Powerlaw Corp details $556,246,588 venture portfolio
Powerlaw Corp. is offering 43,242,931 shares of common stock under a prospectus supplement that updates its venture portfolio as of June 30, 2026.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Powerlaw Corp. is offering 43,242,931 shares of common stock under a prospectus supplement that updates its venture portfolio as of June 30, 2026. Investments in private technology and financial companies had an aggregate cost of $358,141,770 and an aggregate fair value of $556,246,588, representing 79.36% of net assets.
The largest position is Space Exploration Technologies Corp., with Class A common stock costing $50,758,844 and valued at $189,523,047, followed by holdings in OpenAI Group PBC, Stripe, Tether and other private companies. Between May 13 and June 30, 2026, new investments were made in Prometheus Industries, Inc. and Shield AI Holdings, Inc. through special purpose vehicles.
The portfolio spans software, artificial intelligence, financial technology, defense and aerospace businesses and is accessed through direct purchases, SPVs and a forward contract. Holdings include Databricks, Deel, Figma, Rippling, Vast Data, Mercor.io, Perplexity AI, Saronic Technologies and other high-growth private enterprises.
Filing Explained
The filing updates the portfolio but does not establish that the 43,242,931 covered shares were issued, sold, or generated proceeds.
The
That leaves the offering at a disclosed prospectus stage rather than an established share issuance: if additional shares are issued, existing holders’ percentage ownership would decrease absent offsetting changes.
The filing does not provide a share price, fees, or proceeds amount, so the immediate economic size of the share transaction cannot be established from this supplement.
Key Figures
Key Terms
SPV financial
Forward Contract financial
Net Assets financial
artificial general engineer technical
autonomous systems technical
Offering Details
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What securities is Powerlaw Corp (PWRL) offering in this prospectus supplement?
How large is Powerlaw Corp (PWRL)'s investment portfolio as of June 30, 2026?
Which is the largest single holding in Powerlaw Corp (PWRL)'s portfolio?
What new investments did Powerlaw Corp (PWRL) add between May 13 and June 30, 2026?
What types of companies does Powerlaw Corp (PWRL) hold in its portfolio?
How does Powerlaw Corp (PWRL) gain exposure to Waymo, LLC?
AI-generated analysis. How Rhea-AI works. Not financial advice.
Filed Pursuant
to Rule 424(b)(3)
Registration File No. 333-290337
Powerlaw Corp.
43,242,931 Shares of Common Stock
___________
Supplement dated July 15, 2026 to the Prospectus dated May 20, 2026
___________
This supplement supplements certain information contained in the prospectus of Powerlaw Corp. (the “Fund”) dated May 20, 2026, as amended or supplemented (the “Prospectus”). Capitalized terms used in this supplement and not otherwise defined have the meaning specified in the Prospectus. You should carefully consider the “Risk Factors” section beginning on page 16 of the Prospectus.
Current Portfolio
The following table sets forth certain information as of June 30, 2026 for each of the Fund’s portfolio companies.
| Nature of | ||||||||||||||||||||||
| Portfolio | Principal | Investment | Cost of | FV of | Percentage | |||||||||||||||||
| Company | Business | Structure(s) | Investment | Investment1 | of Net Assets2 | Shares/ Units | ||||||||||||||||
| Canva, Inc. | Software | SPV ³ | $ | 6,782,818 | $ | 6,569,802 | 0.94 | % | 3,848 | shares of Common Stock | ||||||||||||
| Colossal Biosciences Inc. | Biotechnology and Genetic Engineering | Direct Purchase | $ | 19,999,989 | $ | 33,341,710 | 4.77 | % | 1,339,584 | shares of Common Stock | ||||||||||||
| Databricks, Inc. | Software | SPV ³ | $ | 14,583,435 | $ | 20,845,090 | 2.97 | % | 12,000 | shares of Series A Preferred Stock, | ||||||||||||
| 54,436 | shares of Series J Preferred Stock, | |||||||||||||||||||||
| 42,105 | shares of Series L Preferred Stock | |||||||||||||||||||||
| Deel, Inc. | Software | Direct Purchase, | $ | 30,224,946 | $ | 29,982,768 | 4.28 | % | 256,959 | shares of Series A-3 Preferred Stock, | ||||||||||||
| SPV ³ | 513,919 | shares of Series E Preferred Stock | ||||||||||||||||||||
| Figma, Inc. | Software | Direct Purchase | $ | 2,064,000 | $ | 1,166,805 | 0.17 | % | 64,500 | shares of Class A Common Stock | ||||||||||||
| Kalshi Inc. | Financial | SPV ³ | $ | 20,624,260 | $ | 37,869,836 | 5.40 | % | 23,382 | shares of Common Stock, | ||||||||||||
| Technology | 38,969 | shares of Series E Preferred Stock | ||||||||||||||||||||
| Mercor.io Corporation | Artificial Intelligence (AI) | SPV ³ | $ | 21,032,522 | $ | 19,994,611 | 2.85 | % | 28,020 | shares of Series C Preferred Stock | ||||||||||||
| OpenAI Group PBC | Artificial Intelligence (AI) | SPV ³ | $ | 40,012,605 | $ | 46,924,979 | 6.69 | % | 74,258 | shares of Class A Common Stock | ||||||||||||
| Payward, Inc. (aka Kraken) | Financial Technology | Direct Purchase, SPV ³ | $ | 26,278,577 | $ | 37,174,413 | 5.30 | % | 148,349 263,926 | shares of Common Stock, shares of Series Seed Preferred Stock, | ||||||||||||
| 89,876 | shares of Series A Preferred Stock, | |||||||||||||||||||||
