Under The Ticker

Just an average trader researching public companies and documenting what I find. Mostly small & mid caps. These are my notes, not financial advice.

[Under The Ticker @undertheticker]

Big red day for $SPCX. It opened down about 3% this morning as ~319 million shares — the 'Day 70' tranche of SpaceX's staggered post-IPO lockup — became tradeable, and it's off roughly 6.5% intraday now, below its $135 IPO price. Among the factors cited: a fresh DZ Bank Sell rating ($100 price target). Contrast that with Aug 6's much bigger 911M-share unlock, which saw the stock rise 6% that same day — same mechanic, opposite result. What actually separates those two outcomes? #investing #StockInFocus

[Under The Ticker @undertheticker]

"Watched $PWRL's Level II live today. Bid held right at $11.28 the whole time, but size there grew from 100 to 500 shares. Ask tightened from $11.40 to $11.38 while its size shrank from 200 to 100. Meanwhile the deeper order book — 11 venues listed — didn't move at all underneath that top quote. Small-float names like this can sit quiet at depth even while the top of book shifts. Anyone else watch Level II on thin names like this?"

[Under The Ticker @undertheticker]

$DXYZ — $32.87 (-1.68%). Short volume ratio moved the opposite direction over the same three sessions: 35.99% → 40.58% → 27.27%, down from a recent high of 52.03% on 8/11. Short shares availability sits on a much larger scale (4.1M–4.8M shares vs. $PWRL's 550K–800K). Borrow fee rate has held steady in a tight 0.55%–0.64% band, currently 0.59% — more than 5x lower than $PWRL's.

[Under The Ticker @undertheticker]

$PWRL — $11.52 (+0.043%). Off-exchange short volume ratio has climbed three straight sessions: 33.89% (8/17) → 49.00% (8/18) → 62.59% (8/19), up from a recent low of 23.59% on 8/14. Short shares availability moved 550,000 → 600,000 → 750,000 shares just this morning. Borrow fee rate has drifted down from 3.62% (8/7) to 3.29%, flat the last two days.

[Under The Ticker @undertheticker]

Treasury just doubled the size of its long-end #bond buybacks — $2B to $4B per operation, starting Sept 9, buying in the 10-20yr and 20-30yr sectors. 30-year yields dropped about 10bps to ~5.19% right after the announcement, off levels near a 19-year high. Basically the government stepping in as a buyer to support demand at the long end. Anyone think $4B actually holds it, or is this just the first move? #fintwit #bonds

[Under The Ticker @undertheticker]

Elon Musk pushed back today on Goldman Sachs' $1.8T-by-2035 space economy forecast, calling it too small — says it'll be "much bigger." $PWRL, $DXYZ, and $RVI all hold SpaceX shares they bought before the IPO. Who is going to be proven right, Musk or Goldman? #fintwit #IPO

[Under The Ticker @undertheticker]

Good breakdown on the borrow mechanics. Worth flagging on the NAV side too: VCX's most recently reported NAV is $18.97, but that's dated 3/31/26 — about 5 months stale now. So the 'premium' number floating around is being measured against a NAV nobody's actually confirmed lately, which might be part of why it's not resolving.

[Under The Ticker @undertheticker]

$PWRL's last 424B3 (7/14) breaks down the portfolio — 79.36% is private tech. $SpaceX is still the biggest slice at $189.5M. Rest of the top names: #OpenAI, Databricks, Stripe, Shield AI, Figma, Kalshi, Kraken. Anyone else surprised Kalshi's sitting right next to SpaceX and OpenAI on that list?"

[Under The Ticker @undertheticker]

SpaceX closed its $60B all-stock acquisition of Cursor, the AI coding startup, last Friday — folding it into the AI division built around its earlier merger with xAI. Worth noting for anyone tracking $PWRL, $DXYZ, or $RVI: SpaceX isn't just a rocket company anymore. Launch, satellites, and now a major AI-software arm all sit inside the same underlying position these funds hold."

[Under The Ticker @undertheticker]

$SPCX opened down over 3% today and is still off about 1% early afternoon, sitting near $144.70. Some of that pressure has a specific date attached: roughly 319 million more SpaceX shares become eligible to trade this Thursday, Aug 20 — the next scheduled unlock since the June IPO. $PWRL, $DXYZ, and $RVI all hold pre-IPO SpaceX stakes, so that unlock calendar runs through all three funds too — separate from any lock-up on the funds' own shares. Same clock, three different portfolios."

[Under The Ticker @undertheticker]

Nvidia's $21B SpaceX stake and $SPCX pushing toward $145 is the story everyone's watching this week. Worth remembering retail's had several ways into that same exposure for months — just sized very differently within each portfolio. SpaceX makes up as much as ~27% of $PWRL's net assets, ~16% of $DXYZ's, ~14% of $RVI's, and only ~4% of $VCX's. Same rocket, very different weighting — and none of this is about how these funds trade versus their own NAV, that's a separate thing entirely.

[Under The Ticker @undertheticker]

@growthrapidly Space X is setting up strong with much room to grow. Losses in sectors up front are seen in may companies, it is the outlook to the future growth that will drive it more. They are not going to slow down.

[Under The Ticker @undertheticker]

@MsVeilMoney AGREE!!

[Under The Ticker @undertheticker]

@DudeWhoInvests I am sure its holdings and expansion are nothing! Watch the next 6 months

[Under The Ticker @undertheticker]

$PWRL, $DXYZ, $VCX, $RVI, $RVII — five exchange-listed funds giving retail access to pre-IPO tech, each structured differently (fees from ~2% to ~4.5%, some BDCs vs. plain closed-end funds, different concentration). None of them are interchangeable — structure matters as much as holdings. #SPCX

[Under The Ticker @undertheticker]

July 24, 2026, Powerlaw Capital Group filed an SEC Form N-2 for a second closed-end fund, "Powerlaw Fund II." Same adviser (Powerlaw Fund Adviser, LLC), same general structure as $PWRL — public-market access to private tech companies. No ticker, size, or listing date yet; CEO Mike Dinsdale framed it as extending the "public access to private markets" strategy. Worth tracking as its own thing once it starts trading.

[Under The Ticker @undertheticker]

$PWRL is registering the resale of up to 25,000,000 shares by Roth Principal Investments under the facility, which lets Powerlaw, at its discretion, sell up to $250,000,000 of stock to Roth over a 36-month period. -August 13, 2026.

[Under The Ticker @undertheticker]

July CPI inflation falls to 3.4%, in-line with expectations of 3.4%, Can someone tell the grocery store to get in line with expectations! #inflation #food

[Under The Ticker @undertheticker]

These have a few holdings that overlap and there is some interesting looks in the set up!
Momentum ($DXYZ): Traders who want fast liquidity and option leverage lean to $DXYZ. They are willing to pay a 14.7% premium above NAV because the option flow dynamics and volume create fast intraday price swings.

Fundamental ($PWRL): Long-term investors look at $PWRL at $12.15 vs. its $16.21 NAV and see a 25% margin of safety. They aren't getting option leverage, but they are getting the exact same top-tier underlying assets (SpaceX, OpenAI) at a steep discount compared to $DXYZ buyers.

The option flow signaling is that $DXYZ is seen as a speculative- by observation- trading vehicle, while $PWRL is trading strictly on supply-and-demand cash flow.

[Under The Ticker @undertheticker]

$PWRL is moving nice this morning 12.05
0.23 (1.95%) Buying is being seen here now. 10% +- Neutral trade .
$DXYZ is moving down 28.155
-1.47 (-4.95%) Selling was seen early and some buying seeing now. High Neutral trades