Powerlaw Corp. (PWRL) has commenced trading on Nasdaq through a direct listing, allowing retail investors to access shares in private tech giants SpaceX and OpenAI. The closed-end fund, managed by Akkadian Ventures, holds stakes in 18 private companies, with SpaceX and OpenAI as its largest investments. As of May 13, the fund's net asset value was $604.1 million, or $13.97 per share. The listing does not involve issuing new shares, but rather makes existing shares available for trading, with only 20% of free-floating shares accessible initially. Powerlaw's strategy focuses on recycling capital into high-growth investments, aiming for over a 10x return for its shareholders. The fund charges a 2.5% annual management fee, with most investments held through special purpose vehicles, which may introduce additional fees and compliance risks.