PWRL Portfolio
As of 09-30-2026*
- Fair Value
- $147.0M1
- Allocation
- 20%2
- Cost of Investment
- $45.1M3
- Gross MOIC
- 3.3x4
Overview5
SpaceX launches more rockets than every country and company on Earth combined, and its Starlink network connects millions to the internet from space. Whoever controls access to orbit controls the next great frontier — and right now that's SpaceX.
Recent news
- Company operating data is sourced from internal investment memoranda and may include estimates and forward-looking information.
- SpaceNews, 'The SpaceX IPO Tells One Story…,' July 2026.
- CNBC, 'SpaceX (SPCX) IPO: Live Updates,' May 21, 2026.
- Fair Value
- $101.1M1
- Allocation
- 14%2
- Cost of Investment
- $64.0M3
- Gross MOIC
- 1.6x4
Overview5
OpenAI builds the AI models behind ChatGPT, used by more than a billion people every month. It's the front door to artificial intelligence for the entire world — the largest user base in tech history.
Recent news
- Company operating data is sourced from internal investment memoranda and may include estimates and forward-looking information.
- Reuters, 'OpenAI Burned $3.7 Billion in First Quarter of 2026,' Jun. 16, 2026.
- NYT, 'OpenAI Raises $110 Billion to Fuel Growth,' Feb. 27, 2026.
- CNBC, 'OpenAI Closes Funding Round at an $852 Billion Valuation,' Mar. 31, 2026.
- Fair Value
- $66.6M1
- Allocation
- 9%2
- Cost of Investment
- $20.6M3
- Gross MOIC
- 3.2x4
Overview5
Kalshi runs a federally regulated marketplace where you can trade on real-world events, from elections to the weather. It's pioneering an entirely new asset class — and it's the first to do it legally in the U.S.
Recent news
- Company operating data is sourced from internal investment memoranda and may include estimates and forward-looking information.
- Yahoo Finance / Sacra, 'Kalshi Fee Revenue In 2025 Was $263.5 Million…,' Jan. 9, 2026.
- Fast Company, 'Kalshi's $22 Billion Sports Betting Problem,' May 8, 2026.
- Fair Value
- $40.1M1
- Allocation
- 6%2
- Cost of Investment
- $25.0M3
- Gross MOIC
- 1.6x4
Overview5
Colossal uses advanced genetics to bring extinct animals back to life, having already created dire-wolf pups with the woolly mammoth next. The same tools that revive lost species could reshape medicine and conservation.
- Company operating data is sourced from internal investment memoranda and may include estimates and forward-looking information.
- Colossal, 'Colossal Raises $200M Series C Round.'
- TechCrunch, 'Does Colossal's Dire Wolf Justify Its $10B Valuation?' Apr. 8, 2025.
- Fair Value
- $37.2M1
- Allocation
- 5%2
- Cost of Investment
- $26.3M3
- Gross MOIC
- 1.4x4
Overview5
Kraken runs a major crypto trading platform handling trillions of dollars in volume each year. With a profitable business and an IPO on the horizon, it's one of crypto's most investable franchises.
Recent news
- Company operating data is sourced from internal investment memoranda and may include estimates and forward-looking information.
- Kraken Blog, '2025 Full-Year Financial Highlights,' Feb. 3, 2026.
- Finance Magnates / TradingView, 'Kraken IPO Slides Toward 2027,' May 18, 2026.
- Fair Value
- $35.7M1
- Allocation
- 5%2
- Cost of Investment
- $21.1M3
- Gross MOIC
- 1.7x4
Overview5
Mercor matches skilled experts with the AI labs training the next generation of models. It's a quiet but critical supplier in the AI gold rush.
Recent news
- Company operating data is sourced from internal investment memoranda and may include estimates and forward-looking information.
- Mercor’s $2B figure is a gross annualized revenue run rate reported for June 2026, up from roughly half that in April, while the company remains profitable on a free-cash-flow basis (The Information). The gross figure reflects total customer spend before contractor payouts, which independent research estimates at 60–70% of revenue (Sacra).
