Stack Capital Group Inc. Reports Q3-2025 Financial Results
Executive Summary
- Stack Capital reported Q3‑2025 Book Value of $188.7 M and BVpS of $14.26, a slight decline from the prior quarter.
- The Company raised $35 million via a private placement, bolstering its capital base for continued investments in high‑growth private companies.
- Portfolio highlights include valuation gains at SpaceX (+$50 B) and Canva (+$10 B), new AI‑focused investments (OpenAI $8 M, Databricks $2.1 M, PsiQuantum $0.5 M), and major infrastructure agreements for CoreWeave with Meta ($14.2 B) and OpenAI ($6.5 B).
Key Details
- Financial Summary
- Book Value per Share (BVpS): $14.26 as of Sept 30, 2025 (down from $14.34 at June 30, 2025).
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Total Book Value: $188.7 M.
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Capital Raising
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Private placement proceeds: $35 M (CAD), strengthening liquidity for further investments.
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Portfolio Company Valuation Updates
- SpaceX: valuation increased from US$350 B to US$400 B; completed 11th Starship test flight.
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Canva: valuation rose from US$32 B to US$42 B; launched Creative Operating System and partnered with eXp Realty.
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Operational Highlights – Portfolio Companies
- Hopper: launched AI‑powered “HTS Assist” travel concierge, delivering 4× faster response times and 65% lower servicing costs.
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Shield AI: unveiled X‑Bat VTOL fighter jet; partnered with Huntington Ingalls Industries to integrate autonomy stack into maritime systems.
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CoreWeave Agreements
- Signed US$14.2 B infrastructure agreement with Meta, with expansion options.
- Expanded OpenAI agreement by US$6.5 B, reinforcing AI‑infrastructure positioning.
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Stack Capital now holds 100,000 CoreWeave shares after opportunistic position trimming.
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New Investments (Q3‑2025)
- OpenAI: US$8.0 M equity investment.
- Databricks: US$2.1 M equity investment.
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PsiQuantum: US$0.5 M equity investment.
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Book Value per Share Breakdown (as of Sept 30, 2025)
- CoreWeave: $2.37
- SpaceX (via SPV): $2.28
- Canva: $1.30
- Locus Robotics: $1.14
- Omio: $0.87
- Hopper: $0.85
- Newfront Insurance: $0.84
- OpenAI (via SPV): $0.84
- Prove Identity: $0.83
- Shield AI (via SPV): $0.34
- Databricks (via SPV): $0.22
- Bolt Financial: $0.19
- Varo Money: $0.10
- PsiQuantum: $0.09
- Cash: $2.35
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Net other assets: $(0.36)
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Management Commentary – Jeff Parks, CEO: “We’re seeing a robust IPO environment alongside strong momentum in the private markets… these conditions continue to create attractive opportunities…”
Notable Quotes
“These conditions continue to create attractive opportunities, and we remain focused on identifying and supporting category leaders with the potential to drive long‑term value.” – Jeff Parks, CEO, Stack Capital.