SpaceX valued at $1.25T-$2T could be Stack's biggest value driver
Stack invested at $100B and $350B valuations; with Starlink scaling and XAI merger, a $1.5-2T IPO valuation would make SpaceX the dominant position in Stack's portfolio, offering…
CoreWeave delivered 3x returns but debt-heavy model poses downside risk if AI bubble bursts
Stack realized ~3x gains selling half its CoreWeave position, but the remaining stake is the fund's largest holding; CoreWeave's billions in debt to finance GPU data centers could…
Canva profitable at $4.4B ARR, IPO likely H2 2026 at double current $42B valuation
Canva has been profitable since 2017 with 4.4x Figma's ARR; Blackbird Ventures signals H2 2026 IPO, and hiring Zoom's former CFO reinforces readiness. Stack's stake already up 58%.
OpenAI IPO imminent at $1T+ valuation to fund compute needs
OpenAI must IPO to survive its capital intensity; Stack entered at $500B valuation, current fundraising at $800B with $1T IPO target, making it a near-term catalyst for Stack's NA…
Databricks at $5.6B ARR growing 65% with 80% margins, IPO possible this year
Databricks combines Palantir-like data platform with superior growth and margins; CEO has signaled IPO readiness, making it a high-quality private asset in Stack's portfolio.
Shield AI's GPS-denied drones combat-proven in Ukraine, targeting $1B revenue by 2028
Hivemind autonomy software has identified 200+ Russian targets in Ukraine; backed by a16z and Lockheed Martin, with Stack's investment already up 60% and potential 3x markup on ne…
Locus Robotics leads AI warehouse automation with 350+ sites at DHL and Staples
Physical AI deployment at scale: robots boost productivity 2-3x across 350+ sites for blue-chip customers; Stack's early 2024 shares already up 42% as hardware layer unlocks value.
Hopper pivots to B2B fintech white-labeling, 66% of $850M revenue, IPO at $1B run-rate
Travel app transformed into fintech infrastructure provider for Capital One and Marriott; CEO targeting IPO once trailing revenue hits $1B, offering a different private market exp…
X Energy nuclear SMRs backed by Amazon's 5GW commitment, rumored near IPO
Amazon committed to 5GW of XC100 reactors by 2039; Ares Management backing adds credibility; Stack recently deployed idle cash into this pre-IPO nuclear play for AI data center po…
Sikand models 23-61% upside for Stack Capital as pre-IPO proxy
Stack Capital trades at a discount to NAV while holding concentrated stakes in SpaceX, OpenAI, Canva, and Databricks; as these companies IPO, retail demand could drive a premium t…
Kraken Robotics is Sikand's largest position, supplying subsea drones for defense
Subsea drone supplier benefiting from defense modernization and seabed security needs; Sikand holds as #1 position and previously called out as mispriced private-market proxy.