- TechCrunch, 'Mercor Quintuples Valuation to $10B With $350M Series C,' Oct. 27, 2025.
Confidential Company
- Fair Value
- $33.4M1
- Allocation
- 5%2
- Cost of Investment
- $33.4M3
- Gross MOIC
- 1.0x4
Overview
- Fair Value
- $30.0M1
- Allocation
- 4%2
- Cost of Investment
- $30.2M3
- Gross MOIC
- 1.0x4
Overview5
Deel helps companies legally hire and pay employees in almost any country from a single platform. As work continue to go remote and global, Deel has become the plumbing that makes international teams possible.
Recent news
- Company operating data is sourced from internal investment memoranda and may include estimates and forward-looking information.
- Sacra, 'Deel Revenue, Funding & News' (Feb. 2026 update).
- PYMNTS.com, 'HR Platform Deel Pursues $120 Billion Field Services Market,' Jun. 16, 2026.
- Fair Value
- $27.7M1
- Allocation
- 4%2
- Cost of Investment
- $14.6M3
- Gross MOIC
- 1.9x4
Overview5
Databricks turns messy corporate data into AI-ready insight for thousands of major companies. As businesses bet big on AI, Databricks sells the platform that makes those bets pay off.
Recent news
- Company operating data is sourced from internal investment memoranda and may include estimates and forward-looking information.
- Databricks, 'Grows Over 65% YoY, Surpasses $5.4 Billion ARR,' Feb. 9, 2026.
- Fair Value
- $25.3M1
- Allocation
- 4%2
- Cost of Investment
- $15.0M3
- Gross MOIC
- 1.7x4
Overview5
Stripe is the technology that lets millions of websites and apps accept payments online. A huge share of internet commerce flows through Stripe — it's the cash register of the digital economy.
- Company operating data is sourced from internal investment memoranda and may include estimates and forward-looking information.
- Stripe, '2025 Annual Letter and Tender Offer,' Feb. 24, 2026.
- CNBC, 'Stripe Valued at $159 Billion After Tender Offer,' Feb. 24, 2026.
- Fair Value
- $25.1M1
- Allocation
- 3%2
- Cost of Investment
- $25.8M3
- Gross MOIC
- 1.0x4
Overview5
VAST Data is the high-speed storage foundation underneath the world's biggest AI supercomputers. As AI spending explodes, VAST sells the picks and shovels that keep the whole system running.
Recent news
- Company operating data is sourced from internal investment memoranda and may include estimates and forward-looking information.
- tech-insider.org, 'Vast Data $1B Round at $30B…,' Apr. 27, 2026.
- Fair Value
- $25.1M1
- Allocation
- 3%2
- Cost of Investment
- $26.1M3
- Gross MOIC
- 1.0x4
Overview5
Shield AI builds AI pilots that can fly military aircraft without constant human control. Its Hivemind software has moved from combat-tested autonomy into a funded U.S. Air Force program, giving investors exposure to the shift toward uncrewed defense systems.
Recent news
- Company operating data is sourced from internal investment memoranda and may include estimates and forward-looking information.
- Sacra, 'Shield AI Revenue, Valuation & Funding,' May 30, 2026.
- Shield AI, 'Awarded U.S. Air Force Production Contract for CCA,' Jun. 17, 2026.
- Fair Value
- $20.0M1
- Allocation
- 3%2
- Cost of Investment
- $21.3M3
- Gross MOIC
- 0.9x4
Overview5
Tether runs the most widely used "stablecoin," a token always worth about one dollar. It earns billions from the U.S. Treasuries backing those tokens — making it one of the most profitable companies per employee in history.
- Company operating data is sourced from internal investment memoranda and may include estimates and forward-looking information.
- CoinDesk, 'Tether (USDT) Net Profits Top $10 Billion in 2025,' Jan. 30, 2026.
