The CEO himself admits that SPV depends on character, with multi-layer nesting and compliance risks; old-money strategies in a new bottle.

Powerlaw (PWRL) plans to list directly on NASDAQ without additional issuance or fundraising, directly listing existing shares. Its core holdings include SpaceX and OpenAI, with a net asset value of approximately $604 million, an issued total share capital of 43.24 million shares, about 20% free float on the first day, gradually unlocking over six months. 80% of investments are through SPV, which involves multi-layer nesting and compliance risks. The annual fee is 2.5%, with no performance-based sharing. The CEO states that SPV is useful when in capable hands, otherwise it carries risks.