Earnings
Stack Capital Group Inc. Reports 2025 Financial Results
STCK · Price
Executive Summary
- Stack Capital reported a 24.9% rise in Book Value per Share to $15.35, driven by strong performance of its private‑market portfolio.
- Major portfolio events included SpaceX’s tender offer (valuation $800 bn) and subsequent merger with xAI ($≈1 tn), OpenAI’s $110 bn capital raise, Databricks’ $4 bn Series L round, and the sale of Newfront for $8 m.
- The Company repurchased $1.6 m of its own shares at an average price of $11.48, a discount to book value, underscoring confidence in intrinsic valuation.
Key Details
- Book Value per Share (BVpS): $15.35 vs. $12.29 YoY (+24.9%).
- Total Book Value: $202 million.
Portfolio Company Highlights
- SpaceX: Completed tender offer valuing the company at US$800 bn; later merged with xAI, valuation ≈US$1 tn.
- OpenAI: February 2026 capital raise of US$110 bn at a US$730 bn valuation (participants included Amazon and NVIDIA).
- Databricks: Series L round raised >US$4 bn, post‑money valuation $134 bn; Stack Capital added US$4.0 m investment in Feb 2026.
- Crusoe Energy: Q1 investment of US$12.0 million into AI‑focused data center infrastructure.
- X‑Energy: Q1 investment of US$5.2 million; subsidiary TRISO‑X received NRC Special Nuclear Material License for advanced fuel fabrication.
- Newfront: Acquired by WTW in Jan 2026; Stack Capital received US$8.0 million proceeds.
- Varo Bank: Secured US$123.9 million Series G round (led by Warburg Pincus & Coliseum Capital) in Feb 2026.
Normal Course Issuer Bid
- Repurchased and cancelled $1.6 million of public stock at an average price of $11.48 per share, representing a discount to BVpS.
Book Value Composition (as of Dec 31 2025)
| Holding | BVpS Contribution |
|---|---|
| SpaceX (via SPV) | $4.37 |
| Canva | $1.39 |
| Cash | $1.31 |
| Crusoe Energy (AI factories) | $1.25 |
| Locus Robotics | $1.12 |
| Prove Identity | $0.87 |
| Omio | $0.86 |
| Hopper | $0.84 |
| Newfront Insurance | $0.83 |
| OpenAI | $0.83 |
| CoreWeave (AI hyper‑scaler) | $0.75 |
| X‑Energy (nuclear) | $0.55 |
| Shield AI (military defence) | $0.46 |
| Databricks | $0.28 |
| Bolt Financial | $0.19 |
| Varo Money | $0.10 |
| PsiQuantum (Quantum Computing) | $0.09 |
| Net other assets | $(0.74) |
| Total BVpS | $15.35 |
Notable Quotes
“Private capital markets remain highly robust… Q1 has already started off strongly, with several of our portfolio companies raising capital at higher valuations… we believe 2026 has the potential to be a meaningful year for monetizations.” – Jeff Parks, CEO, Stack Capital
Materiality Assessment: Material – Positive (significant increase in book value, high‑profile portfolio transactions, and share repurchase indicating strong underlying valuation).
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