Direct co-investments in the defining private companies of this cycle.
Every position we hold maps to four secular pillars — Power, AI, Infrastructure, and Defense — the forces we believe will define the next fifty years.
Ten direct co-investments across the Second 50 Ventures platform. These were the first three — frontier AI, defense, and space — and they remain our most successful.
Creator of Claude, the leading enterprise AI model — revenue growing tenfold annually for three straight years. Confidentially filed for an IPO in June 2026.
The defense prime reshaping how the U.S. military buys — a new July agreement scales Barracuda missile output to thousands per year for seven years.
Now public. The June 2026 IPO raised $75 billion — the largest listing in history — and SpaceX trades on the Nasdaq as SPCX.
The four secular pillars the entire program is built around. Every position maps to one or more of these themes.
Each executing at a high level — figures reflect signed term sheets, reported rounds, or pending listings as noted.
Owns the full AI factory — the power plants and the data centers, end-to-end. Nearly 5 GW of compute under contract; Meta, Oracle, Microsoft, and Google all buy capacity.
The dominant enterprise data + AI platform — $5.4B revenue run-rate, growing 50%+ a year, free-cash-flow positive; 70% of the Fortune 500 are customers.
“Digit” is the most-deployed commercial humanoid — 65,000 warehouse hours for Amazon and GXO. Going public via merger with Churchill Capital Corp XI.
The newest direct positions — early in the journey, entered with the same conviction.
$1B+ contract backlog; prime on three DoD Programs of Record.
Ruggedized “Galleon” data centers for defense, energy, and maritime — compute where there is no cloud.
The AI model that lets one robot do many jobs — folding, packing, bussing — without reprogramming.
Large institutions are often too big for the best opportunities. Most advisors lack the relationships to get in the door. We sit in the sweet spot — decades of partnerships, and the agility to act.
Second 50 Financial, LLC (“Second 50”) is an investment adviser registered with the U.S. Securities and Exchange Commission (CRD #318626). Registration does not imply a certain level of skill or training. “Second 50 Ventures” refers to the private-markets co-investment activities of Second 50 Financial, LLC. Additional information, including our Form ADV Part 2A Firm Brochure and Form ADV Part 3 Client Relationship Summary, is available at adviserinfo.sec.gov.
Valuations shown reflect Second 50’s entry valuation and the latest reported or announced company valuation per third-party and sponsor reporting and reported funding rounds. They are company-level valuation changes, calculated before all fees, expenses, and carried interest, and are not investor-level returns. Figures described as term sheets, rounds in progress, or press reports have not closed, are not final, may change, and may not occur; certain figures have not been confirmed by the companies. Current marks may differ materially from realizable value. Stripe is the only realized position to date; a single realized example is not representative of the program.
Co-investments are accessed through Second 50’s relationships with Nomi Capital and First Trust Capital Management, which are not affiliated with Second 50. Interests are generally held through sponsor vehicles that charge management fees and carried interest at the vehicle level, in addition to any advisory fees paid to Second 50. These layered fees and expenses reduce returns. Second 50 and its personnel may invest in the same vehicles as clients.
Private investments are illiquid, speculative, and long-duration, and involve a high degree of risk, including the possible loss of the entire investment. There is no public market for interests in private vehicles and none is expected to develop. Not all clients are eligible for, or will be offered access to, the investments described. Nothing herein is a recommendation for any specific investor or an offer to sell or a solicitation of an offer to buy any security.
An initial public offering, direct listing, or SPAC business combination involving a portfolio company does not ensure liquidity for interests held through private vehicles. Announced transactions are subject to regulatory review, shareholder approval, and closing conditions and may be delayed, modified, or not completed. Company names and marks are the property of their respective owners; their use does not imply any affiliation with, or endorsement of, Second 50. The companies identified do not represent all investments made or recommended by Second 50, and it should not be assumed that any investments identified were or will be profitable.
Past performance and unrealized appreciation are not indicative of future results.