Destiny Tech100 Inc 2025年度报告

FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTEREDMANAGEMENT INVESTMENT COMPANIES Investment Company Act file number811-23802 1401 Lavaca Street, #144Austin, TX 78701(Address of principal executive offices) (Zip code) Sohail Prasadc/o Destiny Tech100 Inc.1401 Lavaca Street, #144Austin, TX 78701(Name and address of agent for service) (415) 639-9966Registrant’s telephone number, including area code Date of fiscal year end:December 31 Date of reporting period:December31, 2025 (a)The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Actof 1940 (17 CFR 270.30e-1). Table of Contents Manager’s Commentary (Unaudited)2Performance and Graphical Illustrations (Unaudited)3Schedule of Investments4Statement of Assets and Liabilities8Statement of Operations9Statements of Changes in Net Assets10Statement of Cash Flows11Financial Highlights12Notes to Financial Statements13Report of Independent Registered Public Accounting Firm27Additional Information (Unaudited)28Privacy Policy (Unaudited)30Directors and Officers (Unaudited)321 Destiny Tech100 Inc. Manager’s Commentary (Unaudited) As of December31, 2025 Dear Shareholders: For the 12 months ended December 31, 2025, the net asset value of Destiny Tech100 Inc. (the “Fund”) increased by 209.59%. Thiscompares to a 20.36% return for the Nasdaq Composite, a benchmark, over the same period1. A recurring debate in 2025 focused on whether artificial intelligence’s (“AI”) economics would undermine its own momentum:cheaper models and open-source alternatives were proliferating, and compute costs were increasing faster than revenue couldfollow. The investment data suggested the opposite. According to J.P. Morgan, AI-related capital expenditure contributed 1.1% toU.S. gross domestic product (GDP) growth in thefirst half of the year, outpacing the American consumer’s contribution.Hyperscalers were projected to spend $342 billion on capital expenditures in 2025, a 62% increase from 20242. KPMG’s 2025venture capital data shows global venture capital investments exceeding $500 billion, up from $391.9 billion in 2024, with theincrease primarily driven by investments in AI businesses3. PitchBook estimates AI accounted for 65.6% of U.S. venture capitalvolume in 2025, compared to 47.2% in 2024 and roughly 10% a decade ago4. This new funding environment underscores a simple truth: there are periods in each technology cycle where the narrative and thecapitalflowsfirst diverge before ultimately converging. We think we are in the midst of one of these moments. We spent 2025 investing with this perspective in mind, adding two new positions in Q3 and eight in Q4. These investmentsprovided exposure to the following issuers: Beast Industries, Databricks, Kraken, Monzo, OpenEvidence, Redwood Materials, ShieldAI, Skild AI, Vast Space, and xAI5. The list looks eclectic but there is a prevailing motif: many of these companies are building inmarkets where prior rules no longer apply – defense systems migrating toward software autonomy, AI replacing human judgmentfor high-stakes medical decisions, space transitioning from government programs to commercial territory. The cotton gin didn’timprove hand-picking. The printing press didn’t make scribes faster. These businesses are in that category. What’s changed is thatthe barriers which once made these companies impossible – cost, compute, regulatory precedent, proven hardware – havecollapsed. In addition to our ongoing deployment, on August 8, 2025, the Fund entered into an Open Market Sale AgreementSMwith JefferiesLLC. Between October and December, we sold 8,121,853 shares for aggregate net proceeds of approximately $244.6 million. Thatcapital has, and will continue to, help us build a portfolio that is more diversified and more directly exposed to the infrastructure ofthe next decade. The work continues, and we couldn’t be more energized by it. Thank you for your trust. Sincerely, Sohail Prasad 1Refinitiv equity data, 2024 and 2025 Destiny Tech100 Inc. Annual Reports. Past performance is no guarantee of future results.2J.P. Morgan Asset Management, “Is AI already driving U.S. growth?”3KPMG Q4 2025 Venture Pulse Report.4Q4 2025 PitchBook-NVCA Venture Monitor.5Investment exposure to Databricks, Monzo, OpenEvidence, Shield AI, and xAI is through single-security special purpose vehicles the Fund acquired. Destiny Tech100 Inc. Performance and Graphical Illustrations December31, 2025 (Unaudited) The Fund’s performancefigures* for the period ended December31, 2025 compared to its benchmark: *The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund willfluctuate sothat an investor’s shares, when sold, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes ashareholder would pay on Fund distributions or the sale of Fund shares. Current performance