Powerlaw estimates unaudited portfolio value at $666M

The estimated schedule reports $666,490,659 in portfolio fair value, with audit-related adjustments still possible.

Rhea-AI Filing Summary

Powerlaw Corp. (PWRL) supplements its prospectus covering 43,242,931 shares of common stock with estimated, unaudited portfolio values as of September 30, 2026.

The schedule reports aggregate investment cost of $421,987,734 and fair value of $666,490,659; both amounts are subject to adjustment through the audit process. From July 1 through September 30, 2026, the Fund acquired positions in two new portfolio companies: CSS Solutions, LLC d/b/a Atoms, directly and indirectly through an SPV, and Stoke Space Technologies, Inc., indirectly through an SPV. The Fund intends to publish an updated schedule within 60 days of September 30, 2026, adding each portfolio company’s fair value as a percentage of the Fund’s net assets.

Key Figures

Common stock named on prospectus cover: 43,242,931 shares Aggregate investment cost: $421,987,734 Aggregate fair value: $666,490,659 +4 more

7 metrics

Common stock named on prospectus cover 43,242,931 shares Powerlaw Corp. prospectus cover

Aggregate investment cost $421,987,734 Estimated and unaudited portfolio schedule as of September 30, 2026

Aggregate fair value $666,490,659 Estimated and unaudited portfolio schedule as of September 30, 2026

Atoms aggregate capital Approximately $2.95 billion Across Atoms’ operating history

Atoms financing round $1.7 billion Round led by Andreessen Horowitz, announced in July 2026

Stoke Space total capital Approximately $2.3 billion Total capital raised to date

Stoke Space Series E initial closing $1 billion Initial closing in September 2026

Key Terms

SPV, fair value, fully reusable launch vehicles, low Earth orbit, +2 more

6 terms

SPV financial

"directly and indirectly through an SPV"

An SPV (special purpose vehicle) is a separate legal entity created to hold specific assets, run a particular project, or issue securities, keeping those activities legally and financially distinct from the sponsor’s main business. Think of it as a sealed bucket used to isolate risk and cash flows—this matters to investors because an SPV can limit exposure to losses, affect credit risk and transparency, and influence how returns and liabilities are reported.

fair value financial

"fair value as of September 30, 2026"

Fair value is an estimate of what an asset or company is really worth today, derived from expected future earnings, comparable market prices and other relevant facts—like agreeing a price for a used car after checking mileage, condition and similar listings. Investors use fair value to decide whether a stock looks overpriced or undervalued, which helps guide buy, hold or sell decisions and sets expectations for potential returns and risk.

fully reusable launch vehicles technical

"fully reusable launch vehicles designed to provide frequent"

low Earth orbit technical

"deliver up to 3 metric tons to low Earth orbit"

Low Earth orbit (LEO) is the region of space close to Earth, roughly from about 160 to 2,000 kilometers above the surface, where satellites and spacecraft circle the planet quickly—think of it as a busy highway just overhead. It matters to investors because many communications, imaging and data services rely on satellites in LEO; their shorter lifespans, lower launch costs, crowded lanes and debris risks directly affect the cost, revenue potential and operational risks of companies that build, launch or use these satellites.

full-flow staged-combustion engines technical

"seven Zenith full-flow staged-combustion engines"

regeneratively cooled metallic re-entry heat shield technical

"a regeneratively cooled metallic re-entry heat shield"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was Powerlaw’s portfolio fair value as of September 30, 2026?

Powerlaw’s estimated and unaudited portfolio fair value was $666,490,659 as of September 30, 2026. The schedule also reports aggregate investment cost of $421,987,734, and both figures are subject to adjustment through the audit process.

How much capital has Atoms raised?

Atoms has raised approximately $2.95 billion in aggregate capital across its operating history. That includes a $1.7 billion financing round led by Andreessen Horowitz, announced in July 2026.

What launch capacity is planned for Stoke Space’s Nova Pathfinder?

