Our Funds

*Exclusive Allocations* – The Private Markets – Seven companies that led the private market through the Great Reset: SpaceX, Stripe, OpenAI, Scale AI, Databricks, Rippling and Fanatics. AJP’s role as a offshore feeder fund can facilitate client allocations to the largest private companies in the world as they seek funding rounds from private offshore investors under certain SEC safe harbor regulations. These exemptions for HNW investors are also available through some of the biggest emerging markets in Asia, Europe, and the Middle East. Up coming funding rounds on: 

OpenAI

$469.47

-$0.05

 (-0.01%)

Enterprise Software/Data Intelligence

OpenAI is the undisputed epicenter of the generative AI revolution. Founded in 2015 as a non-profit and transformed into a capped-profit entity in 2019, the company has evolved into a critical strategic asset at the nexus of artificial intelligence, cloud infrastructure, and enterprise software. Backed by Microsoft with a multi-billion-dollar investment and deep Azure integration, OpenAI is not merely a leading AI lab — it’s the architectural brain behind the most commercially successful AI platform to date: ChatGPT.

From a hedge fund and deep-tech perspective, OpenAI represents one of the most asymmetric private investment opportunities of the decade. Its foundational models (GPT-4, GPT-4o, Codex, DALL·E) have set the global standard for multimodal AI, and OpenAI has achieved massive first-mover advantage in enterprise AI adoption. Over 92% of Fortune 500 companies are now testing or deploying OpenAI-powered solutions through APIs or via Microsoft’s embedded Copilot suite — a monetization model with compounding returns.

Technologically, OpenAI operates years ahead of the curve. Its vertically integrated model — training, inference, deployment, and alignment research — creates moat-like defensibility. Furthermore, OpenAI’s relentless push toward AGI (Artificial General Intelligence) positions it as a long-term existential threat to legacy software vendors and traditional consulting models. Its ability to compress enterprise workflows into AI-native layers is already disrupting sectors from legal to coding, healthcare to education.

While governance tensions and the capped-profit model may concern traditional investors, we see this as a strength — aligning OpenAI with global regulators and long-term ecosystem sustainability. For an offshore hedge fund aligned with sovereign-grade tech returns, OpenAI is not merely a moonshot. It is the cornerstone of a new digital civilization — the AWS of intelligence.

Anduril

$40.88

-$1.64

 (-3.86%)

Industrial/Aerospace & Defense

LFR Post-Money Valuation

$30.5B

Anduril Industries is redefining modern defense with Silicon Valley innovation. Founded in 2017 by tech luminary Palmer Luckey and backed by Founders Fund and other deep-pocketed VCs, the company has surged from a $14 billion valuation in 2024 to projected talks for a $28 billion raise in early 2025. With over $6 billion in total funding, Anduril blends venture-grade agility with massive defense-scale ambitions.

At its core, Anduril is a vertically integrated force in autonomous defense systems. Their AI-native Lattice platform orchestrates drones, surveillance towers, UUVs, rockets, and command‑and‑control networks — fusing sensor fusion, target ID, and autonomous engagement into a unified OS for warfighting. Flagship products range from Ghost Shark submersibles and Ghost X aerial drones to Altius swarming drones, Bolt and Bolt‑M tactical quadcopters, Anvil interceptors, Barracuda cruise munitions, and Roadrunner jet‑powered interceptors — each designed for mass manufacturing and autonomous operation.

The company’s ethos mirrors high‑velocity tech companies: pre‑emptively developing hardware before formal government requests, iterating software updates fast on a commercial model while under Pentagon contracts. Anduril now supports key U.S. programs including ABMS/JADC2 and recently inherited the U.S. DoD’s IVAS development from Microsoft.

In January 2025, Anduril launched construction of “Arsenal‑1”, a 5 million‑sq‑ft facility in Ohio designed to scale production of drones and weapons systems by mid‑2026 — signaling its shift into defense manufacturing megascale.

As an offshore hedge fund manager aligned with tech billionaires, Anduril represents the rare union of exponential tech upside with strategic national-security certainty. Its VC-backed capital intensity, software-defined hardware stack, and imminent scale-up create an asymmetric risk/return profile. We view Anduril not as a mere contractor but as a software-first sovereign defense platform — positioning it for outsized returns whether it eventually IPOs or remains private.

Anthropic

$59.00

$2.91

 (5.19%)

Enterprise Software/Data Intelligence

LFR Post-Money Valuation

$61.5B

Anthropic is the premier counterweight to OpenAI in the generative AI arms race — a company born from a philosophical rift within the AI alignment debate that has transformed into one of the most structurally important entities in Silicon Valley. Founded in 2021 by former OpenAI research leaders Dario and Daniela Amodei, Anthropic has engineered its rise through a relentless focus on “constitutional AI” — a technique that builds safety and alignment into the architecture of large language models.

