Stack Capital (TSX:STCK)

Stack Capital is a growth-equity investment firm focused on late-stage private technology companies. $STCK.TO $STCK.WT

[Stack Capital (TSX:STCK) @stackcapital]

Our updated portfolio as at Mar 31, 2026

BVPS - $16.57 💸

Highlights

@CrusoeAI - announced 900MW AI campus supporting Microsoft 🖥️

@xenergynuclear -Energy - IPO’d substantially above our entry price ⚡

@hopper - announced major RBC / Avion Rewards partnership ✈️

@fluidstack - added $11.0M USD post quarter-end 💻

SpaceX - valued at ~$1T following xAI merger 🚀

OpenAI - raised $122B at ~$852B post-money valuation 📈

[Stack Capital (TSX:STCK) @stackcapital]

@LevinBurant @LocusRobotics 🙌

[Shield AI @shieldaitech]

V-BAT expands across the Aegean.

The Hellenic Army is growing its existing V-BAT fleet to support ISR and Maritime Domain Awareness operations across the Aegean Sea. We're establishing an Athens office and expanding investment in Greece's defense ecosystem, with plans to bring Hivemind to support the development of sovereign autonomous capabilities.

“V-BAT is exceptionally well-suited for operations in Greece, where forces operate across dispersed islands, remote coastlines, deep valleys, mountain ranges, and complex maritime environments.”– James Lythgoe, regional director of Eastern and Southeast Europe at Shield AI

Read the full release: https://t.co/zVhi35oIoa

[Stack Capital (TSX:STCK) @stackcapital]

@CameronBWilson @CardyTruster @OHare888 👀🚀

[PsiQuantum @PsiQuantum]

This week marks an exciting milestone for PsiQuantum in Australia with the official opening of our Test & Validation Lab at Griffith University’s Nathan Campus in Brisbane South.

The facility features “Poseidon,” one of Australia’s most powerful custom cryogenic systems, enabling our teams to cool, test, and measure photonic quantum chips at scale as we progress toward utility-scale, fault-tolerant quantum computing.

We are proud to partner with @Griffith_Uni and continue growing Queensland’s world-class quantum ecosystem alongside leading researchers, students, and industry
partners.

Thanks to all our partners and supporters who turned out to support the official opening.

[Locus Robotics @LocusRobotics]

Big news for Locus Robotics in Europe.

Next year, we will open our new European Customer Experience & Demo Hub at the Logistics Campus Aalsmeer, near Amsterdam.

This new 6,000-square-meter hub marks a major step forward in our European growth, tripling our operational capacity in the region and giving customers, prospects, partners, and our teams a dedicated space to experience flexible automation at scale.

The hub will bring our Physical AI portfolio to life through customer demonstrations, solution workshops, training, partner activities, regional robot lifecycle support, and real-world showcases of Locus Origin, Locus Vector, Locus Array, and LocusONE™.

As demand for warehouse automation continues to grow across Europe, this investment strengthens our ability to help customers build the Operational Confidence they need to adapt, scale, and outperform in an increasingly dynamic market.

Here is a first look at what the new building will look like once fully developed.

[Shield AI @shieldaitech]

In 2015, Shield AI was a handful of people and a bold idea with no guarantee it would work.

Co-founder Andrew Reiter, Autonomy System Architect Pete Lommel, and Senior Release and Automation Engineer Frank Bogart were among the first to bet on it anyway. We sat down with all three at our San Diego office to hear what those early days actually looked like.

Autonomy for the world. The greatest victory requires no war.

[Stack Capital (TSX:STCK) @stackcapital]

@CardyTruster @OHare888 🙌

[Stack Capital (TSX:STCK) @stackcapital]

@hermeuscorp @DIU_x @usairforce @USNavy Way to go!

[Shield AI @shieldaitech]

Announcing the Hivemind Catalyst Trial Program: A faster path to first flight

In our latest blog, Inderraj Singh Grewal, Senior Director of Hivemind Engineering & Global Customer Success, introduces our new Catalyst Trial Program: a three-month, hands-on integration and flight demonstration program to help customers operationalize autonomy on their own unmanned systems faster.

You bring the platform. We bring the end-to-end Hivemind autonomy stack, integration support, and flight testing to accelerate the move from simulation to flight.

Learn more at the link in thread.

Autonomy for the world. The greatest victory requires no war.

[Molly O’Shea @MollySOShea]

NEW: Inside @PsiQuantum's Silicon Photonic Chipset

*Never-Before-Seen*

With Er-Xuan Ping, SVP, Barium Titanate (BTO) Development

Backdrop: the U.S. government just announced a $2B push into domestic quantum computing manufacturing - but what does that actually fund?

The @CommerceGov Department recently awarded PsiQuantum $100M to accelerate development of BTO, giving a rare look into the underlying manufacturing stack required to scale fault-tolerant quantum computing.

