Opened with a surge of nearly three times and multiple trading halts, the SpaceX and OpenAI-backed fund PWRL soared 131% on its first day.

According to monitoring by 动察 Beating, the closed-end fund Powerlaw Corp. (stock code: PWRL), which bundles SpaceX and OpenAI equities, was listed on Nasdaq on May 27 local time. On its first day, trading immediately triggered multiple intraday volatility circuit breakers, ultimately closing up 131.44% at $27.68. On the first trading day, the fund opened at $35.00, soaring nearly three times higher than the exchange’s reference price of $11.96. During the session it spiked to a peak of $40.00, with after-hours trading continuing up to $28.99.

The surge in share price directly led to an extremely high capital premium for the fund's trading price. Based on net assets of $604.1 million reported on May 13, Powerlaw’s actual net asset value (NAV) per share is only $13.97. This means the closing price of $27.68 already represents a 98.14% premium over the real asset value, effectively meaning retail investors are paying nearly double on the public market for tech company equities that have not gone public. When the intraday high reached $40.00, the asset premium rate was even pushed up to 186.33%.

The trading volume on the first day reached 1.1013 million shares, with total daily turnover of $37.149 million, and the fund's total market value surged to $1.197 billion at the close. The extreme price divergence reflects a sense of FOMO (fear of missing out) among the market towards equity holdings in top unicorns such as SpaceX (share value about $117 million), OpenAI (share value about $46.9 million), as well as Anthropic and xAI. However, since nearly 80% of the fund’s assets are indirectly held through special purpose vehicles (SPVs) and are currently subject to compliance scrutiny from Anthropic and other companies over SPV violations, the multiple layers of hidden costs and potential proxy holding exit risks may put pressure on the premium share price in subsequent trading.