With its Claude family of AI models (Claude 1 through Claude 3.5), Anthropic has secured its seat at the big-tech table. It now powers a rapidly expanding API business with major enterprise adoption across finance, law, customer service, and analytics. Most critically, it’s one of the few labs capable of training frontier models at scale. Backed by over $7 billion in funding from Amazon, Google, Salesforce, and other institutional giants, Anthropic is a strategic asset disguised as a startup.

From a hedge fund perspective, this is a stealth unicorn with multi-layered upside. It operates under a capped-profit structure that aligns it with both regulatory narratives and future institutional adoption. While some view this as a constraint, we see it as insulation — building long-term defensibility in a world that’s growing skeptical of unconstrained AI deployment.

Claude’s performance on reasoning, code generation, and instruction-following is rivaling — and in some areas surpassing — GPT-4. Their roadmap toward Claude 4 and Claude-Next hints at capabilities rivaling early AGI prototypes. With multi-cloud support, growing market share, and one of the densest concentrations of elite AI researchers per dollar spent, Anthropic is a weaponized hedge fund play on the next phase of digital intelligence.

We view Anthropic not just as a bet on AI — but on the governance layer of AGI itself

xAI

$39.23

-$0.33

 (-0.83%)

Enterprise Software/Data Intelligence

LFR Post-Money Valuation

$50B

xAI is Elon Musk’s full-force counteroffensive into the artificial intelligence arena — a bold, vertically integrated challenger that aims to redefine what it means to build “truthful,” “maximally curious,” and ultimately conscious AI systems. Founded in 2023, xAI is not just another LLM shop — it’s a philosophical insurgency backed by Musk’s vision of open information flow, direct integration with real-world systems, and tightly coupled synergy with his empire: Tesla, X (Twitter), and SpaceX.

xAI’s first product, Grok, is a large language model built with access to real-time data from X (formerly Twitter), representing a key differentiator: an AI model that thinks with live, decentralized information streams rather than static corpora. While Grok 1 and 1.5 established the baseline, Grok 2 and beyond are targeting frontier-model parity with Claude and GPT-4. The roadmap is aggressive, GPU-intensive, and deeply rooted in compute optimization via Musk’s existing hardware and chip verticals.

What makes xAI exceptional from a hedge fund lens is its fusion of capital-light AI development with capital-heavy distribution. Musk is building xAI into the nervous system of Tesla’s self-driving stack, robotaxi interfaces, Optimus humanoid robots, and the neural interface layer via Neuralink. The monetization isn’t just through API access — it’s embedded AI across automotive, robotics, aerospace, and real-time communications.

Backed by over $6 billion in funding and valued north of $24 billion in 2024, xAI is still early — but it’s a power play for control over the AI stack end-to-end. If Tesla owns hardware, X owns attention, and SpaceX owns the satellites, then xAI is the mind that will coordinate the whole network.

For a frontier-focused offshore hedge fund aligned with deep tech, xAI is the leveraged AI derivative of Elon’s empire. Long-term, it’s not just an AI lab — it’s the core of a synthetic superintelligence operating system for the physical world.

SpaceX

$241.45

-$5.71

 (-2.31%)

Industrial/Aerospace & Defense

LFR Post-Money Valuation

$46.08B

SpaceX is not just the most advanced aerospace company in the world — it is the most strategically important private enterprise of the 21st century. As the only vertically integrated launch, satellite, and orbital infrastructure company capable of scalable human and cargo operations beyond Earth, SpaceX represents the backbone of a multi-trillion-dollar space economy.

From a hedge fund standpoint, SpaceX is the definitive asymmetric bet on the convergence of commercial aerospace, national security, global internet infrastructure, and interplanetary logistics. Its Falcon 9 has become the global standard for reliable, low-cost orbital delivery. Starlink, its LEO satellite constellation, is already generating over $6 billion in annual recurring revenue and is positioned to dominate global communications, defense, and rural broadband markets. Meanwhile, the Starship program — the largest fully reusable rocket ever built — is the linchpin of future Mars colonization, point-to-point Earth travel, and the exponential reduction in launch cost per kilogram.

SpaceX’s moat is staggering. It controls launch costs, design, manufacturing, propulsion, and now operates one of the largest private satellite fleets on Earth. It has multi-billion-dollar contracts with NASA, the Department of Defense, and foreign governments, while its commercial backlog is booked years in advance. More importantly, it is the only private firm with a credible roadmap toward interplanetary human expansion.

