Hong Kong, 10 October 2026. K2 Capital Limited has launched the K2 Capital Baltoro Fund, built to access the companies defining the AI era. The Fund invests across AI infrastructure, compute and platforms, with exposure to frontier leaders including OpenAI, Anthropic, xAI and Polymarket.

Value is compounding before the listing

As reported, the Fund’s four frontier targets were valued at:

• Anthropic. $965B Series H post-money valuation, May 2026.
• OpenAI. $852B private funding round valuation, March 2026.
• SpaceX and xAI. $1.77T IPO valuation, with SpaceX listing on Nasdaq on 12 June 2026.
• Polymarket. $15B in an April 2026 round, with talks above $20B reported in August.

Three of the four remain private; xAI reached public markets through SpaceX’s record listing.

Three layers of the AI value chain

• Frontier models. OpenAI and Anthropic. The model layer, where enterprise and consumer AI demand is concentrating.
• Compute and orbit. xAI, via SpaceX. AI development integrated with launch, satellite and data infrastructure.
• Information markets. Polymarket. Real-time probability pricing on world events, a new data asset for an AI-native market.

Built in three layers

• Core access. Exposure to all four targets while private, sized on look-through ownership.
• Direct equity. Direct shares as each target lists, starting with xAI through SpaceX.
• Overlay and liquidity. A derivatives overlay and liquidity reserve to fund entries and manage risk.

Active overlays include IPO event capture, look-through rebalancing, an options overlay, volatility targeting, NAV premium and discount, and lock-up and supply events.

Investing across the full AI stack

The frontier names are one sleeve. The Fund is built to own the AI build-out across every layer, from silicon to software. Indicative target weights:

• Silicon & Compute, 30%. NVIDIA, TSMC, AMD, Broadcom and SK Hynix.
• AI Infrastructure, 20%. Arista, Vertiv, CoreWeave and Lumentum.
• Platforms & Applications, 30%. Microsoft, Alphabet, Meta and Palantir.
• Frontier Access, 15%. OpenAI, Anthropic, xAI and Polymarket.
• Overlay & Liquidity, 5%. Options overlay, IPO reserve and cash.

Actual allocations will vary.

A dense run of liquidity events

SpaceX, including xAI, listed on Nasdaq on 12 June 2026. For Anthropic, reported dates include a pre-IPO investor meeting on 14 October, a public S-1 filing expected in late October, an IPO roadshow expected the week of 9 November and shares that may begin trading before 26 November. OpenAI’s leadership has pointed to 2027 at the earliest for an IPO.

Polymarket has no IPO filing and continues to raise privately, most recently in talks above a $20B valuation.

Access the frontier with discipline

The Fund is intended solely for Professional Investors as defined in the Securities and Futures Ordinance (Cap. 571).

For information only. Not an offer or solicitation. Exposure to private companies may be held directly or indirectly; instruments, risks and terms are set out in the Fund’s offering documents. Figures are as reported by third parties on the dates shown; expected dates as reported. Investment involves risk, including loss of capital.

Sources: company announcements; Reuters; Bloomberg; Fortune; Euronews.