隨著OpenAI、Anthropic及Databricks等未上市科技公司估值飆升至數千億美元，散戶投資者迫切希望參與私募市場。華爾街推出封閉式基金作為解決方案，將私人公司股份打包後在公開市場交易。Robinhood Ventures Fund I於三月首發，Powerlaw（代碼PWRL）則於五月開始交易，並於週三宣布新增持倉——Jeff Bezos旗下成立不到一年的人工智慧公司Prometheus。該公司尚無任何營收，但自2024年十一月創立以來已募資超過180億美元（約合美元），其中六月的B輪融資達120億美元，估值高達410億美元。

Powerlaw基金的最大持倉為已上市的SpaceX，約佔基金的27%；OpenAI為第二大持倉，僅佔約6.7%；Prometheus佔約2.2%。基金同時新增了估值127億美元的國防新創公司Shield AI的持倉，佔比約3.6%。首席投資官Ben Black表示，持倉比例主要依據各公司的風險水準進行配置。由於私人公司股份不連續交易，基金每月更新一次持倉估值。然而，對SpaceX的高度依賴也加劇了基金自身的波動性——自五月上市以來，PWRL已暴跌超過50%，部分原因是SpaceX在IPO後的劇烈波動。

除封閉式基金外，其他投資工具同樣面臨風險。特殊目的載體（SPV）常收取高昂費用且股權歸屬存疑；代幣化證券允許投資者在加密基礎設施上「交易」私人股票，但通常不附帶實際股權；二級交易平台則出售員工或現有投資者持有的股份，Anthropic等頭部公司近期已警告部分平台未經授權即出售股份。美國聯邦法規通常限制收入或淨資產低於一定門檻的個人投資私人公司，但Ben Black認為，JPMorgan、Goldman Sachs和BlackRock等頂級機構對Prometheus的背書應能為散戶提供信心，他主張不應以保護之名將散戶排除在價值創造的核心領域之外。

As valuations of private companies like OpenAI, Anthropic, and Databricks surge into the hundreds of billions of dollars, retail investors are increasingly eager to access private markets. Wall Street has responded with closed-end funds that bundle private company stakes and trade publicly. Robinhood Ventures Fund I launched in March, and Powerlaw (ticker: PWRL) began trading in May, announcing on Wednesday a new position in Prometheus — Jeff Bezos' AI company founded in November to build an "artificial general engineer" for product design and manufacturing. Despite having no revenue, Prometheus has raised over $18 billion, including a $12 billion Series B in June that valued the company at a staggering $41 billion. (Key numbers: 2024, 180, 120, 410)

Powerlaw's largest holding is the now-public SpaceX at approximately 27% of the fund, followed by OpenAI at about 6.7% and Prometheus at roughly 2.2%. The fund is also adding a position in $12.7 billion defense startup Shield AI at about 3.6%. Chief Investment Officer Ben Black explained that allocations are proportioned largely by risk, with the fund updating estimated holding values monthly since private shares do not trade continuously. However, heavy reliance on SpaceX has amplified the fund's own volatility — PWRL has tumbled more than 50% since its May debut, partly driven by SpaceX's volatile post-IPO performance.

Beyond closed-end funds, other investment vehicles carry distinct risks. Special purpose vehicles often impose exorbitant fees and raise questions about share ownership; tokenized securities allow trading on crypto infrastructure but generally carry no actual equity; and secondary trading platforms sell shares from employees or existing investors, with companies like Anthropic warning that some platforms offer unauthorized shares. U.S. federal regulations restrict individuals below certain income or net worth thresholds from investing in private companies, but Black argues that backing from top firms such as JPMorgan, Goldman Sachs, and BlackRock should validate Prometheus for retail investors. He contends it is "fundamentally wrong" to protect retail investors by denying them access to where value is being created.