As a tech-focused offshore hedge fund, our thesis is simple: SpaceX is the infrastructure play for both the AI cloud (via Starlink’s edge latency) and for the future energy, materials, and habitation economy beyond Earth’s surface. Its eventual IPO — likely as a spin-off of Starlink — would be the most oversubscribed offering in market history.

To bet on SpaceX is to bet on the future of civilization. It’s not just long Earth-to-orbit. It’s long humanity-as-a-multiplanetary-species.

Figma

$38.00

$0.01

 (0.03%)

Consumer & Lifestyle/Consumer & Lifestyle Enterprise Software

LFR Post-Money Valuation

$10B

Figma is the category-defining SaaS company that disrupted the entire creative collaboration and design software market — and did so entirely in the browser. Founded in 2012 and launched publicly in 2016, Figma didn’t just beat incumbents like Adobe at their own game — it redefined how product design, prototyping, and UI/UX collaboration works across teams, companies, and ecosystems. In a world increasingly driven by distributed teams, design-centric products, and product-led growth, Figma is the critical connective tissue for the entire digital design economy.

The company’s core innovation is not just the tool itself, but its cloud-native architecture: real-time multiplayer editing, seamless version control, cross-platform compatibility, and integration across the entire product stack (Jira, Slack, Notion, GitHub, etc.). Designers, engineers, product managers, and marketers can now work on the same canvas in real time — collapsing the feedback loop and accelerating speed to market.

Figma’s revenue trajectory is explosive. Even before Adobe’s attempted $20 billion acquisition (ultimately blocked on antitrust grounds), the company was reportedly generating over $400 million in ARR with net revenue retention above 150%. It has a near-monopoly grip on the browser-based design market and is expanding horizontally through FigJam (for whiteboarding) and Dev Mode (to improve handoff to engineering). The flywheel is strong: students learn Figma in school, startups build with it, and enterprises eventually adopt it company-wide.

From an offshore hedge fund perspective, Figma represents a rare clean-sheet software company that owns both the workflow and the community. Its open plugin ecosystem, design tokens infrastructure, and browser-native rendering engine make it not just a product — but a platform.

Figma isn’t just where the future of design is happening. It’s where the future of digital product creation itself is being built — one component, one canvas, and one real-time interaction at a time.

Perplexity

$629.49

$138.58

 (28.23%)

Enterprise Software/Data Intelligence

LFR Post-Money Valuation

$18B

Perplexity is one of the most promising challengers in the search and information-retrieval space — a true AI-native alternative to Google, designed from the ground up around large language models and real-time, verifiable knowledge delivery. Founded in 2022 by ex-OpenAI, Meta, and DeepMind talent, Perplexity has quickly become a breakout player in the emergent AI search ecosystem, with a mission to reinvent how humans interact with information on the internet.

Unlike legacy search engines that deliver lists of links, Perplexity provides direct answers backed by citations, pulling from trusted sources across the web and structuring responses in natural language. It combines retrieval-augmented generation (RAG), cutting-edge model inference, and an intuitive UI to deliver high-quality results faster and with more transparency. With real-time web access, Perplexity doesn’t hallucinate as frequently as LLM-only models — a critical feature as trust and accuracy become the new currency in AI search.

The company’s growth curve is stunning. As of mid-2025, it’s processing hundreds of millions of queries per month and monetizing through Pro subscriptions, enterprise APIs, and white-labeled data services. Perplexity’s partnership stack is strong — integrating across browsers, mobile, and productivity software — and it’s been able to attract some of the most elite talent in generative AI.

From a hedge fund perspective, Perplexity is the purest bet on post-Google information behavior. The total addressable market for search remains in the trillions, and user behavior is ripe for disruption. The next Google won’t look like Google — it will be AI-native, multimodal, deeply integrated, and conversational. Perplexity is building exactly that.

With a lean team, strong LTV:CAC dynamics, and explosive user growth, this is a moonshot with both product defensibility and first-mover advantage in the AI-native search category. We see Perplexity as a power play on the coming collapse of traditional SEO and the rise of intelligent, query-driven ecosystems.

Cerebras

$31.39

$0.01

 (0.03%)

Technology Hardware/Computing hardware

LFR Post-Money Valuation

$2.87B

Cerebras Systems is a boundary‑shattering AI infrastructure juggernaut. Founded in 2015 by Andrew Feldman and others, it delivers wafer‑scale AI processors—massive chips built not from multiples of dies but as a single silicon wafer. That architectural leap powers performance that dwarfs GPU‑based systems, redefining both training and inference infrastructure in the age of generative AI.