Confidential Company
- Fair Value
- $19.9M1
- Allocation
- 3%2
- Cost of Investment
- $19.9M3
- Gross MOIC
- 1.0x4
Overview
- Fair Value
- $11.3M1
- Allocation
- 2%2
- Cost of Investment
- $11.7M3
- Gross MOIC
- 1.0x4
Overview5
Canva is the easy-to-use design tool that lets anyone create professional graphics, slides, and videos. It put design in the hands of hundreds of millions of people, no expertise required.
- Company operating data is sourced from internal investment memoranda and may include estimates and forward-looking information.
- TechCrunch, 'Canva Gets to $4B in Revenue as LLM Referral Traffic Rises,' Feb. 18, 2026.
- Sacra / Hustle Fund, 'Canva Revenue, Valuation & Funding.'
- Fair Value
- $8.0M1
- Allocation
- 1%2
- Cost of Investment
- $8.2M3
- Gross MOIC
- 1.0x4
Overview5
Perplexity uses AI to give you instant, sourced answers to almost anything you ask. If AI replaces the old way of searching, Perplexity wants to be the new front page of the internet.
Recent news
- Company operating data is sourced from internal investment memoranda and may include estimates and forward-looking information.
- Perplexity, 'Revenue Jumps 50% in One Month to $450M ARR,' Apr. 8, 2026.
- Yahoo Finance Canada, 'Perplexity ARR Tops $450M After Pricing Shift,' Apr. 8, 2026.
- Fair Value
- $7.8M1
- Allocation
- 1%2
- Cost of Investment
- $8.3M3
- Gross MOIC
- 0.9x4
Overview5
Saronic designs uncrewed, AI-powered vessels that can patrol and operate at sea on their own. It's at the front of a defense revolution, with real Navy contracts and a battlefield track record.
Recent news
- Company operating data is sourced from internal investment memoranda and may include estimates and forward-looking information.
- CNBC, 'Autonomous Ship Startup Saronic Raises $1.75 Billion,' Mar. 31, 2026.
- Reuters, 'Saronic Valuation More Than Doubles to $9.25 Billion,' Mar. 31, 2026.
- Fair Value
- $5.0M1
- Allocation
- 1%2
- Cost of Investment
- $5.0M3
- Gross MOIC
- 1.0x4
Overview5
The compound workforce platform unifying HR, IT, and Finance.
- Company operating data is sourced from internal investment memoranda and may include estimates and forward-looking information.
- GetLatka, 'Rippling Revenue 2026: $1B ARR, $16.8B Valuation.'
- Rippling, 'Series G Fundraising and Tender Offer,' May 9, 2025.
- Fair Value
- $0.4M1
- Allocation
- <1%2
- Cost of Investment
- $0.4M3
- Gross MOIC
- 1.0x4
Overview5
Waymo runs self-driving taxis that pick up real passengers with no driver behind the wheel. It's the clear leader in autonomous driving, turning a decades-long dream into everyday reality.
- Company operating data is sourced from internal investment memoranda and may include estimates and forward-looking information.
- Waymo, 'Delivering More for Our Riders…,' Dec. 10, 2025.
- Waymo, 'Accelerating Our Global Growth: Waymo Raises $16 Billion,' Feb. 2, 2026.
*The portfolio information currently posted on this page is preliminary and is being published prior to completion of PWRL’s year-end audit for the fiscal year ended September 30, 2026. All amounts shown are estimated and unaudited and are subject to adjustment based upon the results of the audit process, including any applicable additional information received by PWRL during the audit process.
- Estimated and unaudited fair value of such investments as of 09-30-2026, in accordance with the Fund's valuation policies and procedures.
- Allocation is calculated based on the Portfolio Company's estimated and unaudited fair value as a percentage of the Fund's estimated and unaudited net assets as of 09-30-2026.
- Cost basis is estimated and unaudited as of 09-30-2026 and includes investment cost and transaction expenses and excludes fund-level management fees and operating expenses.
