IPO CLUB

MICROSOFT HAS BEGUN TESTING OTHER AI MODELS FROM XAI, META, ANTHROPIC & DEEPSEEK AS POTENTIAL REPLACEMENTS FOR OPENAI IN MICROSOFT COPILOT, AS PER THE INFORMATION xAI is a portfolio company at IPO CLUB and in the pipeline of America2030

The AI Race: A Structural Advantage, Not Just a Technology Play At IPO CLUB, we evaluate AI’s future and the broader competitive landscape; it’s crucial to look beyond software innovations. The real question isn’t just, “Who has the best AI models?”—it’s “Who has the infrastructure to sustain AI dominance over the next decade?” China is positioning itself as the clear leader, not just because of its AI models but because of its holistic industrial ecosystem. The U.S., by contrast, is facing significant structural limitations that will make long-term AI leadership a challenge. We identified some interesting companies for inclusion in the deal pipeline of America 2030, a 6-year, secondary fund investing in innovation, reshoring, reindustrialization across defense, energy, security and AI. Armada Lightmatter Nexla PsiQuantum xAI Scale AI Groq Together AI TensorWave Lambda

Exists from portfolio companies and recommended syndicate investments since 2020: Palantir Technologies, Airbnb, SoFi, Confluent, Instacart and Rubrik

?? Happy to join IPO CLUB America2030 #Fund as a Board Member (Energy). ? ?? Big congratulations to Edoardo on the successful launch, thank you for the invitation and trust! #Energy #Investment #Leadership #IPOClub #America2030 #VC #Fund

?? Happy to join IPO CLUB America2030 #Fund as a Board Member (Energy). ? ?? Big congratulations to Edoardo on the successful launch, thank you for the invitation and trust! #Energy #Investment #Leadership #IPOClub #America2030 #VC #Fund

?? The Cat is Out of the Bag! ?? IPO CLUB is launching America2030, a $50M secondary growth fund investing in U.S. #defense, #energy, #security, and #AI innovation—powering America’s industrial and technological renewal. ?? Backing the Next Industrial Revival ?? Investing in Series B+ private companies at speculative valuations ?? Liquidity-first approach—secondary markets enable flexible exits ?? 30 companies in secondary transactions + 30% reserved for follow-ons “The U.S. is undergoing a once-in-a-century industrial revival—we’re investing in the technologies that will define America’s Freedom & Prosperity for generations.” — Edoardo Zarghetta, General Partner ?? Investment Focus: ?? Autonomous Defense Systems: Unmanned technologies and next-gen military capabilities. ?? Energy Security: Advancing nuclear, renewable energy, and grid modernization solutions. ?? Cybersecurity: Protecting critical digital and physical assets from evolving threats. ?? Data Infrastructure and AI: Investing in data ecosystems, AI platforms, and predictive intelligence to power the future of technology and national competitiveness For accredited investors seeking high-growth private market exposure with liquidity advantages over traditional VC. America’s Future is Now. Thanks to the fund advisors: Maksim Sonin, PhD, Eva Cassman, Zaheer Ali, Frederik Zarghetta Special thanks to our IRA Partners Alto! #preIPO #VC #Venture #VentureCapital #PrivateMarkets #America2030 #IPOClub #DefenseTech #EnergySecurity #AIInnovation #SecondaryMarkets #IndustrialReshoring

