Building a diversified portfolio of new economy unicorns.

Launch, Starlink and frontier AI under one roof, now publicly listed.

SpaceX turned reusable launch into scheduled infrastructure and built Starlink into a global broadband business on top of it. It absorbed xAI in early 2026, adding frontier models and the Colossus compute build-out, and listed on Nasdaq in June 2026 in the largest IPO on record.

Nasdaq: SPCX, listed June 2026

Autonomy for aircraft operating without GPS or comms.

Shield AI builds for the case where satellite positioning and the data link are both gone, which is exactly the environment where autonomy matters most. Its Hivemind software now flies on a growing range of aircraft for the US and allied forces.

Private

Wafer-scale processors built as a single giant chip.

Cerebras keeps the whole processor on one wafer rather than stitching thousands of chips into a cluster, removing the interconnect bottleneck that slows conventional training and inference. It listed on Nasdaq in May 2026.

Nasdaq: CBRS, listed May 2026

Inference silicon that Nvidia paid about $20 billion for.

BVC invested in Groq in 2024, when it was building semiconductors designed specifically for AI inference. In December 2025 Nvidia paid about $20 billion to license that technology and bring Groq's founding leadership into Nvidia. Groq continues as a data center infrastructure business, running GroqCloud, the inference service built on the same architecture.

Nvidia transaction, December 2025

Photonic quantum computing aimed straight at utility scale.

PsiQuantum is building for the scale at which quantum computing becomes commercially useful, on existing semiconductor manufacturing processes, with utility-scale sites under construction in Brisbane and Chicago.

Private

Frontier models and the Colossus data centers that train them.

xAI builds the Grok family of models and Colossus, the data center campus that trains them, one of the largest concentrations of AI compute anywhere. It combined with SpaceX in February 2026 and continues as the AI business inside SpaceX.

Combined with SpaceX, February 2026

Photonics aimed at the data movement bottleneck.

Lightmatter attacks the limit that now matters most in AI systems, moving data between chips, with light rather than copper, and announced co-packaged optics partnerships in 2026 to take that interconnect into production.

Private

Data, labeling and evaluation for frontier systems.

Scale AI prepares training data and measures model behavior for the labs building frontier models and the enterprises deploying behind them. Meta took a 49 percent stake in June 2025, and Scale continues to operate independently.

Private

Energy-first AI infrastructure, built where the power already is.

Crusoe sites capacity against available and stranded power, then builds the data center around it rather than waiting years for a grid connection. It closed a new round in 2026 to fund gigawatt-scale campuses and is weighing a listing.

Private

GPU cloud built for the people actually training models.

Lambda sells the compute that sits on top of the power Crusoe builds: a cloud designed around training and inference workloads rather than general enterprise computing. A new chief executive arrived in 2026 with a public listing in preparation.

Private, IPO in preparation

The data platform underneath large AI deployments.

VAST Data sits between storage and compute, where training and inference meet the underlying data. Models are only as good as the data they can reach quickly, and VAST is the layer that makes it reachable at the scale the largest clusters now run at.

Private

Security operations delivered as a service.

Arctic Wolf provides the round-the-clock monitoring and response function that most mid-market enterprises cannot staff themselves, and has broadened the platform through acquisition, including BlackBerry's Cylance endpoint business.

Private

Enterprise search and agents grounded in a company's own systems.

Glean answers questions inside a business using the company's own documents, tools and permission model rather than a general-purpose model guessing at internal context, and has extended that into agents that act across those same systems.

Private

Payments and credit for a generation that skipped the card.

Klarna reached scale through merchants rather than branches and is now one of the larger consumer finance franchises outside the banking system. It listed on the New York Stock Exchange in September 2025.

NYSE: KLAR, listed September 2025

Consumer banking rebuilt around the customer, not the branch.

Chime offers fee-free accounts and early access to pay, distributed entirely through mobile, to the large share of consumers that traditional banks treat as marginal. It listed on Nasdaq in June 2025.

Nasdaq: CHYM, listed June 2025