On the product front, the WSE‑3—Cerebras’s third‑generation Wafer Scale Engine—is a leviathan: ~4 trillion transistors, 900,000 AI cores, delivering ~125 petaflops of performance. It crushes Nvidia’s H100 in both memory bandwidth and compute density, while consuming equivalent power and commanding roughly the same price per system. Packaged into the CS‑3 appliance, it trains Llama‑scale models in a single day versus weeks on GPU arrays, carving out an existential moat around next‑gen AI model economics.

Cerebras’s go‑to‑market blends system sales and AI cloud access. Around 80% of revenue now comes from cloud inference service, with the rest from hardware deployments. Clients include G42 (UAE), Meta (via Llama API), Perplexity, Mistral, Mayo Clinic, national labs and pharmaceutical research groups—sectors demanding scale and speed in AI compute.

Financially, revenue rose from ~$24 million in 2022 to $78.7 million in 2023, reaching ~$136 million in the first half of 2024—with the company reportedly achieving cash‑flow break‑even in recent quarters. It has raised ~$720 million to date and is targeting an IPO in late 2025 at a valuation of $7–8 billion — roughly double its earlier private valuations — having cleared prior national security review hurdles.

From an offshore hedge-fund vantage, Cerebras is a deflationary bet on frontier compute infrastructure. Its wafer‑scale platform offers unmatched speed, energy efficiency, and integrated stack control—a rare hybrid of hardware moat and software-definable service. With hyperscale demand rising and hyperscalers tangentially locked out, Cerebras could control the high‑speed backbone of the AI stack. Positioning here offers asymmetric upside into what may become the foundational layer of next‑gen AI infrastructure.

Databricks

$112.75

$4.84

 (4.49%)

Enterprise Software/Data Intelligence

LFR Post-Money Valuation

$62.04B

Databricks is the crown jewel of the data infrastructure renaissance — a company at the intersection of AI, big data, and enterprise-scale analytics. Founded by the original creators of Apache Spark, Databricks has matured into a vertically integrated, AI-native data platform that’s rapidly absorbing adjacent territories: data warehousing, ETL, machine learning, governance, and generative AI workflows.

At its core, Databricks offers a unified platform for data engineering, data science, and analytics — what it calls the “Lakehouse” architecture. This approach collapses the traditional bifurcation between data lakes (flexible, but unstructured) and warehouses (fast, but rigid). Enterprises no longer need separate systems for raw data storage and business intelligence — Databricks gives them both, at hyperscale, with AI embedded throughout.

Its acquisition of MosaicML was a strategic masterstroke. This move instantly positioned Databricks as a serious contender in the foundation model space, allowing clients to train and deploy their own large language models directly within the Databricks environment. With open-source DNA, strong developer love, and seamless enterprise integrations, Databricks is now seen as the default stack for building AI-native applications on first-party data.

The financials are equally compelling. The company is generating well over $1.6 billion in annualized revenue with gross margins in the 80%+ range, net revenue retention well above 140%, and a client base that includes over 50% of the Fortune 500. Its most recent private valuation hovers around $43 billion — with IPO timing likely in 2025.

From a hedge fund perspective, Databricks is the enterprise pickaxe seller for the AI gold rush. While flashy AI front-ends come and go, Databricks owns the rails: ingestion, cleaning, storage, governance, and model training. It is the substrate upon which modern data strategy is built.

This is not just a software company. It is a foundational intelligence infrastructure provider — a must-have in any deep-tech portfolio.

Stripe

$37.28

$0.97

 (2.67%)

FinTech/Payments

Stripe is the most strategically positioned financial infrastructure company in the modern digital economy. Founded by Patrick and John Collison, Stripe powers the global movement of capital for internet-first businesses, offering a seamless full-stack platform for payments, billing, fraud prevention, embedded finance, and now AI-augmented financial services. It is not just a fintech company — Stripe is a programmable financial layer for the global software economy.

With annual payment volumes surpassing $1.4 trillion and serving millions of businesses across 40+ countries, Stripe operates at internet scale. Its core offering — a developer-first payments API — has evolved into a vertically integrated suite that includes fraud intelligence (Radar), enterprise billing, subscription logic, identity verification, capital lending, crypto payments, and automated tax compliance. Stripe sits at the convergence of fintech and SaaS, turning what used to be fragmented back-office complexity into modular, intelligent infrastructure.

