Until now, anyone who wanted to invest in SpaceX, OpenAI or Anthropic needed access to venture capital funds or the right contacts. A new fund wants to change that.
• Powerlaw Corp. filed an application for a NASDAQ listing with the SEC on February 10, 2026
• The fund holds investments in SpaceX, OpenAI, Anthropic, xAI, Anduril and Stripe
• Assets under management exceed $1.2 billion
Powerlaw Corp. plans to go public on the Nasdaq
Powerlaw Corp., a closed-end investment fund with interests in some of the world’s most valuable private technology companies, filed with the U.S. Securities and Exchange Commission (SEC) on February 10, 2026. This is evident from the publicly available registration document (Form N-2) on the SEC website. The fund is planning a so-called “direct listing” on the NASDAQ, in which existing shareholders can offer their approximately 43.2 million shares for sale. Unlike a classic IPO, no new shares are issued. Stifel, Nicolaus & Company will act as financial advisors to accompany the start of trading and the opening price. However, the SEC still has to approve the plan.
Behind Powerlaw Corp. is Powerlaw Capital Group, a platform of the San Francisco-based investment company Akkadian Ventures. Akkadian specializes in acquiring shares in private companies from existing investors, employees or through special purpose vehicles. According to the SEC filing, the fund managed more than $1.2 billion in assets as of the reporting date. As of December 31, 2025, the investment portfolio comprised approximately $355 million (at acquisition cost), spread across 18 portfolio companies, 99 percent of which are in the private technology sector.
The portfolio: From AI to space travel
According to the SEC filing, the fund’s largest positions are OpenAI with an acquisition value of $114.4 million, SpaceX with $39.8 million and xAI with $10.9 million. The portfolio also includes Anthropic, the defense technology group Anduril Industries, the forecasting platform Kalshi and the payment service provider Stripe. In total, the fund holds six investments in AI companies. According to the SEC filing, Powerlaw Corp. through a mix of direct equity investments, convertible bonds, special purpose vehicles and forward contracts.
Until now, companies like OpenAI or SpaceX have been virtually inaccessible to small investors. Much of the value creation occurred in the private market long before a potential IPO was even within reach. OpenAI, for example, was negotiating a funding round with a valuation of up to $830 billion, compared to less than $30 billion just a few years earlier, according to media reports in December 2025. John Spinale, managing partner at venture capital firm Jazz Venture Partners and an investor in Powerlaw Corp., said top companies are increasingly choosing not to go public, denying the general public access to high-growth companies, according to Bloomberg.
Risks and a growing market
Powerlaw Corp. is not the only provider that wants to give small investors access to private technology companies. As TheStreet describes in an article from February 17, 2026, several comparable vehicles have recently been formed. The Destiny Tech 100 ETF already invests in SpaceX and other unlisted companies. The fintech provider Fundrise launched its own venture capital fund with investments in OpenAI, Anthropic and Anduril. Robinhood is also planning a publicly tradable fund with the Robinhood Venture Fund I with positions in Stripe, Databricks and Revolut.
However, the market presents risks that Powerlaw Corp. expressly stated in the SEC filing. Closed-end funds often trade at a discount to the intrinsic value of their holdings, the so-called net asset value. Even if the portfolio performs well, the share price may be lower. Additionally, private companies are not required to publish detailed financial reports, making valuation difficult. According to Bloomberg, the bankruptcy of the Linqto platform, which also offered retail investors access to companies such as SpaceX and Anthropic, highlights the dangers of this market segment. Powerlaw Corp. charges an annual management fee of 2.5 percent. It is not yet clear whether the SEC will approve the listing and when the shares will actually be tradable.
D. Maier / editorial team finanzen.net
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