On the back of PM Insights excellent report on portfolio Kraken Digital Asset Exchange, we have updated the investment profile: 1. Kraken’s Growth Trajectory Founded in 2011 by Jesse Powell, Kraken has grown into one of the most trusted crypto exchanges globally. The company has emphasized security, regulatory compliance, and customer service, setting itself apart from competitors like Binance and Coinbase. Headquartered in San Francisco, CA, its notable investors include Meros Capital, RT Capital Partners and IPO CLUB. Key Milestones: ? 2013: Launched as a cryptocurrency exchange platform. ? 2017: Became the first exchange to offer Bitcoin trading. ? 2018: Surpassed 4 million global users. ? 2020-2022: Introduced security features and expanded to 7 million clients. ? 2023-2024: Rolled out advanced tracking tools, Kraken Wallet, and institutional services. Competitive Positioning Kraken maintains a strong reputation for security, having never suffered a significant hack—a key differentiator from rivals like Binance and Bitfinex. The company follows stringent regulatory guidelines in the U.S. and Europe, providing futures trading, spot trading, and margin trading (up to 5x leverage). 2. Financial Performance and Market Valuation Revenue Growth According to PM Insights, Kraken’s revenue has experienced volatility in recent years, with a major rebound in 2024: ? 2021: $1.97 billion (459% growth) ? 2022: $954 million (-52%) ? 2023: $657.89 million (-31%) ? 2024: $1.5 billion (+128%) Kraken currently holds $42.8 billion in customer assets, with an average customer balance exceeding $2,000. Valuation and Secondary Market Performance ? Implied Valuation (Feb 17, 2025): $6.5 billion (+13.6% since Series B in 2019). ? Latest Secondary Price: $25 per share (+16% in the last 30 days). ? Return on Investment (ROI): ? 180-day ROI: +83.4% ? 90-day ROI: +58.9% ? 30-day ROI: +14.5% 3. Latest Events In January 2025, Kraken announced it generated revenue of $1.5 billion (up 128% year-over-year) and $380 million in adjusted EBITDA for the 2024 fiscal year. In December 2024, Kraken announced it was chosen as a partner for the distribution of funds to former clients of FTX. As of of October 2024, Kraken claims to be generating over $1 billion in net revenue. In October 2024, Kraken named Arjun Sethi, a longtime Silicon Valley executive, as Co-CEO as part of a company restructuring. In October 2024, Bloomberg reported Kraken plans to launch its own blockchain early next year. In September 2024, Kraken announced it acquired BCM, one of the Netherlands’ oldest registered crypto broker firms, to support its expansion across Europe. In August 2024, Bloomberg reported that Kraken must face SEC lawsuit over operating an unregistered securities exchange. In August 2024, AXIOS reported a judge in the U.S. Court's Northern District of California ruled the November 2023 SEC lawsuit against Kraken may proceed.

America2030 model portfolio company Firefly Aerospace was selected to keep a launch system and spacecraft on standby, ensuring they are ready for immediate deployment when needed.

Global Stability Requires American Strength: America2030 exists to ensure the U.S. and its allies maintain an unrivaled technological and industrial edge. We back the next generation of defence, energy, and security companies—scaling critical systems rapidly to strengthen supply chains, deter conflict, and secure long-term American leadership. #DefenseInnovation #NationalSecurity #EnergyIndependence #Reshoring #SupplyChainSecurity #AmericanManufacturing #TechLeadership #Geopolitics #MilitaryTech #VentureCapital #PrivateMarkets #DualUseTech Edoardo Zarghetta

Portfolio company Neuralink’s First CONVOY Study Participant Begins Testing Brain-Controlled Assistive Robotics Neuralink has officially welcomed its first participant to the CONVOY study, which will test its brain-computer interface (BCI) for controlling assistive robotic devices. The study builds on the success of the PRIMARY study, where Neuralink’s BCI, called Link, enabled paralyzed participants to control computers using their thoughts. Expanding the Capabilities of Neuralink’s BCI The CONVOY (Control of Assistive Devices via BCI Technology) study focuses on using Link to control assistive robotic arms (ARA). Neuralink stated, “ARA control expands autonomy beyond smart devices and could allow people with paralysis to perform tasks in daily life such as feeding themselves and handling physical objects.” Neuralink’s work aligns with Elon Musk’s broader vision of integrating Link with Tesla’s humanoid robot, Optimus. In Tesla’s recent earnings call, Musk emphasized Tesla’s focus on developing human-precision robotic hands that could perform delicate tasks such as threading a needle or playing the piano. Meet Neuralink’s First CONVOY Participant: Alex Alex, the first participant in the CONVOY study, was left paralyzed from the neck down after a car accident. Through Neuralink’s PRIMARY study, Alex regained the ability to design 3D objects and graphics by controlling computer software with his mind. With the CONVOY study, Alex is taking a step further—potentially using Link to control physical robotic limbs. “It’s such an amazing feeling being able to go from a concept to an actual working piece of equipment that does exactly what I want,” said Alex. “I want everyone—disabled and non-disabled—to have the desire to create something new.” The Future of Brain-Computer Interfaces Neuralink’s research represents a significant step toward merging human cognition with robotics, offering new levels of independence to individuals with disabilities. As the CONVOY study progresses, further developments in brain-controlled robotics could pave the way for enhanced mobility, dexterity, and interaction with the physical world.