What makes Stripe a compelling target for hedge fund allocation is its embedded dominance. It is integrated deeply within the tech stack of companies like Amazon, Shopify, Salesforce, OpenAI, and dozens of high-growth AI and SaaS startups. This network effect compounds revenue and retention. With net revenue well over $5 billion, profitability achieved, and net revenue retention far exceeding 130%, Stripe commands one of the most enviable financial profiles in the private markets.

Strategically, Stripe is positioning itself as the financial engine of the AI economy. With real-time payments, stablecoin support, and an increasing footprint in enterprise and global expansion, the company is no longer just a Silicon Valley darling — it is a borderless fintech operating system.

As an offshore hedge fund manager focused on transformative technology, Stripe is non-negotiable. It represents the monetization layer of internet and AI commerce, with unmatched scale, developer loyalty, and product velocity. Long Stripe is long the programmable future of money.

Figure AI

$174.00

-$20.93

 (-10.74%)

Industrial/Robotics

LFR Post-Money Valuation

$39.5B

Figure AI is the most serious contender in the humanoid robotics race — a company at the intersection of generative AI, advanced hardware, and scalable industrial automation. Founded in 2022 by Brett Adcock, Figure has quickly transformed from an ambitious prototype lab into a full-stack robotics powerhouse capable of bringing general-purpose humanoids into real-world enterprise environments.

The company’s flagship platform, Figure 01 and its follow-on Figure 02, is a bipedal, human-sized robot built with an integrated vision-language-action model. These machines are designed not just to move, but to perceive, reason, and act in dynamic, unstructured environments. From warehouse logistics to auto manufacturing to retail back-office operations, Figure’s humanoid robots aim to fill global labor shortages while unlocking continuous 24/7 operations with zero fatigue or error drift.

What sets Figure apart from academic efforts and hardware-only robotics startups is its vertically integrated approach. It controls the entire stack: robot hardware, AI models, simulation, firmware, manufacturing, and now enterprise deployment. With early strategic customers including global automotive brands and logistics giants, Figure has already moved from prototype to pilot phase in less than three years — an unheard-of pace in humanoid robotics.

The investor syndicate behind Figure includes some of the most strategically aligned partners in AI and robotics: NVIDIA, Microsoft, OpenAI, Amazon Industrial Innovation Fund, and top sovereign investors. With over $2 billion raised, the company has the war chest and infrastructure to build not hundreds — but tens of thousands — of humanoids annually.

From an offshore hedge fund perspective, Figure represents the ultimate embodied AI bet. It sits at the convergence of labor automation, edge intelligence, and synthetic workforce scaling. If successful, it won’t just be a robotics company — it will be the infrastructure layer for the post-human industrial economy.

Ripple

$100.21

$2.49

 (2.55%)

FinTech/Payments

LFR Post-Money Valuation

$9.99B

Ripple Labs is one of the most strategically positioned blockchain infrastructure companies in the world, uniquely focused on real-time, cross-border payments and liquidity solutions for financial institutions. Founded in 2012, Ripple’s core thesis has remained consistent: to replace the outdated SWIFT model with a more efficient, transparent, and programmable system powered by blockchain technology.

RippleNet, the company’s enterprise-grade payments network, is the backbone of this strategy. It enables financial institutions to send money globally in seconds, with near-zero fees, full traceability, and settlement finality. Ripple’s On-Demand Liquidity (ODL) product uses the XRP token as a bridge asset, eliminating the need for pre-funded accounts in foreign currencies. This dramatically improves capital efficiency — a value proposition that has attracted a global roster of clients, including banks, fintech firms, and central banks exploring CBDC infrastructure.

Regulatory clarity has recently tipped in Ripple’s favor, allowing the company to aggressively re-engage the U.S. market while expanding internationally. With billions in reserves, a clean legal runway, and no urgency to go public, Ripple is executing from a position of strength. It continues to scale institutional partnerships across regions such as the Middle East, Latin America, and Southeast Asia — all high-growth corridors for cross-border remittances and B2B transfers.

The company is also moving beyond payments into tokenized real-world assets, stablecoin issuance, and prime brokerage, further embedding itself into the future architecture of institutional decentralized finance. Its strategic acquisition activity and technology roadmap point toward building a vertically integrated digital finance stack.

From a hedge fund perspective, Ripple offers a hybrid exposure to both infrastructure revenue and token-based capital appreciation. It’s a long-duration, enterprise-grade bet on the future of global settlement, liquidity automation, and programmable finance. In a world where blockchain replaces interbank rails, Ripple is positioned to be one of the first to cash in.

