It has been revealed that the closed-end fund Powerlaw Corp (PWRL.US), which focuses on investing in private technology companies, has disclosed Space Exploration Technologies Corp (SPCX.US) as its largest holding.

As of May 13, 2026, the fair value of Powerlaw's SpaceX shares was approximately $117 million, representing 19.37% of its net assets.

This disclosure highlights the fund's substantial stake in SpaceX prior to its public listing.

Reports indicate that SpaceX is set to commence trading on the Nasdaq on June 12.

SpaceX has set a final offering price of $135 per share, aiming to raise $75 billion by selling roughly 555.6 million shares, which could value the company at around $1.77 trillion.

This transaction is poised to become the largest initial public offering in history.

Following one-on-one roadshows with institutional investors, subscription orders for the SpaceX IPO have reportedly exceeded the number of shares available.

This oversubscription indicates a solid demand base for the company to achieve its full fundraising target, serving as a clear market signal for participating investors.

Sources familiar with the IPO roadshow have described the subscription demand as "extremely robust."

These sources also noted that analysts managing the IPO were fielding up to 20 calls daily from investors, a significant increase compared to the typical 10 to 15 calls for even a hotly anticipated new listing.

Powerlaw began trading on the Nasdaq via a direct listing on May 27.

The fund invests in private companies across sectors including artificial intelligence, software, aerospace and defense, and consumer technology.

Beyond SpaceX, Powerlaw's investment portfolio includes stakes in several other prominent private companies, such as OpenAI, Stripe, Databricks, Canva, Figma, Perplexity, Waymo, Kraken, Kalshi, and Groq.

Powerlaw has stated that it plans to announce its latest net asset value and net asset value per share as of May 31 around June 9.