Destiny Tech100 (DXYZ) supplements $1B ATM prospectus with Jefferies

Rhea-AI Filing Summary

Destiny Tech100 Inc. files a prospectus supplement for an at-the-market offering registering up to $1,000,000,000 of common stock with Jefferies LLC.

As of March 31, 2026, net asset value was $24.56 per share and the portfolio value was approximately $742.5 million. The portfolio is concentrated in a money market holding (First American Treasury Obligations, Class X) representing 31.4% and a large private exposure (Magnitude ANC III, LLC) at 18.1% of the portfolio.

Under the company's Open Market Sale arrangement with Jefferies, from January 1, 2026 through March 31, 2026 the company sold 8,489,359 shares at a weighted average price of $28.76 per share, producing net proceeds of approximately $24.1 million after fees.

Insights

Portfolio Manager

Portfolio shows large private-tech and cash-like weightings.

The portfolio lists an approximate total value of $742.5 million as of March 31, 2026, with First American Treasury Obligations, Class X at 31.4% and Magnitude ANC III, LLC at 18.1%. These holdings indicate substantial allocations to short-term liquidity and concentrated private positions.

Key dependencies include the liquidity events for private holdings and forward contracts; future realizations will affect NAV. Subsequent portfolio disclosures and realized exits will clarify valuation risk and timing.

Capital Markets Specialist

Supplement updates ATM mechanics and recent issuance activity.

The supplement reaffirms an at-the-market shelf registration of $1,000,000,000 and reports sales of 8,489,359 shares at an average price of $28.76 generating net proceeds of approximately $24.1 million from January 1, 2026 to March 31, 2026. This shows active use of the Open Market Sale facility with Jefferies LLC.

Cash-flow treatment in the excerpt ties proceeds to the company; timing and volume of future sales will depend on market conditions and issuer decisions. Future supplements will state additional issuance amounts.

Key Figures

Shelf registration amount: $1,000,000,000 Net Asset Value: $24.56 per share Portfolio value: $742.5 million +5 more

8 metrics

Shelf registration amount $1,000,000,000 Maximum offering registered in supplement

Net Asset Value $24.56 per share as of March 31, 2026

Portfolio value $742.5 million approximate value as of March 31, 2026

Largest liquid position 31.4% First American Treasury Obligations, Class X as % of portfolio

Largest private exposure 18.1% Magnitude ANC III, LLC as % of portfolio

ATM shares sold (Q1 2026) 8,489,359 shares sold Jan 1–Mar 31, 2026 under Open Market Sale with Jefferies

Weighted average sale price $28.76 average price per share for Q1 2026 ATM sales

Net proceeds from ATM sales $24.1 million net of commissions and fees for Q1 2026 sales

Key Terms

at-the-market offering, net asset value, Special Purpose Vehicle (SPV), forward contracts, +1 more

5 terms

at-the-market offering regulatory

"sale of shares of the Company’s common stock pursuant to the “at-the-market offering” with Jefferies LLC"

An at-the-market offering is a method companies use to sell new shares of stock directly into the open market over time, rather than all at once. This allows them to raise money gradually, similar to selling small pieces of a product instead of a large batch. For investors, it means the company can access funding more flexibly, but it may also increase the supply of shares and influence the stock’s price.

net asset value financial

"our net asset value as of March 31, 2026, is $24.56 per share"

Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.

Special Purpose Vehicle (SPV) financial

"The Company has a direct investment in a Special Purpose Vehicle ("SPV") which has invested"

A special purpose vehicle (SPV) is a separate legal entity created to hold specific assets, liabilities or financial activities apart from a company’s main business—think of it like a sealed box where certain deals or risks are kept. Investors care because an SPV isolates risk and can be used to raise money, structure investments, or limit losses; however, it can also hide obligations or complicate transparency, so understanding what’s inside the “box” matters for assessing true financial health.

forward contracts financial

"Investment is an SPV that holds multiple forward agreements that represent common shares"

A forward contract is a private agreement to buy or sell an asset at a specific price on a set future date, like agreeing today to buy a car at a fixed price six months from now. For investors, forwards matter because they let you lock in prices to protect against market swings or to bet on future moves, but they carry extra risk since they are customized deals between parties and can be harder to trade or enforce than standard exchange-traded instruments.

profit participation units financial

"economic exposure to OpenAI Global LLC, Profit Participation Units"

Offering Details

ATM

Offering

Offering Type ATM

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Accepted by SEC EDGAR 05/11/2026 - 05:19 PM Learn about SEC filing dates

FAQ

What does the $1,000,000,000 registration mean for DXYZ?

It registers up to $1,000,000,000 of common stock for sale under an at-the-market program with Jefferies LLC. The supplement updates the prospectus to permit future open-market sales under that registration.

What is Destiny Tech100's NAV per share as of March 31, 2026?

Net asset value was reported at $24.56 per share as of March 31, 2026. This value was determined under the company’s valuation policies and procedures during the regular NAV process.

