Overview
Powerlaw Corp., a fund that holds positions in several prominent private technology firms, has applied to list its common stock on the Nasdaq Global Market under the symbol "PWRL," according to a regulatory filing submitted on Tuesday. The fund operates out of San Francisco and is part of Akkadian Ventures’ Powerlaw Capital Group.
Business model and assets
Powerlaw specializes in acquiring equity stakes in private companies from existing shareholders. The fund reported having more than $1.2 billion in assets under management and is seeking approval from the U.S. Securities and Exchange Commission to effect the Nasdaq listing.
In its prospectus, Powerlaw disclosed that, as of December 31, 2025, its investment portfolio consisted of roughly $355 million at cost spread across 18 portfolio companies. The filing states that 99% of the fund's investments provide exposure to private technology companies.
Principal holdings
The prospectus identifies Powerlaw’s largest positions by cost as follows: OpenAI Group PBC at $114.4 million, Space Exploration Technologies Corp. (SpaceX) at $39.8 million, and X.AI Corp. at $10.9 million. The filing also observes that SpaceX announced on February 2, 2026, that it had acquired X.AI.
Structure and listing mechanics
Powerlaw is organized as a non-diversified closed-end management investment company registered under the Investment Company Act of 1940. The filing states the fund intends to list 43,242,931 shares of common stock for resale by existing stockholders.
Unlike a conventional initial public offering that is typically underwritten by investment banks, Powerlaw’s planned Nasdaq listing will not be underwritten. Instead, Stifel, Nicolaus & Company has been named the designated financial advisor, tasked with helping determine when the shares are ready to begin trading and approving the opening price.
Investor access and context
If approved, the listing would provide individual U.S. investors with a channel to gain exposure to stakes in private companies across sectors such as artificial intelligence, defense and space. The filing highlights that retail investors have historically had limited ability to participate in the growth of companies like OpenAI, which the filing notes has recently discussed fundraising at a valuation of up to $830 billion, compared with valuations below $30 billion a few years earlier.