Nova Pathfinder is designed to deliver up to 3 metric tons to low Earth orbit on fully reusable flights. An expendable upper-stage variant is designed to carry up to 7 metric tons, and first orbital launch attempts are targeted for 2027.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 10/08/2026 - 06:05 AM EDT Accepted by SEC EDGAR 10/07/2026 - 09:55 PM EDT Learn about SEC filing dates

Filed Pursuant to Rule 424(b)(3)
Registration File No. 333-290337

Powerlaw Corp.

43,242,931 Shares of Common Stock

___________

Supplement dated October 8, 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.

Preliminary Current Portfolio

Explanatory Note: The Fund is publishing this preliminary Portfolio Schedule prior to completion of the Fund’s year-end audit for the fiscal year ended September 30, 2026. The amounts shown in this preliminary Portfolio Schedule are estimated and unaudited and are subject to adjustment based upon the results of the audit process, including any applicable additional information received by the Fund during the audit process. The Fund intends to publish an updated version of this Portfolio Schedule within 60 days of the end of the fiscal quarter ended September 30, 2026, which will include an additional column setting forth each Portfolio Company’s fair value as of September 30, 2026 as a percentage of the Fund’s net assets as of September 30, 2026.

The following table sets forth certain estimated and unaudited information as of September 30, 2026 for each of the Fund’s portfolio companies.

Portfolio Company		Nature of Principal Business		Investment Structure(s)		Cost of Investment				FV of Investment¹				Shares/ Units
Canva, Inc.		Software		SPV²,		$	11,721,238			$	11,266,883				3,848			shares of Common Stock,
				Forward Contract⁴											3,000			shares of Class B Common Stock
Colossal Biosciences Inc.		Biotechnology and Genetic Engineering		Direct Purchase		$	25,000,003			$	40,068,647				1,609,855			shares of Common Stock
CSS Solutions, LLC		Physical Automation		Direct Purchase,		$	33,415,663			$	33,414,403				9,895			Common Units,
(d/b/a Atoms)				SPV²											51,755			Class A Preferred Units
Databricks, Inc.		Software		SPV²		$	14,601,903			$	27,662,505				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			$	30,002,769				256,959			shares of Series A-3 Preferred Stock,
				SPV²											513,919			shares of Series E Preferred Stock
Kalshi Inc.		Financial Technology		SPV²		$	20,624,260			$	66,621,905				23,382			shares of Common Stock,
															38,969			shares of Series E Preferred Stock
Mercor.io Corporation		Artificial Intelligence (AI)		SPV²		$	21,071,006			$	35,681,434				28,020			shares of Series C Preferred Stock
OpenAI Group PBC		Artificial Intelligence (AI)		SPV²		$	63,998,477			$	101,084,544				71,872			shares of Series A-3 Preferred Stock,
															74,258			shares of Class A Common Stock
Payward, Inc.		Financial Technology		Direct Purchase,		$	26,278,578			$	37,174,413				148,349			shares of Common Stock,
(aka Kraken)				SPV²											263,926			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		SPV²		$	4,968,400			$	4,950,178				90,826			shares of Class A Common Stock
Perplexity AI, Inc.		Artificial Intelligence (AI)		SPV²		$	8,240,207			$	8,000,201				115,037			shares of Series E Preferred Stock
Saronic Technologies, Inc.		Defense Products		SPV²		$	8,335,005			$	7,840,798				103,863			shares of Series Seed-1 Preferred Stock,
															179,315			shares of Series D Preferred Stock
Shield AI Holdings, Inc.		Defense Products		SPV²		$	26,070,000			$	25,070,000				162,681			shares of Series G Preferred Stock
Space Exploration Technologies Corp.		Aviation/ Aerospace		Direct Purchase, SPV²		$	45,080,657			$	146,982,168				972,374			shares of Class A Common Stock
Stoke Space Technologies, Inc.		Aviation/ Aerospace		SPV²		$	19,929,850			$	19,900,000				166,688			shares of Series E Preferred Stock
Stripe, Inc.		Financial Technology		Direct Purchase³		$	15,005,029			$	25,316,550				401,850			shares of Class B Common Stock
Tether Holdings, S.A. de C.V.		Financial Technology		SPV²		$	21,250,000			$	20,041,341				6,456			shares of Common Stock
Vast Data Ltd.		Artificial Intelligence (AI)		SPV²		$	25,812,512			$	25,051,921				239,932			shares of Common Stock,
															150,926			shares of Series B Preferred Stock,
															31,269			shares of Series F Preferred Stock
Waymo, LLC		Mobility Technology		Forward Contract⁴		$	360,000			$	360,000				4,000			Membership Units
						$	421,987,734			$	666,490,659

