Stock   0.80%
Jeeves, Inc. - Series C Preferred Stock   Financial Technology   Preferred Stock   1.49%
Klarna Bank AB   Financial Technology   Common Stock   1.36%
Maplebear, Inc.   Mobile Commerce   Preferred Stock   2.60%
Public Holdings, Inc.   Financial Technology   Common Stock   1.54%
Relativity Space, LLC   Aviation/Aerospace   Common Stock(1)   3.08%
Revolut Group Holdings Ltd.   Financial Technology   Common Stock   3.52%
Space Exploration Technologies Corp.   Aviation/Aerospace   Common Stock(1)   21.68%
Space Exploration Technologies Corp., Class A and Class C   Aviation/Aerospace   Common Stock(1)   7.40%
Space Exploration Technologies Corp., Series A   Aviation/Aerospace   Common Stock(1)   1.46%
SuperHuman Labs, Inc.   Enterprise Software   Common Stock   4.16%
First American Treasury Obligation, Class X, 5.27%   Money Market Fund   Mutual Fund   12.13%
Total           96.41%

 

(1) Investment held through a single-asset SPV. The Company has an ownership interest in the SPV, whose sole assets are shares of the underlying private company.

 

Portfolio Company

 

Nature of Principal Business

  Underlying Security Type % of Portfolio
Plaid, Inc.   Financial Technology   Forward Contract(2)   0.83%
Stripe, Inc.   Financial Technology   Forward Contract(2)   2.76%
Total           3.59%

 

(2) Investment held through a single-asset SPV that holds forward contracts. The Company has an ownership interest in the SPV, whose sole assets are forward contracts to acquire shares of the underlying private company. Forward contracts involve the future delivery of shares of the portfolio company upon such securities becoming freely transferable or upon the removal of legends that restrict the transfer of such securities. The counterparties to the forward contracts are the shareholders of the private company who own the restricted shares. The Company does not have information as to the identities of the specific counterparties (the shareholders of the private company); however, counterparty risk is mitigated by the fact that there is not a single counterparty on the opposite side of the forward contracts and the sole obligation of the counterparties is to transfer shares following such time as the shares become freely transferable.

 

Other

 

On January 23, 2024, Sohail Prasad, our Chief Executive Officer, Destiny XYZ Inc., parent company of the Company's investment adviser, Destiny Advisors LLC, and two directors of the board of directors of Destiny XYZ Inc., were named as defendants in a lawsuit filed by Samvit Ramadurgam, a co-founder of Destiny XYZ Inc., (Samvit Ramadurgam v. Destiny XYZ Inc., Sohail Prasad et al.). Neither the Company nor Destiny Advisors LLC were named as defendants in the lawsuit. We do not expect that this lawsuit will have a material impact on the ability of Destiny Advisors LLC to perform its duties and obligations with respect to the Company.

 

Recent Developments

 

On December 15, 2023, the Company funded an investment of $2,010,008 to OpenAI Global, LLC. OpenAI Global, LLC, doing business as OpenAI, is a U.S. based artificial intelligence (AI) research and deployment organization, researching artificial intelligence with the goal of developing "safe and beneficial" artificial general intelligence.