Concentrated exposure to category-defining private companies where technology, scale, and mission alignment create asymmetrical outcomes.
Powering global commerce with developer-first rails, steadily expanding from payments into treasury, lending, and issuing to become the operating system for internet businesses worldwide, with embedded banking and enterprise spend management still largely untapped.
Frontier-scale foundation models that sit at the center of the AI stack, with recurring enterprise adoption and tight integration into Microsoft’s distribution accelerating long-term monetization while custom agent tooling and verticalized copilots open new subscription lines.
Software-defined defense platform delivering autonomous systems, counter-UAS, and command-and-control solutions as the Pentagon shifts budgets toward agile, modern contractors, creating optionality for recurring software, training, and international coalition deployments.
Reusable launch with unrivaled cadence driving structural cost advantages while Starlink scales into a global broadband business that could eclipse launch revenue and unlock future data, mobility, and defense communication services.
Building general-purpose AI models with rapid feedback loops from X and Tesla ecosystems, positioning the company to monetize across consumer, enterprise, and edge deployments plus robotics and in-car experiences.
For investors who prefer liquid exposure instead of private placements or SAFEs, consider the VanEck Alternative Asset Manager ETF (GPZ), which offers diversified access to publicly traded alternative asset managers.