(1) The values presented in this column reflect the estimated and unaudited fair value of such investments as of September 30, 2026, in accordance with the Fund’s valuation policies and procedures.

(2) All or a portion of this investment is held in one or more SPVs in which the Fund has a direct investment. The SPVs 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.

(3) All or a portion of this investment is held through a Subsidiary.

(4) 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.

From July 1, 2026 to September 30, 2026, the Fund acquired positions in the following two new Portfolio Companies. It invested in CSS Solutions, LLC d/b/a Atoms directly and indirectly through an SPV and in Stoke Space Technologies, Inc. indirectly through an SPV. A brief description of each of these new Portfolio Companies is included below:

CSS Solutions, LLC d/b/a Atoms

CSS Solutions, LLC (“Atoms”) is an industrial automation and physical AI company founded by Travis Kalanick, co-founder of Uber, operating under the trade name Atoms. The company emerged from an eight-year period of stealth operation, during which it built out its business under its predecessor entity, City Storage Systems, and grew its cloud kitchen brand CloudKitchens into a global network of food production and delivery infrastructure. In March 2026, Kalanick unveiled the company’s expanded vision and rebranded the enterprise as Atoms, consolidating its operating businesses into a single equity structure. Atoms’ central thesis treats the physical economy through a software lens; digitizing and automating the production, processing, and movement of physical goods with the same logic that software and data networks applied to information. The company operates through three core divisions: Atoms Food, which applies robotics and software to food production and delivery; Atoms Mining, which targets automation and productivity improvement in resource extraction; and Atoms Transport, which is developing specialized robotics and autonomous systems for logistics and last-mile movement. Atoms has raised approximately $2.95 billion in aggregate capital across its operating history, including a $1.7 billion financing round led by Andreessen Horowitz announced in July 2026.

Stoke Space Technologies, Inc.

Stoke Space Technologies, Inc. (“Stoke Space”) is a rocket company developing fully and rapidly reusable launch vehicles designed to provide frequent, affordable access to orbit. Founded by Andy Lapsa and headquartered in Kent, Washington, Stoke Space is building the Nova launch vehicle, a two-stage medium-lift rocket designed to be completely reusable across both its first and second stages, an engineering milestone that no orbital launch company has yet demonstrated at scale. Nova Pathfinder, the initial configuration, is designed to deliver up to 3 metric tons to low Earth orbit on fully reusable flights, with an expendable upper-stage variant capable of carrying up to 7 metric tons. A larger follow-on vehicle, Nova Block 2, is in concurrent development. Nova’s first stage uses seven Zenith full-flow staged-combustion engines, and its upper stage features a liquid-hydrogen-fed propulsion system with a regeneratively cooled metallic re-entry heat shield, enabling it to return from orbit independently. Stoke Space has raised approximately $2.3 billion in total capital to date, including the initial closing of a $1 billion Series E round in September 2026, co-led by Point72 Ventures and Spark Capital, with participation from Y Combinator, US Innovative Technology Fund, Glade Brook Capital, and other existing investors. The company has been added to the U.S. Space Force’s national security launch program alongside Rocket Lab, and first orbital launch attempts are targeted for 2027.