Most Read from Bloomberg<\/p>\n
Now, as long-awaited names like Discord, Kraken and Motive Technologies \u2014 among the fund\u2019s holdings \u2014 prepare to go public, 2026 is shaping up to be exactly the kind of environment Moss\u2019s strategy was built for: when locked-up private bets finally collide with public-market appetite, and valuations face their first open test.<\/p>\n
The \u201cMusk Premium\u201d has already shown up in the numbers. After Bloomberg first reported SpaceX\u2019s IPO plans, the fund\u2019s inflows surged 201% above the yearly average \u2014 a spike that revealed just how much demand a marquee name can ignite. For Moss, 56, the pitch is simple: lock up your money to access tech\u2019s biggest names before they go public, even if valuations are private, returns are uncertain and the path to exit can be long.<\/p>\n
\u201cWe saw SpaceX at the time as an emerging leader,\u201d Moss said in an interview, reflecting on his initial 2019 investment of $10 million. That stake has since swelled fifteenfold.<\/p>\n
Getting on the company\u2019s shareholder ledger wasn\u2019t easy: Moss said he traveled to the California headquarters, toured the factory floor and met with company representatives before sealing the deal.<\/p>\n
This kind of access is rare. Out of more than 130 interval funds tracked by Bloomberg Intelligence\u2019s David Cohne, only at least two \u2014 those run by Moss and Wood \u2014 hold SpaceX. For now, the rocket and satellite firm is targeting an IPO as soon as this year, in a deal that could value it at $1.5 trillion, Bloomberg has reported \u2014 the biggest listing in history.<\/p>\n
The fund has lagged the Russell 2000 on a total-return basis over the past one- and three-year windows, according to data compiled by Bloomberg, and was roughly on par over the past five years.<\/p>\n
Most funds try to buy into companies like SpaceX through special purpose vehicles or indirect structures. Moss gets in directly \u2014 buying shares from the company\u2019s cap table, the official ledger of ownership. That kind of access is tightly controlled: firms like SpaceX reserve the right to vet every shareholder. Bloomberg reported in recent days that SpaceX is considering a potential merger with Tesla Inc. or artificial intelligence firm xAI, another one of Moss\u2019s holdings.<\/p>\n
Story Continues <\/p>\n
The fund\u2019s structure reflects a broader shift in how companies grow. Today, startups stay private for far longer \u2014 often well past their peak growth years \u2014 shutting out retail investors. Moss \u2014 a former senior portfolio manager who cut his teeth at First New York Securities \u2014 uses a specialized wrapper known as an interval fund. Unlike a traditional mutual fund, investors can only withdraw money during quarterly windows. The goal is to avoid forced selling during volatile markets. The minimum to invest is $2,500.<\/p>\n
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Key details remain out of reach for investors. The fund doesn\u2019t disclose how it currently values its SpaceX stake, what that\u2019s added to performance or how a blockbuster IPO might affect the fund\u2019s value. Like many interval funds, it reports quarterly, citing cost basis, size and fair value of holdings.<\/p>\n
And even if investor demand spikes, increasing exposure to hot names like SpaceX isn\u2019t guaranteed. Unlike public markets, private-company shares aren\u2019t always available \u2014 and when they are, firms like SpaceX tightly control who gets to buy in. For new investors piling into the fund, there\u2019s no certainty they\u2019re getting more of the crown jewel.<\/p>\n
Every Thursday, Moss and his team of four \u2014 two portfolio managers and two analysts \u2014 meet to assess their nearly 80 holdings, modeling valuations and exit paths. The criteria are strict: companies must have at least $50 million in revenue and grow at 30% a year. This year, Moss expects around 10 of those names to go public \u2014 including Kraken, Discord, and Motive Technologies.<\/p>\n
\u201cOur strategy is to invest in private companies, have them mature over time, and exit,\u201d Moss said. \u201cIf it is an IPO, we do not sell it immediately. But it is the end of that life cycle.\u201d<\/p>\n
Meetings can stretch to four hours as the team debates memos that run up to 10 pages. Any investment decision requires unanimous agreement among the portfolio managers.<\/p>\n
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So far, the fund has had some 162 company investments, 572 transactions and 66 exits since inception, as of December 2025. Originally launched as the SharesPost 100 Fund, it was renamed in 2021, a pivot that marked its deeper focus on late-stage private tech companies.<\/p>\n
Among the hits: Circle Internet Group Inc., which returned 8x after pivoting into stablecoins, and exits in Robinhood Markets Inc., Palantir Technologies Inc. and Uber Technologies Inc. Between 2022 and 2023, as rates surged and IPOs froze, exits stalled.<\/p>\n
Not all bets paid off. Investments in clean technology \u2014 particularly solar \u2014 made several years ago delivered weaker results, Moss said. Decisions to exit positions have ranged from persistent underperformance to simply taking chips off the table.<\/p>\n
\u201cWe try to offload, but it\u2019s not that easy,\u201d he added. \u201cWe are never going to always be right. But we have a process in place.\u201d<\/p>\n
Now, as Wall Street braces for a fresh IPO wave, Moss is positioned for another run. Beyond SpaceX, potential mega-debuts are waiting in the wings.<\/p>\n
\u201cIt\u2019s very healthy for companies to be private longer so they can be stronger businesses,\u201d Moss said. But \u201cthis year we will see a great exit environment.\u201d<\/p>\n
\u2014With assistance from Bailey Lipschultz and Natalia Kniazhevich.<\/p>\n
Most Read from Bloomberg Businessweek<\/p>\n
\u00a92026 Bloomberg L.P.<\/p>\n","protected":false},"excerpt":{"rendered":"(Bloomberg) \u2014 In the exclusive world of private-company ownership, Kevin Moss is a rare gatekeeper \u2014 offering everyday…\n","protected":false},"author":2,"featured_media":447775,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[4536,49,48,176494,184527,184528,66,306,6888],"class_list":{"0":"post-447774","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-space","8":"tag-bloomberg","9":"tag-ca","10":"tag-canada","11":"tag-cathie-wood","12":"tag-kevin-moss","13":"tag-motive-technologies","14":"tag-science","15":"tag-space","16":"tag-spacex"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/447774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=447774"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/447774\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/447775"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=447774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=447774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=447774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}