Stack Capital Group Inc. Reports Q2-2025 Financial Results

Executive Summary

• Stack Capital Group Inc. released its financial results for the quarter ended June 30, 2025, reporting a Book Value per Share (BVpS) of $14.34, an increase from $12.06 at the end of Q1 2025.
• The company marked up its investment in CoreWeave by US$25.7 million to reflect its public listing price of US$163.06 following the IPO on March 28, 2025.
• The company invested an additional US$3 million into SpaceX during Q2 2025; SpaceX’s valuation subsequently increased from US$350 billion to US$400 billion post-quarter.

Key Details

• Book Value Metrics:
  • Total Book Value as of June 30, 2025: $157.6 million.
  • Book Value per Share (BVpS): $14.34 (up from $12.06 on March 31, 2025).
• Portfolio Performance & Updates:
  • CoreWeave: Investment marked up by US$25.7 million to reflect closing price of US$163.06; contributed $4.25 to BVpS.
  • SpaceX: Additional US$3M invested in Q2 2025; valuation rose from US$350B to US$400B post-quarter; contributed $2.47 to BVpS.
  • Locus Robotics: Contributed $1.26 to BVpS.
  • Canva: Contributed $1.23 to BVpS.
  • Omio: Contributed $1.05 to BVpS.
  • Hopper: Contributed $1.03 to BVpS.
  • Newfront Insurance: Contributed $1.02 to BVpS.
  • Prove Identity: Contributed $0.98 to BVpS (includes unrealized deferred gain of $968,966).
  • Bolt Financial: Contributed $0.48 to BVpS.
  • Shield AI: Contributed $0.39 to BVpS.
  • Varo Money: Contributed $0.13 to BVpS.
  • Cash: Contributed $0.50 to BVpS.
  • Net Other Assets: Deducted $0.45 from BVpS.
• Portfolio Company News:
  • SpaceX: Surpassed 500 Falcon launches; received FAA approval to scale Starship launch capacity from 5 to 25 flights per year.
  • Canva: Launched Visual Suite 2.0; partnered with Keller Williams to roll out tools to over 170,000 real estate agents.
  • Hopper: Expanded B2B travel ecosystem with new partnerships with Frontier Airlines, Lotte Card (South Korea), and Virgin Australia.

Notable Quotes

• "We’re seeing a robust IPO environment alongside strong momentum in the private markets - particularly among disruptive companies in AI, LLMs, and robotics,” said Jeff Parks, CEO of Stack Capital Group Inc. “These market dynamics continue to create attractive opportunities, and we remain focused on backing category-leading businesses with the potential to deliver meaningful, long-term value for our shareholders."