TORONTO, Nov. 05, 2025 (GLOBE NEWSWIRE) — Stack Capital Group Inc. (“Stack Capital” or the “Company”) (TSX:STCK; TSX:STCK.WTA.A; TSX:STCK.WT.B) today announced its financial results for the quarter ended September 30, 2025. Stack Capital reports all amounts in Canadian dollars unless otherwise noted.
Financial Summary
- Book value per share (“BVpS”) was $14.26 at September 30, 2025, compared to $14.34 at June 30, 2025.
- The total book value was $188.7 million.
- During the quarter, the Company successfully raised $35 million through a private placement, further strengthening its equity position as it actively pursues opportunities in high-growth, late-stage private companies.
Portfolio Company Highlights
SpaceX
- During the quarter, the value increased from US$350 billion to US$400 billion.
- Successfully completed 11th Test flight of the spacecraft, facilitating the development of a fully reusable orbital launch system.
- World leader in aerospace innovation and satellite communications (through its Starlink business)
Canvas
- During the quarter, the value increased from US$32 billion to US$42 billion.
- Launched its Creative Operating System, a comprehensive platform that integrates design, collaboration and brand management.
- Partnering with eXp Realty helps agents reduce design time by 64% and scale brand marketing around the world.
Hopper
- HTS Assist launched, an AI-powered travel concierge that uses agent-based AI to provide proactive and comprehensive travel experiences for travelers.
- HTS Assist changes the approach to customer service by travel companies: response time is reduced by 4 times, satisfaction levels increase and service costs are reduced by 65%.
Shield AI
- Introduced X-Bat, the world's first AI-controlled VTOL fighter for use in GPS- and communications-poor environments.
- Established a partnership with Huntington Ingalls Industries (HII) to integrate its Hivemind autonomy suite into maritime systems, marking a significant step toward modular, cross-domain military operations.
- Continues to innovate at the intersection of autonomy, defense and next-generation aerospace.
CoreWeave
- Signed a $14.2 billion infrastructure agreement with Meta with potential for significant expansion.
- Expanded its agreement with OpenAI by US$6.5 billion, strengthening its leadership as a leading artificial intelligence infrastructure provider.
- As of November 5, 2025, Stack Capital owns 100,000 shares of CoreWeave as the company opportunistically reduced its position to lock in profits and balance portfolio risk.
New investments
In the third quarter of 2025, Stack Capital made the following investments in category-defining technology companies:
- OpenAI – Invested US$8.0 million in global leader in generative artificial intelligence and creator of ChatGPT. The company continues to revolutionize productivity, search, and enterprise AI at scale.
- Data blocks – USD 2.1 million invested; its unified cloud platform supports all data, analytics and artificial intelligence workloads and is trusted by more than 10,000 organizations. The company is central to modern artificial intelligence infrastructure and real-time enterprise analytics.
- PsiQuantum – Invested 0.5 million US dollars; PsiQuantum is developing the world's first general-purpose silicon photonic quantum computer. Using traditional semiconductor manufacturing processes, PsiQuantum is paving a scalable path to commercial quantum computing.
Management comment
“We are seeing a robust IPO environment along with strong momentum in the private markets, particularly among disruptive companies in artificial intelligence, defense and robotics,” said Jeff Parks, CEO of Stack Capital. “This environment continues to create compelling opportunities, and we remain focused on identifying and supporting category leaders that can deliver long-term value.”
- As of September 30, 2025, the Company had a book value of $188.7 million and a book value per share of $14.26. A detailed summary of book value per share is as follows:
| Distribution of book value per share as of September 30, 2025: | |||
| CoreWeave, Inc. (AI hyperscaling) | $ | 2.37 | |
| SpaceXI(space research and satellite communications) | 2.28 | ||
| Kanva, LLC (graphic design) | 1.30 | ||
| Locus Robotics, Inc. (autonomous robots) | 1.14 | ||
| Omio, Inc.ii(travel and leisure) | 0.87 | ||
| Hopper, Inc. (travel and leisure) | 0.85 | ||
| Newfront Insurance, Inc. (insurance and benefits) | 0.84 | ||
| OpenAI, Inc. III(artificial intelligence) | 0.84 | ||
| Prove Identity, Inc.IV(cybersecurity) | 0.83 | ||
| Shield AI, Inc.V(military defense) | 0.34 | ||
| Databrix, Inc. VI(data analytics) | 0.22 | ||
| Bolt Financial, Inc. (e-commerce) | 0.19 | ||
| Varo Money, Inc. (neobanking) | 0.10 | ||
| PsiQuantum (quantum computing) | 0.09 | ||
| Cash | 2.35 | ||
| Other assets, net | (0.36 | ) | |
| Book value per share | $ | 14.26 | |
I The company invests in Space Exploration Technologies Corp. (“SpaceX”) through the Space LP special purpose vehicle.
ii The company invested in shares of GoEuro Corp., which does business as Omio.
iiI The company is investing in OpenAI through its special purpose vehicle Stack OAI LP.
IV fair value of Prove Identity Inc. includes unrealized deferred gains of $988,710.
V The company is investing in Shield AI through its dedicated Defense AI LP vehicle.
vi The company is investing in Databricks through its special purpose vehicle Stack DB LP.
About Stack Capital
Stack Capital is an investment holding company whose purpose is to invest in the equity, debt and/or other securities of privately held growth and late-stage businesses. Through Stack Capital, shareholders have the opportunity to gain access to a diversified private investment portfolio; participate in the private market; and have liquidity through the listing of the Common Shares and warrants on the TSX. At the same time, the public structure also allows the Company to focus its efforts on maximizing long-term performance through a portfolio of high-growth businesses that are not widely available to most Canadian investors. SC Partners Ltd. acts as the administrator of the Company and is responsible for sourcing and advising on all investments for the Company.
For more information, visit our website at www.stackcapitalgroup.com or contact:
Brian Viveiros
Vice President of Corporate Development and Investor Relations
647.280.3307
[email protected]
Non-IFRS financial measures
This press release may contain references to the following financial measures that are not recognized in accordance with International Financial Reporting Standards (“IFRS”) and which do not have the standard meaning prescribed by IFRS:
- Book value – the aggregate fair value of the Company’s assets at that date less the aggregate carrying amount of liabilities, excluding any deferred taxes or unrealized deferred gains or losses, if applicable, of the Company; And
- Book value per share (BVpS) – Book value on such date divided by the total number of shares of Common Stock outstanding on such date.
The Company's book value and book value per share are a measure of the Company's performance as a whole. The Company's methodology for determining this financial indicator may differ from the methods of other issuers and, accordingly, this amount may not be comparable with indicators used by other issuers. This financial measure is not a measure of performance as defined in IFRS and should not be considered in isolation or as a substitute for net earnings per share calculated in accordance with IFRS.
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans for the future. Readers are cautioned that use of such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as “proposed,” “expected,” “intends,” “may,” “will” and similar expressions. Forward-looking information contained or referred to in this press release includes, but is not limited to, Stack Capital's business and the risks associated therewith, including those set forth in its annual information filing under the heading “Risk Factors.”
Forward-looking statements or information are based on a number of factors and assumptions that were used to develop such statements and information, which may prove to be incorrect. Although Stack Capital believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements as Stack Capital can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the ability to benefit from investment opportunities. The forward-looking information in this press release reflects Stack Capital's current expectations, assumptions and/or beliefs based on information currently available to Stack Capital.
Any forward-looking information speaks only as of the date hereof and, except as required by applicable securities laws, Stack Capital disclaims any intention or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Forward-looking statements or information contained in this press release are expressly qualified by this cautionary statement.