How much did DXYZ raise from ATM sales in Q1 2026?

From January 1, 2026 through March 31, 2026, the company sold 8,489,359 shares at a weighted average price of $28.76, producing net proceeds of approximately $24.1 million after commissions and fees.

How concentrated is DXYZ's portfolio by March 31, 2026?

The portfolio value was approximately $742.5 million with First American Treasury Obligations, Class X at 31.4% and Magnitude ANC III, LLC at 18.1%, indicating material concentrations in a money-market holding and a single private exposure.

Filed pursuant to Rule 424(b)(3)

File No. 333-278734

Destiny Tech100 Inc.

Maximum Offering of up to $1,000,000,000

Common Stock

________________

Supplement No. 5 dated May 11, 2026

to the

Prospectus and Statement of Additional Information dated August 8, 2025, as amended or supplemented as
of the date hereof

This prospectus supplement modifies, amends and supplements certain information contained in the Prospectus of Destiny Tech100 Inc. (the “Company”) dated August 8, 2025, as amended or supplemented (the “Prospectus”) and the statement of additional information, dated August 8, 2025, as amended or supplemented (the “Statement of Additional Information”), which relate to the sale of shares of the Company’s common stock pursuant to the “at-the-market offering” with Jefferies LLC. Capitalized terms used in this prospectus supplement and not otherwise defined have the meaning specified in the Prospectus and/or Statement of Additional Information.

You should carefully consider the "Risk Factors" section beginning on page 26 of the Prospectus.

Net Asset Value

In connection with our regular net asset value determination process, as provided in our valuation policies and procedures, our net asset value as of March 31, 2026, is $24.56 per share of our common stock.

Portfolio

The following table sets forth certain information as of March 31, 2026, for each portfolio company in which we are currently invested. The percentage of portfolio column is based on an approximate portfolio value of $742.5 million as of March 31, 2026.

Portfolio Company		Nature of Principal Business		Underlying Security Type		% of Portfolio
Astranis Space Technologies Corp. - Series E Preferred Stock		Aviation/Aerospace		Preferred Stock		0.3%
Automation Anywhere, Inc.		Enterprise Software		Common Stock		*
Axiom Space, Inc. Series C Preferred Stock		Aviation/Aerospace		Preferred Stock		0.2%
Axiom Space, Inc. Series C-1 Preferred Stock		Aviation/Aerospace		Preferred Stock		0.4%
Beast Industries Co. - Series C Preferred Stock		Social Media		Preferred Stock		2.0%
Boom Technology, Inc. Series B-2 Preferred Stock		Aviation/Aerospace		Preferred Stock		0.2%
CElegans Labs, Inc.		Financial Technology		Common Stock		0.2%
Chime Financial Inc.		Financial Technology		Common Stock		0.2%
ClassDojo, Inc.		Education Services		Common Stock		0.3%
DA-1125 Gaingels Fund II (invested in Databricks, Inc. Series L Preferred Stock)		Enterprise Software		Preferred Stock(1)		1.1%

DXYZ OAI I LLC (economic exposure to OpenAI Global LLC, Profit Participation Units)		Artificial Intelligence		Profit Participation Units(2)		1.0%
DXYZ SpaceX I LLC (economic exposure to Space Exploration Technologies Corp., 96% Common unit equivalent shares and Common Stock, 3% Series E Preferred Shares, and 1% in Series C preferred shares)		Aviation/Aerospace		Common Stock(2)(4)		9.6%
Discord, Inc.		Social Media		Common Stock		*
Discord, Inc. - Series G Preferred Stock		Social Media		Preferred Stock		*
First American Treasury Obligations, Class X, 3.59%		Money Market Fund		Mutual Fund		31.4%
Flexport, Inc.		Supply Chain/Logistics		Common Stock		*
G Squared Special Situations Fund, LLC - Series H-1 (invested in Brex, Inc., Common Stock)		Financial Technology		Common Stock(1)		0.2%
Goanna Capital 26E LLC (invested in OpenAI Group PBC Series C Preferred Stock)		Artificial Intelligence		Preferred Stock(1)		4.7%
Hermeus Corporation - Series C Preferred Stock		Aviation/Aerospace		Preferred Stock		2.0%
Hexagon Master LLC - Series 1 (invested in General Intuition, Inc. Series A Preferred Stock)		Artificial Intelligence		Preferred Stock(1)		1.5%
Impossible Foods, Inc. - Series A Preferred Stock		Food Products		Preferred Stock		*
Jeeves, Inc. - Series C Preferred Stock		Financial Technology		Preferred Stock		0.1%
Khosla Ventures IFSPV II, LLC (invested in Impossible Foods, Inc., Series H Preferred Stock)		Food Products		Preferred Stock(1)		*
Klarna Group PLC		Financial Technology		Common Stock		0.1%
Klarna Group PLC Class B Shares		Financial Technology		Non-Economic Voting Shares		*
Lemonade 18, LLC (invested in Monzo Bank Holding Group Limited F Ordinary Shares)		Financial Technology		Common Stock(1)		0.8%
MCTC Investment Holdings (Delaware) LLC (invested in Databricks, Inc. Series L Preferred Stock)		Enterprise Software		Preferred Stock(1)		1.4%
MW LSV Relativity Space, LLC		Aviation/Aerospace		N/A(6)		-
MWAM VC SpaceX-II, LLC (economic exposure to Space Exploration Technologies Corp., 55% Class A Common Stock and 45% Class C Common Stock)		Aviation/Aerospace		Common Stock(2)		2.8%
Magnitude ANC III, LLC (economic exposure to Anthropic PBC. Series B Preferred Shares)		Artificial Intelligence		Preferred Stock(2)		18.1%
Payward, Inc. - Series C Preferred Stock		Financial Technology		Preferred Stock		0.6%
Prive Tens, LLC (invested in Tenstorrent Holdings Inc., 15.00% 12/31/2026)		Hardware & Manufacturing		Convertible Note(1)		1.7%
Public Holdings, Inc.		Financial Technology		Common Stock		*
Redwood Materials, Inc.		Energy Production		Common Stock		0.7%
Revolut Group Holdings Ltd.		Financial Technology		Common Stock		1.6%

