Stack Capital's 25% Growth Unlocks Private Tech for Public Investors

TORONTO, ON – March 05, 2026 – Stack Capital Group Inc. today revealed a banner year for 2025, posting a remarkable 24.9% increase in its Book Value per Share (BVpS) to $15.35. The Toronto-based investment firm, which provides public investors with access to a portfolio of late-stage private companies, saw its total book value climb to $202 million, a performance largely fueled by the soaring valuations of its holdings in world-renowned technology leaders like SpaceX and OpenAI.

The results offer a compelling glimpse into the robust health of the private capital markets and underscore Stack Capital's unique position as a publicly traded conduit to some of the most sought-after, non-public companies shaping the future of technology, space, and energy.

A Public Gateway to Inaccessible Titans

For most investors, participating in the growth of pre-IPO unicorns is an impossibility. Stack Capital (TSX:STCK) circumvents this barrier, operating as an investment holding company that allows anyone with a brokerage account to gain exposure to a diversified portfolio of private ventures. The company's 2025 results vividly illustrate the value of this access.

A significant portion of the firm's value is tied to its investment in SpaceX. The aerospace manufacturer, which now accounts for $4.37 of Stack's $15.35 BVpS, has had a monumental year. Following a tender offer that valued the company at US$800 billion, SpaceX announced a merger with Elon Musk's artificial intelligence venture, xAI, creating a powerhouse entity valued at approximately US$1 trillion. This move positions Stack's investors to benefit from the convergence of space exploration and advanced AI.

Similarly, the firm's stake in OpenAI, which represents $0.83 per share, is benefiting from the AI revolution. In February 2026, OpenAI completed a colossal US$110 billion capital raise at a staggering US$730 billion valuation, with tech giants Amazon and NVIDIA participating. The valuation uplifts from these category-defining companies are a primary driver behind Stack Capital's impressive annual growth, demonstrating the power of its investment thesis in action.

Riding the AI and Deep Tech Megatrends

Beyond its headline-grabbing holdings, Stack Capital's recent activity shows a deliberate strategy to deepen its exposure to the foundational pillars of the next technological era: AI infrastructure and clean energy. The firm's 2025 report details several new strategic investments aimed at capitalizing on these long-term megatrends.

A substantial US$12.0 million investment was made into Crusoe Energy, a company developing next-generation data centers specifically designed for the immense power demands of artificial intelligence workloads. This investment comes as the global demand for computing power explodes, with industry analysts forecasting an "infrastructure investment supercycle." Global spending on scaling data centers for AI is projected to potentially reach US$7 trillion by 2030, highlighting the critical need for specialized infrastructure providers like Crusoe.

Further reinforcing its forward-looking strategy, Stack invested US$5.2 million into X-Energy, a company specializing in advanced nuclear technology. This move anticipates the critical need for clean, reliable, and continuous power to fuel the very data centers Crusoe is building. X-Energy's TRISO-X fuel fabrication subsidiary recently achieved a major milestone, receiving a license from the U.S. Nuclear Regulatory Commission (NRC), a crucial step toward commercializing its advanced Small Modular Reactor (SMR) technology. This positions X-Energy as a key potential supplier for a world increasingly reliant on energy-intensive AI.

The firm also doubled down on its belief in the data and AI sector by investing an additional US$4.0 million into Databricks in February 2026. This followed a massive Series L funding round where the data analytics giant raised over $4 billion at a $134 billion valuation, reinforcing its status as a critical platform in the modern data ecosystem.

A Barometer for a Rebounding Private Market

Stack Capital's strong performance serves as a powerful indicator of the health of the broader private capital market. After a period of recalibration, late-stage funding has returned with vigor. Global private equity deal value saw a strong recovery in 2025, with a notable return of "megadeals" and sustained investor appetite for category-leading technology businesses.

This market strength provides a favorable backdrop for Stack's strategy and future prospects. The firm successfully monetized its investment in Newfront, an insurance technology company, which was acquired by WTW in January 2026. The sale generated proceeds of US$8.0 million for Stack, demonstrating its ability to see investments through to a profitable exit.

Management is optimistic that this is just the beginning. Jeff Parks, CEO of Stack Capital, noted the momentum carrying into the new year. “Q1 has already started off strongly, with several of our portfolio companies raising capital at higher valuations, reinforcing the underlying momentum across AI, infrastructure, and energy innovation,” Parks stated in the release. “As we look ahead, we believe 2026 has the potential to be a meaningful year for monetizations, as a number of high-quality private companies begin exploring public market opportunities.”

This sentiment aligns with broader market analysis, which points to a significant backlog of IPO-ready companies, suggesting that the exit environment for mature private companies could be highly active in the coming year.

Disciplined Capital Management

Alongside its pursuit of high-growth private assets, Stack Capital's management has also demonstrated a commitment to enhancing shareholder value through disciplined management of its own public stock. During 2025, the company executed on its Normal Course Issuer Bid, repurchasing and cancelling $1.6 million of its own shares.

The shares were bought back at an average price of $11.48, representing a significant discount to the year-end Book Value per Share of $15.35. This accretive action not only boosts per-share metrics for remaining shareholders but also signals management's strong belief that the company's stock is trading below its intrinsic value. By allocating capital to buy back its own shares, the firm is effectively investing in its high-performing portfolio at a discount, a move that benefits all of its long-term investors.