Powerlaw Corp. is filing to list shares in New York, offering retail investors access to stakes in SpaceX, Anthropic, and other high-growth private companies. The fund, managed by Akkadian Ventures, holds investments in 18 of the world's most valuable private tech firms through secondary transactions, including direct purchases and special purpose vehicles.

With more than $1.2 billion in assets under management, Powerlaw plans a direct listing rather than a traditional IPO, allowing investors to buy shares through brokerage accounts once approved by the SEC. The move addresses the gap between private market growth and public accessibility, as companies like OpenAI have seen valuations soar to $830 billion while remaining private.

While the structure offers potential returns, risks include possible trading discounts to net asset value and limited disclosure requirements from private companies. Powerlaw marks its net asset value at $417 million as of September 2025 and plans to charge a 2.5% management fee. The listing follows the bankruptcy of Linqto, which offered similar access to private markets but faced operational challenges.