New Public VC: Powerlaw
Powerlaw's Top 10 portfolio positions compared to comps
Powerlaw Corporation (Nasdaq: PWRL) is a new public VC fund that began trading on Nasdaq in late May.
It is a concentrated portfolio of private companies, including SpaceX and OpenAI. The NAV as at 13 May 2026 was $604m. As at 5 June 2026, it trades at a 25% premium to NAV (compared to 69% for DXYZ and 51% for RVI). The annual management fee is 2.5%.
This post compares Powerlaw’s top 10 NAV positions to the rest of the public VC market.
Figure 1 shows Powerlaw’s top 10 positions and compares it to other public VC funds. Powerlaw’s largest positions are in SpaceX (19% of NAV), OpenAI (8%) and Kalshi (6%).
This table does not take into account structure, which can materially impact returns if a holding is held within a multi-layer SPV.
Figure 1. Top 10 portfolio positions as % of NAV for select public VC funds
Source: public filings
Powerlaw’s top ten positions are closest to DXYZ and VCX. RVI is relatively underweight AI and is more focused on consumer facing companies (such as Oura) which might appeal to the Robinhood customer base. The Private Shares Fund also appears to be underweight AI relative to peers and more exposed to older companies from prior cycles.
The most commonly shared portfolio companies across this set are SpaceX, OpenAI and Databricks, which are each in six of the PVCs (Figure 2).
Figure 2. # of PVCs holding a shared portfolio company as a top 10 position
This set of public VCs has relative high levels of portfolio concentration. The aggregate % of total NAV held within the top 10 positions is 58% on average (Figure 3).
Figure 3. % of NAV held within the top ten positions
5 of the Powerlaw top ten positions (50%) are unique to Powerlaw relative to the top ten positions in the rest of the PVC set (Deel, Kraken, Vast Data, Colossal and Tether). These five companies represent 31% of the aggregate % of NAV held by the top ten positions in Powerlaw. Robinhood Ventures and Private Shares Fund have the most unique portfolio based on weight of positions in their respective top ten holdings (Figure 4).
Figure 4. % of top 10 NAV unique to each PVC by number & weight of positions
In sum, Powerlaw is another strong entrant into the PVC group. There are now enough entities within this growing asset class to start to tease out key differentiators between the managers and their respective holdings.