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PWRL — Private Tech. Nasdaq Listed.

Artificial Intelligence

Mercor

San Francisco, CAFounded 2023150+ employeesmercor.com

An AI-driven talent marketplace matching experts to frontier model work.

Position

PWRL Position

Fair Value

$19.99M1

Allocation

2.85%2

Cost of Investment

$21.03M3

Gross MOIC

0.95×4

Gross ARR Run-Rate

$2B5

Domain Experts

30,000+6

  1. Unaudited fair value of such investments as of June 30, 2026, in accordance with the Fund's valuation policies and procedures.
  2. Allocation is calculated based on the Portfolio Company's fair value as a percentage of the Fund's net assets as of June 30, 2026.
  3. Cost basis includes investment cost and transaction expenses and excludes fund-level management fees and operating expenses.
  4. Gross MOIC is calculated as the fair value of the Fund’s position divided by its cost basis as of June 30, 2026 (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.
  5. 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).
  6. TechCrunch, 'Mercor Quintuples Valuation to $10B With $350M Series C,' Oct. 27, 2025.

Why it sits in PWRL.

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.

  1. Company operating data is sourced from internal investment memoranda and may include estimates and forward-looking information.

More Artificial Intelligence in PWRL

Visit Mercor →Back to portfolio

Frequently Asked Questions

We want to bring as much transparency as possible to accessing private market investing. If you're not finding the answers you're looking for, contact us at Info@PWRL.com.

Powerlaw Corp. (Nasdaq: PWRL) is a listed closed-end fund registered under the Investment Company Act of 1940, offering exposure to leading private technology companies through a single Nasdaq-listed security. It provides daily liquidity, monthly NAV reporting and quarterly portfolio disclosure.

PWRL includes exposure to SpaceX, OpenAI, Kalshi, Databricks, Stripe, Shield AI, Deel, Kraken, Vast Data, Tether, Colossal Biosciences, Mercor, Perplexity, Canva, Rippling, Saronic, Figma and Waymo, all in one Nasdaq-listed stock, as of June 30, 2026. Portfolio holdings are disclosed quarterly, while NAV is reported monthly.

Powerlaw Corp. (Nasdaq: PWRL) is the first product of Powerlaw Capital Group and advised by Powerlaw Fund Adviser, LLC. The firm is backed by Akkadian Ventures' 16-year heritage in private-company secondary markets.

Portfolio holdings are carried at fair value, determined under the Fund's valuation policies with input from independent valuation sources. Inputs include recent primary financings, secondary market transactions and comparable-company multiples.

In an IPO, the Fund's position converts to listed equity, generally subject to a customary lock-up. In a sale, the Fund receives cash, stock, or a mix of consideration. Proceeds are reflected in NAV and may be available for reinvestment or distributions.

No. Shareholders own PWRL; the Fund owns the underlying private positions. Buying PWRL provides economic exposure to the portfolio through a single security listed on NASDAQ.

Powerlaw Corp. publishes monthly NAV and NAV per share, with quarterly portfolio disclosures. All filings are available on PWRL.com and through the SEC's EDGAR system.

Investing in PWRL involves a number of significant risks. Before you invest in PWRL, you should be aware of various risks associated with the investment, including those described in our prospectus. The prospectus contains this and other information about the Fund and is available free of charge at www.PWRL.com. You should carefully consider these risk factors, together with all of the other information included in the prospectus, before you decide whether to make an investment in PWRL.