Stack Capital's book value/share at $15.35 on Dec. 31

Executive Summary

• Stack Capital Group Inc. reported its financial results for the year ended December 31, 2025, showing a 24.9% increase in book value per share to $15.35 CAD, with a total book value of $202 million.
• The company highlighted significant valuation milestones and funding events across its portfolio, including SpaceX’s $1 trillion valuation following a merger announcement with xAI, and OpenAI’s $110 billion capital raise at a $730 billion valuation.
• The release details specific investment activities, including acquisitions (Newfront), new investments (Crusoe Energy, X-Energy), and a normal course issuer bid where management repurchased $1.6 million of public stock.

Key Details

• Financial Performance:
  • Book Value Per Share (BVPS): $15.35 CAD (up from $12.29 CAD at Dec 31, 2024).
  • Total Book Value: $202 million CAD.
  • Increase attributed to strong performance in core portfolio holdings and disciplined capital deployment.
• Portfolio Company Highlights & Valuations:
  • SpaceX: Completed a tender offer valuing the company at $800 billion USD. Subsequent to year-end, SpaceX announced a merger with xAI, valuing SpaceX at approximately $1 trillion USD.
  • OpenAI: Completed a $110 billion USD capital raise in February 2026 at a $730 billion USD valuation, involving investors Amazon and Nvidia.
  • Databricks: Completed a Series L round raising over $4 billion USD, valuing the company at $134 billion USD. Stack Capital invested an additional $4.0 million USD into Databricks in February 2026.
  • Crusoe Energy: Stack Capital invested $12.0 million USD during the quarter into this AI-focused data center infrastructure developer.
  • X-Energy: Stack Capital invested $5.2 million USD. Subsidiary TRISO-X received a U.S. Nuclear Regulatory Commission (NRC) special nuclear material license for advanced fuel fabrication.
  • Newfront: Acquired by WTW in January 2026; Stack Capital received $8.0 million USD in proceeds from the sale of its holdings.
  • Varo Bank: Secured $123.9 million USD in Series G funding in February 2026, led by Warburg Pincus and Coliseum Capital Management.
• Corporate Actions:
  • Normal Course Issuer Bid: Management repurchased and cancelled $1.6 million CAD of public stock at an average price of $11.48 CAD per share, noted as a significant discount to book value.

Notable Quotes

• "Private capital markets remain highly robust, with continued strength in large-scale financings and investor demand for category-leading technology businesses," said Jeff Parks, chief executive officer of Stack Capital.
• "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."