Stack Capital Group ($STCK) - a way to get exposure to the SpaceX IPO and OpenAI + more.

**Stack Capital (TSX:STCK)** is basically a discounted way to get exposure to some of the biggest private companies on the planet — with one position now dominating the thesis. **SpaceX** is reportedly preparing for a potential IPO at up to **$1.5T**. Stack’s last reported mark (Q3) valued their stake at **$30M** based on a \~$400B valuation. At current private‑market pricing, that same stake is closer to **$105M** — and that’s before any IPO premium. Stack also holds positions in several other names expected to go public this year: * **OpenAI — $15.5M** * **Canva — $17M** * **Databricks — $4M** * **CRWV — $13M** * **Cash — $40M** Total estimated value: **\~$195M**. https://preview.redd.it/afa35xnjiyeg1.png?width=930&format=png&auto=webp&s=365e265d6969390905ce055979eda835649b6fb4 With SpaceX now approaching **\~50% of NAV**, the entire story is tied to a single catalyst: if SpaceX lists anywhere near current expectations, Stack’s NAV could re-rate quickly. And if OpenAI, Canva, and Databricks also go public in the same window, the rest of the portfolio becomes essentially a rounding error. The company also launched a [buyback](https://www.globenewswire.com/news-release/2025/12/01/3196929/0/en/Stack-Capital-Group-Inc-Announces-Normal-Course-Issuer-Bid.html) in December for up to **10%** of outstanding shares. Share price: **$17.50** Market cap: **\~$231M** This is one of the cleaner public‑market ways to get leverage to a SpaceX IPO — and the market doesn’t seem to be fully pricing that in \*yet\*. Common Shares Outstanding: 13,236,416 (TSX:STCK) Warrants Outstanding: 719,948 (TSX:STCK.WT.A) Warrants Outstanding: 636,363 (TSX:STCK.WT.B) [Sept 30th 2025](https://preview.redd.it/9hpfvde9iyeg1.png?width=1197&format=png&auto=webp&s=96a36af16cac395f19ff0c667e688c0a45605d11)