SpaceX occupies nearly 20% of net assets, while Powerlaw (PWRL.US) is also involved in positioning themselves with other well-known unicorns such as OpenAI and Kalshi.

The closed-end fund Powerlaw (PWRL.US), focused on investing in private tech companies, disclosed that SpaceX (SPCX.US) is its largest holding. As of May 13, 2026, Powerlaw held approximately $1.17 billion in fair value of SpaceX shares, accounting for 19.37% of net assets. This disclosure highlights the fund's significant holdings in SpaceX prior to its IPO. It has been reported that SpaceX will officially trade on the NASDAQ on June 12. SpaceX has set an offering price of $135 per share, aiming to raise $75 billion by selling approximately 5.556 billion shares, with a valuation expected to reach $1.77 trillion. This transaction is poised to be the largest IPO in history. After completing one-on-one roadshows with institutional investors, it has been reported that orders for SpaceX's IPO have exceeded the available number of shares. The oversubscription indicates that the company has the demand base to completely raise funds, sending a clear market signal to participating investors. According to sources familiar with SpaceX's IPO roadshow, the demand for this offering is "extremely strong". These sources also revealed that analysts in charge of this IPO are receiving up to 20 calls a day from investors, compared to the usual 10 to 15 calls for hot new stock offerings in the past. Powerlaw began trading on the NASDAQ through a direct listing on May 27. The fund invests in private companies in various sectors including artificial intelligence, software, aerospace and defense, and consumer tech. In addition to SpaceX, Powerlaw's portfolio includes holdings in several well-known private companies such as OpenAI, Stripe, Databricks, Canva, Figma, Perplexity, Waymo, Kraken, Kalshi, and Groq. Powerlaw stated that it plans to announce the latest net asset value and net asset value per share as of May 31 on or around June 9.