We profiled PsiQuantum last September following its $1B Series E, including how the company produces the world’s highest-performing optical switch - a core component of its silicon photonics platform.

PsiQuantum is currently the only company or institution in the world manufacturing this BTO material for optical switches at 300mm scale.

While the company built this silicon photonics platform for fault-tolerant quantum computing (FTQC)*, the implications may extend far beyond quantum itself.

As AI data centers increasingly shift from copper to optical networking, PsiQuantum’s photonics stack could also become foundational infrastructure for next-generation AI systems.

*Fault-tolerant quantum computing (FTQC) refers to quantum computers that can continue operating accurately even when individual quantum bits (“qubits”) are noisy or error-prone.

Shoutout to @PeteShadbolt

[Stack Capital (TSX:STCK) @stackcapital]

Great for SpaceX! Also being categorized as growth is key!

[Sawyer Merritt @SawyerMerritt]

FTSE Russell has just announced they have officially approved a new “Fast Entry” rule that could allow mega-cap IPOs like @SpaceX to enter major Russell indexes just 5 trading days after going public.

The new rule allows IPOs large enough to qualify for the Russell Top 500 to be rapidly added to indexes, potentially triggering billions in ETF and index fund buying demand shortly after IPO. FTSE Russell even specifically mentioned SpaceX in the methodology update.

Here are the new changes they announced:
• IPOs large enough to qualify for the Russell Top 500 can now be added to Russell indexes after just 5 trading days following their IPO.
• Eligibility is based on investable market capitalization using the IPO’s free float shares and first-day closing price.
• The Top 500 market cap threshold will now be adjusted quarterly instead of only during annual reconstitution.
• IPOs with less than 5% free float or voting rights can still qualify if lockups are expected to expire within 12 months.
• Fast Entry IPOs must be fully underwritten. Direct listings and “best effort” IPOs are excluded from fast entry consideration.
• IPOs added through Fast Entry during Russell’s annual rebalance lock-down period will instead be added during the scheduled rebalance.
• Russell confirmed IPOs will still be added all at once, rather than in multiple tranches.

All these index inclusions are going to be very interesting to watch.

[Stack Capital (TSX:STCK) @stackcapital]

@LevinBurant Thanks for the support and being a shareholder! 🙌

[Shield AI @shieldaitech]

Happy 11th, Shield AI!

This past year also marked one year with @garylsteele at the helm. Hivemind piloted 30 vehicle classes, X-BAT made its debut, V-BAT pushed into new theaters, we announced our planned acquisition of Aechelon, and we raised $2 billion at a $12.7 billion valuation. Shield AI is increasingly built for where this market is going.

To our customers, partners, and teammates: thank you for building with us.

For Gary's reflections, see the link in thread.

Autonomy for the world. The greatest victory requires no war.

[Stack Capital (TSX:STCK) @stackcapital]

👀🙌

[PsiQuantum @PsiQuantum]

From our future partnership with the Department of @CommerceGov to accelerate the domestic manufacturability our state-of-the-art components and strengthen the U.S. supply chain, to our collaboration with @nvidia across quantum computing and silicon photonics, PsiQuantum is scaling hard-won capabilities that will help write the next chapter in the history of computing.

[Stack Capital (TSX:STCK) @stackcapital]

$STCK.TO - Let’s go SpaceX!

[americanair @AmericanAir]

Your scrolling just got an upgrade. Coming in 2027, @Starlink to American flights. ✈️

A more seamless, high-speed in-flight connection — built for streaming, browsing, gaming, and staying connected in real time, gate to gate.

Want to learn more? Head to our Newsroom. https://t.co/1ilXrMDRjD

[Stack Capital (TSX:STCK) @stackcapital]

$STCK.TO - Take a look at our CEO, Jeff Parks, on @YourMorning with Anne-Marie Mediwake, discussing SpaceX, OpenAI, and the continued importance of late-stage private markets. 🙌

https://t.co/lruJy2Jlo5

[Stack Capital (TSX:STCK) @stackcapital]

$STCK.TO - Autonomy is becoming the new air superiority. @shieldaitech is right in the middle of it! 🚀

[Tymofiy Mylovanov @Mylovanov]

Petraeus: The U.S. has not remotely learned the lessons it should from Ukraine.

This is the future of war: Ukraine alone uses 10,000 drones a day, and 90% of Russian casualties are caused by drones. That should force institutional change. 1/

[Stack Capital (TSX:STCK) @stackcapital]

@SuperStickman2 🙌

[Stack Capital (TSX:STCK) @stackcapital]

@CardyTruster Glad we could help! $STCK.TO

[Howard Lutnick @howardlutnick]

Data centers in space are coming. Satellite Data Centers that follow the sun 24/7. Thanks to @Gwynne_Shotwell for driving American Technology forward.