Stack Capital Group (STCK) Q1 2026 earnings summary

Executive summary

• Book Value per Share rose to $16.57 as of March 31, 2026, up 8% from $15.35 at December 31, 2025, driven by valuation growth in SpaceX and OpenAI.

• Total Book Value reached $227 million, reflecting strong portfolio performance in AI, infrastructure, energy, and robotics.

• Management highlighted robust private market momentum and successful capital raising positioning for further growth.

Financial highlights

• Book Value per Share increased by $1.22 quarter-over-quarter, primarily due to gains in SpaceX and OpenAI.

• Total Book Value at quarter-end was $227 million.

• Breakdown of BVPS: SpaceX ($5.29), Canva ($2.04), Crusoe Energy ($1.35), Locus Robotics ($1.22), OpenAI ($1.10), and others.

Outlook and guidance

• Management expects continued NAV growth and monetization opportunities in 2026, supported by strong portfolio company performance and new capital raised.

• Several portfolio companies are exploring financings at valuations above current carrying values.