Powerlaw Corp. (NASDAQ:PWRL) shares jumped 13.64% to $25 in the pre-market session on Friday.
The surge in the pre-market hours follows a previous day gain of 13.99%, which closed the stock of the California-based closed-end management investment company at $22, according to Benzinga Pro data.
SpaceX Stake Fuels The Move
The rally came as PWRL’s move is directly tied to SpaceX‘s historic Nasdaq debut on Friday. Powerlaw last week announced its SpaceX stake carried a fair value of approximately $117.0 million, roughly 19.37% of net assets, making it the fund’s single largest position.
Sector-Wide Lift
Powerlaw was not the sole beneficiary of the SpaceX debut.
Space-related stocks broadly rallied heading into the debut, with Virgin Galactic Holdings Inc. (NYSE:SPCE) surging 13.26% in after-hours Thursday, AST SpaceMobile Inc. (NASDAQ:ASTS) gaining 6.86% and Rocket Lab Corp. (NASDAQ:RKLB) climbing 5.85%.
Powerlaw went public on May 27. It operates as a closed-end fund designed to give everyday retail investors exposure to high-growth, late-stage private technology companies that are typically only available to institutions, bridging a long-standing gap between Wall Street and Main Street investors.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Things on Shutterstock.com
Login to comment