| 102,606 | shares of Series C Preferred Stock | |||||||||||||||||||||
| People Center Inc. d/b/a Rippling | Software | SPV ³ | $ | 4,968,400 | $ | 4,950,178 | 0.71 | % | 90,826 | shares of Class A Common Stock | ||||||||||||
| Perplexity AI, Inc. | Artificial Intelligence (AI) | SPV ³ | $ | 8,240,207 | $ | 8,000,201 | 1.14 | % | 115,037 | shares of Series E Preferred Stock | ||||||||||||
| Prometheus Industries, Inc. | Artificial Intelligence (AI) | SPV ³ | $ | 15,875,000 | $ | 15,725,000 | 2.24 | % | 372,366 | shares of Series B Preferred Stock | ||||||||||||
| Saronic | Defense | SPV ³ | $ | 8,311,126 | $ | 8,057,344 | 1.15 | % | 103,863 | shares of Series Seed -1 Preferred Stock, | ||||||||||||
| Technologies, Inc. | Products | 179,085 | shares of Series D Preferred Stock | |||||||||||||||||||
| Shield AI Holdings, Inc. | Defense Products | SPV ³ | $ | 26,070,000 | $ | 25,070,000 | 3.58 | % | 162,681 | shares of Series G Preferred Stock | ||||||||||||
| Space Exploration Technologies Corp. | Aviation/Aerospace | SPV ³ | $ | 50,758,844 | $ | 189,523,047 | 27.04 | % | 1,107,514 | shares of Class A Common Stock | ||||||||||||
| Stripe, Inc. | Financial Technology | Direct Purchase⁴ | $ | 15,005,029 | $ | 25,316,550 | 3.61 | % | 401,850 | shares of Class B Common Stock | ||||||||||||
| Tether Holdings, S.A. de C.V. | Financial Technology | SPV ³ | $ | 21,200,000 | $ | 19,999,621 | 2.85 | % | 6,456 | shares of Common Stock | ||||||||||||
| Vast Data Ltd. | Artificial | SPV ³ | $ | 25,750,012 | $ | 25,374,633 | 3.62 | % | 239,932 | shares of Common Stock, | ||||||||||||
| Intelligence (AI) | 150,926 | shares of Series B Preferred Stock, | ||||||||||||||||||||
| 31,269 | shares of Series F Preferred Stock | |||||||||||||||||||||
| Waymo, LLC | Mobility Technology | Forward Contract⁵ | $ | 360,000 | $ | 360,000 | 0.05 | % | 4,000 | Membership Units | ||||||||||||
| $ | 358,141,770 | $ | 556,246,588 | 79.36 | % | |||||||||||||||||
| (1) | The values presented in this column reflect the unaudited fair value of such investments as of June 30, 2026, in accordance with the Fund’s valuation policies and procedures. |
1
| (2) | Calculated based on the Portfolio Company’s fair value as a percentage of the Fund’s net assets as of June 30, 2026. |
| (3) | All or a portion of this investment is held in one or more SPV’s in which the Fund has a direct investment. The SPV’s have either directly invested in the Portfolio Company or indirectly invested in the Portfolio Company through an SPV. The number of shares or units presented represents the number of securities of the underlying Portfolio Company for which the Fund has indirect economic exposure. |
| (4) | All or a portion of this investment is held through a Subsidiary. |
| (5) | All or a portion of this investment is held through forward contracts. Forward contracts involve the future delivery of securities of the Portfolio Company upon such securities becoming freely transferable or upon the removal of legends that restrict the transfer of such securities. The counterparties to the forward contracts are the direct holders of the restricted securities of the Portfolio Company. |
Between May 13, 2026 and June 30, 2026, we acquired investments in the following Portfolio Companies, through SPVs: Prometheus Industries, Inc. and Shield AI Holdings, Inc. A brief description of each of these Portfolio Companies is included below:
Prometheus Industries, Inc.
Prometheus Industries, Inc. (“Prometheus”) is an artificial intelligence company focused on applying advanced AI to the design and manufacturing of complex physical products across the industrial economy. Co-founded by Jeff Bezos and Vik Bajaj, formerly of Google X and Alphabet’s Verily, and operating out of San Francisco, London, and Zurich, Prometheus is building what it describes as an “artificial general engineer”: a set of AI tools designed to dramatically compress the time required to design, simulate, and manufacture complex physical systems. The company’s technology targets pre-production optimization, including prototyping and tuning equipment and workflows, with initial focus areas spanning computing, aerospace, and automotive manufacturing. The underlying thesis is that AI-accelerated engineering represents a fundamental driver of civilizational productivity – compressing decade-long development cycles, such as jet engine design, by an order of magnitude or more.
Shield AI Holdings, Inc.
Shield AI Holdings, Inc. (“Shield AI”) is a defense technology company developing AI-powered autonomous systems for military aviation and related domains. Founded in 2015 and headquartered in San Diego, California, the company was built around the thesis that AI pilots will power every category of military asset, and that a software-first approach could enable a new generation of defense technology capability. Shield AI’s core product is Hivemind, a full autonomy stack that enables uncrewed aircraft to fly complex missions without GPS or communications in contested and degraded environments. The company works with eight of the top 25 defense primes, including General Atomics, Northrop Grumman, RTX, L3Harris, Kratos, and Airbus. Shield AI’s V-BAT vertical takeoff and landing drone has been operationally deployed in Ukraine, where it has executed missions in GPS-denied and heavily jammed environments.
2