Powerlaw Corp. offers public investors access to late-stage private tech companies, most notably SpaceX, via a closed-end fund structure. PWRL currently trades at a 25% premium to its net asset value (NAV), with shares priced at $17.49 versus an NAV of approximately $13.97–$14.00. Even with a successful SpaceX IPO, the estimated NAV uplift would not justify the current market premium, limiting the margin of safety.