FINANCIAL SUMMARY
Book Value per Share (BVpS): $15.35, compared to $12.29 as at December 31, 2024 (+24.9% increase)
Total Book Value: $202 million
The increase in Book Value during the year reflects strong performance across core portfolio holdings and disciplined capital deployment across late-stage private market opportunities.
PORTFOLIO COMPANY HIGHLIGHTS
SpaceX
Completed a tender offer transaction valuing the company at US$800 billion, reflecting continued investor demand and confidence in its long-term growth trajectory
Subsequent to year-end, SpaceX announced the merger of SpaceX and xAI in a transaction that valued SpaceX at approximately US$1 trillion
OpenAI
In February 2026, OpenAI completed a US$110 billion capital raise at a US$730 billion valuation. The round included capital from Amazon and NVIDIA
Databricks
Databricks completed a Series L round raising over $4 billion valuing the company at $134 billion
In February 2026, Stack Capital invested an additional US$4.0 million into Databricks
Crusoe Energy
During the quarter, the Company invested US$12.0 million into Crusoe Energy, a leading developer of next-generation data center infrastructure purpose-built for artificial intelligence workloads
X-Energy
During the quarter, Stack Capital invested US$5.2 million into X-Energy, advancing its exposure to next-generation nuclear technology supporting long-term clean energy demand
TRISO-X, X-Energy's fuel fabrication subsidiary, received a U.S. Nuclear Regulatory Commission (NRC) Special Nuclear Material License for advanced fuel fabrication, marking a significant regulatory milestone in the commercialization of its proprietary TRISO fuel
Newfront
In January 2026, Newfront was acquired by WTW. As a result of the transaction, Stack Capital received proceeds of US$8.0 million from the sale of its holdings
Varo
In February 2026, Varo Bank secured US$123.9 million in a Series G funding round, led by Warburg Pincus and Coliseum Capital Management, positioning the company to accelerate growth and expand its digital banking platform.
Normal Course Issuer Bid
During the 2025 year, Management repurchased and cancelled $1.6 million of public stock at an average share price of $11.48, a significant discount to Book Value per Share
MANAGEMENT COMMENTARY
"Private capital markets remain highly robust, with continued strength in large-scale financings and investor demand for category-leading technology businesses," said Jeff Parks, CEO of Stack Capital. "Q1 has already started off strongly, with several of our portfolio companies raising capital at higher valuations, reinforcing the underlying momentum across AI, infrastructure, and energy innovation. As we look ahead, we believe 2026 has the potential to be a meaningful year for monetizations, as a number of high-quality private companies begin exploring public market opportunities. We remain focused on positioning the portfolio to capitalize on what we see as a constructive and active market environment."
As at December 31, 2025, the Book Value of the Company was $202 million, and the Book Value per Share was $15.35. A detailed summary of Book Value per Share is as follows:
Breakdown of Book Value per Share as at December 31, 2025:
SpaceX, Corp. (space exploration & communications)i
$
4.37
Canva, Inc. (graphic design)
1.39
Cash
1.31
