Stack Capital Group (STCK) Q2 2025 earnings summary

Executive summary

• Book Value per Share (BVPS) rose to $14.34 as of June 30, 2025, up from $12.06 at March 31, 2025.

• Achieved a milestone with CoreWeave, an AI hyper-scaler, going public and marking up its investment by US$25.7 million.

• Additional US$3 million invested in SpaceX during Q2-2025; SpaceX valuation increased post-quarter from US$350 billion to US$400 billion.

Financial highlights

• Book Value as of June 30, 2025, was $157.6 million.

• BVPS breakdown includes significant contributions from CoreWeave ($4.25), SpaceX ($2.47), and Locus Robotics ($1.26).

• Marked up CoreWeave investment to reflect public market valuation.

Outlook and guidance

• Management sees a robust IPO environment and strong momentum in private markets, especially in AI, LLMs, and robotics.

• Focus remains on backing category-leading businesses with long-term value potential.