Rhenium Bolt 2021, LLC		Financial Technology		N/A(3)		-
SP21Z Opportunities LLC (invested in OpenEvidence Inc. Common Stock)		Artificial Intelligence		Common Stock(1)		4.6%
Skild AI, Inc. - Series C Preferred Stock		Artificial Intelligence		Preferred Stock		1.4%
Snowpoint Growth 2.5, LLC (invested in Shield AI Inc. Series F1 Preferred Stock)		Aviation/Aerospace		Preferred Stock(1)		4.2%
Snowpoint Growth 2.6, LLC (invested in Space Exploration Technologies Corp. Class B Common Stock)		Aviation/Aerospace		Common Stock(1)		2.0%
Snowpoint Growth 2.7, LLC (invested in Astranis Space Technologies Corp. Series E Preferred Stock)		Aviation/Aerospace		Preferred Stock(1)		0.7%
Supabase, Inc. - Series A Preferred Stock		Enterprise Software		Preferred Stock		0.2%
Superhuman Platform, Inc.		Enterprise Software		Common Stock		0.1%
Vast, Inc. - Series A Preferred Stock		Aviation/Aerospace		Preferred Stock		0.7%
Vercel Inc.		Enterprise Software		Common Stock		0.3%
WH Strategic Opportunities Fund V LP (invested in Chaos Industries, Inc. Series D Preferred Stock)		Hardware & Manufacturing		Preferred Stock(1)		2.1%
Total						99.5%**

*Less than 0.1%.

**Values may not sum due to rounding.

(1) The Company has a direct investment in a Special Purpose Vehicle ("SPV") which has invested in an underlying portfolio company. If applicable, the number of units presented, are the units in the SPV owned by the Company, which represents the equivalent number of securities of the underlying portfolio company for which the investment has economic exposure.

(2) The Company has a direct investment in an SPV which has economic exposure to an underlying portfolio company. The number of units presented, if applicable, are the units in the SPV owned by the Company, which represents the equivalent number of securities of the underlying portfolio company for which the investment has economic exposure. The SPV has invested through one or more underlying SPVs.

(3) During the year ended December 31, 2024, the SPV disposed of the underlying asset. As of March 31, 2026, the SPV does not hold any underlying assets.

(4) The SPV has invested through five underlying SPVs, resulting in the related economic exposure to the Company. Five of the underlying SPVs have one additional layer of SPVs, while one has two layers.

Portfolio Company		Nature of Principal Business		Underlying Security Type		% of Portfolio
Fund FG-RTA, a series of Forge Investments LLC (economic exposure to Stripe, Inc., Common Stock)		Financial Technology		Forward Contract(5)		0.4%
Fund FG-TQY, a series of Forge Investments LLC (economic exposure to Plaid, Inc., Common Stock		Financial Technology		Forward Contract(5)		*
Total						0.5%**

*Less than 0.1%.

**Values may not sum due to rounding. 

(5) Investment is an SPV that holds multiple forward agreements that represent common shares of the indicated portfolio company. Forward contracts involve the future delivery of shares of a portfolio company upon such securities becoming freely transferable or the removal of restrictions on transfer. The aggregate total of the forward contracts for each SPV represents less than 5% of the Company’s net assets. 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.

(6) During the period ended March 31, 2026, the SPV disposed of the underlying asset. As of March 31, 2026, the SPV does not hold any underlying assets.

At-the-Market Offering

From January 1, 2026 through March 31, 2026, we sold a total of 8,489,359 shares of our common stock at a weighted average price of $28.76 per share under the Open Market Sale Agreement^SM, as amended as of the date hereof, with Jefferies LLC. The net proceeds as a result of these sales of common stock were approximately $24.1 million, after deducting commissions and fees.