PWRL News & Events

Powerlaw highlights its pre-IPO exposure to portfolio company OpenAI, which filed confidential paperwork for a potential initial public offering earlier this month. Recent reports indicate that the company may delay its IPO until 2027. "We backed OpenAI across three tranches starting in spring 2025," said Ben Black, CIO. "Since PWRL invested, OpenAI completed its recapitalization into OpenAI Group PBC, a public benefit corporation controlled by the nonprofit OpenAI Foundation, and based on media reports, let employees sell about $6.6B of stock at a $500B valuation, and then closed roughly $122B in primary capital, equating to an approximately $852B valuation, in a deal anchored by Amazon, NVIDIA, and SoftBank. Per media reports, OpenAI is now generating an estimated $2 billion in revenue per month with more than 900 million weekly users, with enterprise users already greater than 40% of revenue." OpenAI is one of the 18 high-growth private technology companies in the PWRL portfolio. The fund, which began trading on Nasdaq following a direct listing on May 27, 2026, invests across the sectors it believes are driving the next generation of innovation, including artificial intelligence, next-generation software, aerospace and defense, and consumer technology platforms.

Powerlaw Corp., a publicly traded closed-end fund advised by Powerlaw Fund Adviser, LLC, has begun trading on Nasdaq following its direct listing. PWRL is the inaugural fund launched by Powerlaw Capital Group, LLC, an asset management platform focused on expanding access to private technology investing through publicly traded investment vehicles. PWRL is a closed-end fund registered under the Investment Company Act of 1940 and is designed to provide exposure to leading private technology companies through a single, Nasdaq-listed security. As a registered investment company, PWRL provides the reporting, governance, and investor protections applicable to publicly traded funds. Rather than conducting a traditional IPO, PWRL completed a direct listing following capital raised from its existing investor base and network. Following the listing, existing stockholders are able to trade shares through standard brokerage accounts, including eligible individual retirement accounts. PWRL invests across the sectors driving the next generation of technological innovation, including artificial intelligence, next-generation software, aerospace and defense, and consumer technology platforms. Portfolio disclosures are available at PWRL.com. Powerlaw Capital Group is backed by Akkadian Ventures. Since 2010, Akkadian has completed more than 875 primary and secondary transactions across 134 portfolio companies, providing liquidity solutions to founders, employees, and investors.