Scale AI

$19.64

$1.14

 (6.16%)

Enterprise Software/Data Intelligence

LFR Post-Money Valuation

$29.18B

Scale AI is a cornerstone infrastructure company powering the generative AI ecosystem—an essential yet often invisible tech layer that trains the next generation of large language models and AI applications. Established in 2016, Scale has evolved from a data labeling startup into an AI-native orchestration platform that combines human-in-the-loop systems, synthetic data generation, and automation to deliver high-quality training pipelines at massive scale.

The company’s core value proposition is mission-critical: data quality still defines AI model performance. Scale’s platform facilitates labeling for text, video, sensor fusion, autonomous systems, and robotics, while also generating synthetic datasets that augment or replace human annotation when rapid iteration is required. Its annotation tools, data validation pipelines, secure governance controls, and robust API suite are trusted by hyperscalers, autonomous vehicle developers, robotics firms, biotechnology labs, and defense agencies.

Scale’s financial traction is impressive. It has scaled its annual revenue into the hundreds of millions, while maintaining gross margins high enough to support continued product innovation. With net revenue retention above 130% and deep renewals from enterprise clients—including Fortune 500 and government organizations—the company suffers minimal churn. The investor base includes leading venture capital firms, sovereign wealth investors, and strategic partners building AI infrastructure.

Strategically, Scale is positioning itself as the default “data supply chain” for companies training proprietary models. For tech-native hedge fund allocators, Scale is the high-leverage, low-beta bargain beneath the AI boom. Other providers may overspend on compute or focus on model innovation, but without clean, curated data, nothing works at scale. In essence, Scale is the pickaxe that powers the AI gold rush—even when others throw the flashy models and fancy demos.

The moat extends beyond technical capability. Scale has embedded itself into AI development workflows via SDKs, governance platforms, and integrations with tools like MLflow, Hugging Face, and LLM platforms. Its mix of synthetic augmentation, human-centric quality control, and automation-backed pipelines gives it defensibility and scalability that few competitors can match.

From the vantage of a cutting-edge offshore hedge fund, Scale AI represents a foundational asset in any portfolio geared toward Alpha in the AI era. It offers high-margin, predictable revenue, sticky enterprise engagements, and exposure to growth within growth: the expansion of AI development itself.

Boxabl

$0.15

-$0.01

 (-6.25%)

Industrial/Construction

LFR Post-Money Valuation

$3.36B

Boxabl is a bold and disruptive entrant into the modular housing market, aiming to industrialize homebuilding through factory-built, folding units deliverable anywhere. Founded in 2017 in Las Vegas, it manufactures compact, prefabricated structures—most notably its flagship 375-square-foot “Casita,” representing a potentially transformative shift toward scalable, affordable housing.

The core appeal of Boxabl lies in its ambition to redefine construction like automotive manufacturing: homes are built with standardized modular systems, folded and transported in containers, and unpacked for installation in mere hours. This model promises dramatic cost savings, speed, and broad applicability across residential, disaster-relief, and commercial use cases.

Financially, Boxabl’s journey reflects pronounced early-stage volatility. It delivered only dozens of units last year despite a fully scaled-up assembly capacity, with annual revenue below $4 million. Factory underutilization has driven high per-unit costs and significant cash burn. Liquidity stands at under a year’s runway without additional funding, underscoring critical execution risks.

Yet the company boasts a commanding waitlist and a high private-market valuation approaching $3–3.4 billion. This valuation suggests aggressive future growth expectations, with investor optimism centered on scaled unit economics, margin expansion, and regulatory approvals being a catalyst for mass adoption.

From a strategic standpoint, Boxabl is a high-risk, high-upside play. It sits at the nexus of housing affordability crises, modular construction innovation, and supply-chain modernization. Successfully scaling would position it as the backbone of a new industrialized housing economy—and a potential multi-billion-dollar infrastructure platform.

For a tech-focused offshore hedge fund, Boxabl offers a leveraged bet on the future of shelter and construction. But the current metrics—large valuation, limited revenue, and underutilized capacity—signal that this is an alpha play with massive upside risk. If execution falters, value may evaporate. But if Boxabl can industrialize housing at scale, it could rewrite the fabric of how homes are built worldwide.

Kraken

$36.13

$0.10

 (0.28%)

FinTech/Blockchain

LFR Post-Money Valuation

$5.52B

Kraken is one of the longest-standing and most institutionally resilient cryptocurrency exchanges in the global digital asset ecosystem. Founded in 2011, Kraken has grown into a full-stack platform offering spot trading, derivatives, staking, fiat on-ramps, institutional services, and custodial infrastructure across more than 200 digital assets. It is widely regarded as one of the most secure, regulatory-forward, and technologically advanced players in the industry.