- Gross MOIC is calculated as the fair value of the Fund’s position divided by its cost basis as of 09-30-2026 (estimated and unaudited). Gross MOIC is a single-position, gross-of-fees measure and is not comparable to the Fund’s net NAV/share return, which reflects all fund-level fees and expenses, realized positions, and cash. Past performance does not guarantee future results.
Sectors
- Aerospace & Defense30%
- Artificial Intelligence26%
- Financial Technology22%
- Software / Other22%
Updated quarterly. Last updated 09-30-2026 (preliminary).
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sectors
PWRL Distribution Program
PWRL’s Board of Directors has approved an annual distribution program for fiscal year 2027. The program has a 6% annual rate based on the Fund’s August 31, 2026 NAV of $16.23 per share. This translates into a declared monthly distribution of $0.0812 per share for October, November and December 2026.
The monthly distribution rate is intended to reset annually based on the corresponding August 31 NAV. The distribution amount may therefore increase or decrease as the value of the portfolio changes.
PWRL’s distribution program is part of a broader capital-allocation discipline. As portfolio companies mature and liquidity opportunities emerge, the Fund may selectively realize portions of its investments. Available capital may then be used to support stockholder distributions and pursue new private-market opportunities.
Our aim is to balance sharing available value with stockholders and investing in what we believe comes next.
Read the FAQDistribution Schedule*
| Month | Record date | Payable date | Per share |
|---|---|---|---|
| October 2026 | October 20 | October 30 | $0.0812 |
| November 2026 | November 20 | November 30 | $0.0812 |
| December 2026 | December 21 | December 30 | $0.0812 |
*The distributions shown above have been declared by PWRL’s Board of Directors. Future distributions remain subject to Board authorization, available cash and other considerations.
Distributions are not guaranteed and are subject to change. The Fund may pay distributions in excess of its net investment income, and any such excess would be a return of capital distributed from the Fund’s assets. A return of capital is not necessarily a reflection of the Fund’s investment performance and should not be confused with yield or income. If a distribution is estimated to include anything other than net investment income, the Fund will provide shareholders of record with a Section 19(a) notice of its best estimate of the distribution’s sources at that time; Section 19(a) notices are also available at www.powerlawfunds.com/pwrl/investor-relations#distribution-notices. These estimates are provided for informational purposes only, not for tax reporting, and may change substantially by year-end due to portfolio activity and tax recharacterizations. The final tax characterization of all distributions will be reported to shareholders on Form 1099-DIV after the end of the calendar year.
Investment Strategy
Powerlaw Corp. targets late-stage private technology companies operating in sectors we believe are poised for long-term, transformative growth, including enterprise SaaS, consumer platforms, aerospace and defense, and artificial intelligence.
These companies often remain private longer, driven by abundant private capital, reduced public-market pressure, and the availability of secondary liquidity, shifting meaningful value creation into the private markets.
Powerlaw Corp. is designed to provide access to this phase of growth by focusing on a select group of companies we believe are positioned to become durable, high-performance public companies.
At Powerlaw Corp., we seek to bring transparency and clarity to investing opportunities.
Investment Process
Venture capital returns follow a power law, where a small number of companies generate the majority of value. Rather than broad diversification, Powerlaw Corp. is built to concentrate exposure in companies that have already demonstrated outlier potential.
The Adviser leverages its experience and position within the venture capital and secondary market ecosystem to identify a small number of potential outlier companies. Powerlaw Corp. generally targets businesses with meaningful revenue scale, strong growth, durable competitive advantages, globally recognized brands, deep institutional backing, and robust secondary market demand.
Each investment undergoes a rigorous due diligence process, including analysis of financial performance, secondary market pricing, capitalization structure, addressable market size, competitive dynamics, and insights from industry experts. The Fund applies a concentrated portfolio approach, allocating capital to companies the Adviser believes offer the most compelling opportunity for long-term capital appreciation.