Space Exploration Technologies Corp. (SpaceX) designs and manufactures rockets and spacecraft. The company offers launch services through its rockets and global connectivity through its Starlink satellite constellation.

To view our thesis on SpaceX, click here.

Replit is a modern browser-based coding platform with an embedded AI coding assistant. The platform is used by millions of developers around the world and recently launched Bounty, a marketplace for coding projects. Replit was co-founded by programmers Amjad Masad, Faris Masad, and designer Haya Odeh in 2016 and is based in San Francisco, California.

To view our thesis on Replit, click here.

Impulse Labs is a manufacturer of an induction cooktop. Its key technology is the Impulse Core, a patent-pending modular power platform capable of operating across a range of home appliances. Long term, the company aims to operate as a Virtual Power Plant, with each Impulse Core connected to the grid and capable of storing, dispatching, and balancing energy to support grid stability.

Portal Space Systems is developing next-generation spacecraft designed to enable rapid mobility and maneuverability across orbits. The company’s platforms leverage solar thermal propulsion to deliver high thrust and high delta-v, allowing satellites to reposition quickly, extend mission lifecycles, and support dynamic operations across low Earth orbit, geostationary orbit, and beyond. By addressing the limitations of static orbital architectures, Portal is enabling a new class of responsive space infrastructure for defense, commercial, and civil applications. As space becomes increasingly congested and contested, Portal aims to redefine how assets are deployed, managed, and utilized in orbit.

Blockdaemon is a cryptocurrency infrastructure provider, focusing on delivering products across three primary categories: node management, staking services, and wallet technology. Blockdaemon’s goal is to deliver enterprises a unified infrastructure for integrated with public blockchain infrastructure. Blockdaemon is estimated to be the world’s largest operator of blockchain nodes, managing over 100,000 nodes in a global, multi-cloud deployment.

To view our thesis on Blockdaemon, click here.

Tenstorrent, a semiconductor startup, is pioneering the development of high-performance CPU and AI chips. Distinctively, their technology is grounded in the open-source RISC-V instruction set. This approach provides a welcome alternative to the closed-source ecosystems, and subsequent vendor lock-in, that is traditional in the semiconductor industry. Their business model is focused on monetizing through intellectual property (IP) licensing and the sale of AI accelerators. Future plans include expanding into the chiplet market, which suggests a strategy geared towards modular and versatile chip designs.

OpenAI is a leading developer of foundational artificial intelligence models driving a rapid acceleration in generative AI capabilities. The company has introduced breakthrough systems including the GPT family of models and launched ChatGPT, the fastest-growing consumer application in history, bringing large language models to a global audience. OpenAI delivers its technology through first-party applications, a widely adopted developer API, and strategic partnerships, most notably with Microsoft, where its models power Copilot products and Azure AI services. Through rapid iteration—improving performance while significantly reducing cost and latency—OpenAI continues to expand the capabilities and accessibility of AI, positioning itself at the forefront of the next wave of computing.

To view our thesis on OpenAI, click here.