Unlike many competitors that focused purely on retail frenzy, Kraken has pursued a balanced strategy across institutional and retail segments. It offers deep liquidity, low-latency execution, and robust API connectivity for high-frequency trading firms, hedge funds, and family offices. Kraken’s futures and margin trading arms are now among the most liquid in the market, bolstered by its recent acquisition of a regulated derivatives trading platform. This marks a strategic expansion into multi-asset infrastructure, including equities and traditional futures, positioning Kraken as a future-forward alternative to legacy brokerages.

Financially, Kraken has demonstrated rare profitability in crypto, with strong EBITDA margins and year-over-year revenue growth exceeding 100% in recent quarters. It has maintained compliance while operating at scale in both the U.S. and EU, and has obtained regulatory clarity through licensing frameworks in Europe, Canada, and the Middle East. The firm is actively preparing for a public listing, signaling institutional-grade governance and transparency.

From an offshore hedge fund perspective, Kraken is a play on the convergence of crypto, traditional finance, and programmable markets. Its brand equity, infrastructure maturity, and global footprint give it a durable edge in an industry crowded with volatility and hype. As financial rails continue to decentralize, Kraken isn’t just surviving — it’s evolving into one of the few firms likely to anchor the future of compliant, institutional-grade crypto trading globally.

Neuralink

$60.15

$0.18

 (0.3%)

Healthcare/Medical Devices

LFR Post-Money Valuation

$3.49B

Neuralink is Elon Musk’s most futuristic venture—an audacious attempt to merge the human brain with digital intelligence through ultra-high-bandwidth brain-computer interfaces. Founded in 2016, Neuralink is building implantable neurotechnology that enables direct communication between the human nervous system and machines, with profound implications across medicine, cognition, and the long-term human-AI interface.

The company’s flagship device, known as the Telepathy chip, is a coin-sized brain implant connected via ultra-thin threads directly to the motor cortex. The technology allows individuals to control digital devices—such as smartphones, keyboards, or robotic arms—purely through thought. Neuralink has already completed first-in-human trials with quadriplegic patients who have successfully used the implant to perform tasks such as moving cursors and sending messages. Early surgical complications appear to be addressed with rapid iteration.

The near-term commercial roadmap focuses on therapeutic applications. Neuralink is targeting the restoration of communication and movement in people with severe neurological disorders, including ALS, spinal cord injury, and blindness. Medium-term, the company is expanding its pipeline with additional devices aimed at restoring vision (Blindsight) and treating conditions like Parkinson’s and epilepsy. By the end of the decade, Neuralink projects annual revenue in the hundreds of millions, scaling to over $1 billion by early 2031.

Strategically, Neuralink is setting up a vertically integrated delivery model, including its own surgical robot and planned rollout of flagship clinical centers around the world. Long term, the company’s ambition is far greater: to develop full-spectrum human enhancement technologies and a stable neural interface for the age of artificial general intelligence.

For a cutting-edge offshore hedge fund, Neuralink represents a high-risk, high-reward allocation in the convergence of neuroscience, robotics, and synthetic cognition. If Neuralink succeeds in normalizing neural interface technology, it could lead not just a medical revolution—but the next platform shift in computing itself.

Epic Games

$450.00

$12.23

 (2.79%)

Consumer & Lifestyle/Gaming

Epic Games is a private juggernaut at the intersection of entertainment, real-time 3D tooling, virtual economies, and metaverse infrastructure. Founded in 1991, the company has evolved from classic console gaming to a multi-platform powerhouse that builds both blockbuster content (Fortnite) and developer ecosystems (Unreal Engine).

Unreal Engine is one of the most widely used real-time graphics engines in the world—powering everything from AAA games and virtual production studios to automotive design and mixed-reality training. With Unreal Engine licensing and Epic Store distribution channels, the company stands at the core of the next wave of real-time content creation, used by developers, architects, filmmakers, and industrial designers.

Fortnite remains Epic’s flagship consumer platform—an entertainment-first virtual world that combines live events, peer-to-peer social experiences, esports, and in-game commerce. Although player counts have fluctuated in recent years, Fortnite still generates well over $3 billion in annual revenue from micro-transactions, subscriptions, and ecosystem monetization—and serves as a beachhead into future metaverse experiments.

Financially, Epic remains operationally profitable amid heavy reinvestment. Its diversified revenue model—engine licensing, storefront fees, game publishing, and digital experiences—delivers high margins and recurring digital economy income. The company also struck lightning with recent investments from sovereign and institutional investors, pushing its valuation north of $30 billion in secondary trades and raising ample capital for long-term scale.

Strategically, Epic is building toward open, interoperable virtual worlds. Epic’s developer-first ethos, combined with deep investments in Web3 experimentation (including NFTs, creator tokenization, and secure item interoperability), positions it as a foundational layer for creator-driven, user-owned digital ecosystems.

From a hedge fund perspective, Epic Games is not just an entertainment studio—it’s a long-duration compounder in the programmable entertainment economy. Its dual moat—engine technology and consumer platform—creates asymmetric upside exposure to both enterprise digital transformation and the immersive, 3D social layer of future commerce.

In a world moving toward real-time interaction, shared virtual spaces, and digital ownership, Epic sits at the core. For any tech-aligned portfolio, Epic Games is an essential bet on the rise of the metaverse economy.

Revolut

$850.00

$80.00

 (10.39%)

FinTech/Personal Finance

Revolut is the most structurally complete digital banking platform in the global fintech ecosystem. Founded in 2015, the company has evolved from a simple FX and debit card app into a fully integrated, multi-product financial super-app serving over 60 million users in more than 45 countries. It now offers personal and business accounts, stock and crypto trading, peer-to-peer payments, budgeting tools, credit products, insurance, and global remittance services — all through a single, unified platform.

The company’s growth trajectory is explosive. Revenues have scaled into the multi-billion-dollar range, while net profits and margins have accelerated sharply. Customer deposits are growing at a double-digit pace, interest income is compounding, and unit economics are strong across most product lines. Revolut has crossed the critical threshold from high-burn fintech disruptor to cash-generative financial infrastructure platform.

What makes Revolut particularly attractive to hedge fund allocators is its balance of scale, margin expansion, and product depth. Unlike most digital banks that specialize in narrow verticals, Revolut is horizontal — offering a universal banking layer that blends consumer finance, crypto access, investing, FX, and business banking in one seamless ecosystem. This breadth drives cross-sell efficiency, reduces CAC, and generates sticky customer relationships.

Geographically, Revolut is expanding rapidly across Europe, Latin America, Asia-Pacific, and the U.S., with strategic investments in localized licensing, compliance, and infrastructure. It is currently pursuing additional full banking licenses in multiple jurisdictions and is preparing for a global IPO within the next 12–18 months.

From a hedge fund perspective, Revolut represents one of the most compelling private-market fintech assets globally. It combines strong fundamentals, a massive total addressable market, and a clear vision for next-generation programmable banking. As digital finance infrastructure continues to eclipse legacy models, Revolut is positioned to become one of the dominant platforms for global financial connectivity.

Zipline

$31.50

$1.54

 (5.14%)

Transportation/Delivery services

Zipline is the most advanced drone delivery infrastructure platform in operation today—a strategic fusion of robotics, logistics, and AI-driven automation that’s transforming how critical goods reach communities. Founded in 2011 and headquartered in the U.S., Zipline operates a vertically integrated system: it designs, manufactures, and operates fixed‑wing autonomous drones from its distribution centers across Africa, Asia, and the U.S.

Zipline’s primary market has been medical delivery—transporting blood, vaccines, plasma, and other critical supplies to hospitals in Rwanda, Ghana, Japan, Kenya, Nigeria, and the U.S. Through its core loop-based aerial logistics, the company has completed over 1.4 million deliveries and flown in excess of 100 million autonomous miles, with consistent precision and reliability. Its next‑generation P2 system enables tethered micro‑drones to deposit packages accurately into tight urban and indoor locations—positioning Zipline for precision e‑commerce and retail use cases.

Financially, Zipline recently closed a major private financing round at a valuation over $4 billion, backed by established VC syndicates and strategic investors. This round raised roughly $330 million, further fueling operations, regulatory accreditation, and international expansion. The business continues to scale delivery throughput across continents with expanding contracts in logistics, healthcare, and retail partnerships.

In the drone delivery market projected to grow at over 30% CAGR through 2030, Zipline stands out with early regulatory approvals—including the first BVLOS (beyond visual line of sight) certifications in the U.S.—and unmatched operational track record. It has partnered with major retail chains and health systems for scalable deployment of food, wellness, and medical payload delivery.

From a hedge fund allocation perspective, Zipline offers a rare asymmetric investment in automation and logistics infrastructure. It combines high-margin recurring operations, global deployment scale, proprietary hardware and software stack, and early-mover regulatory positioning. If Zipline successfully transitions from emergency supply chains to consumer delivery at scale, it could redefine last-mile logistics globally.

Why this matters: long Zipline is long the real-world logistics backbone for autonomous mobility.

LFR Post-Money Valuation

$5.03B