Powerlaw offers retail investors concentrated exposure to private tech, notably SpaceX (~19% of NAV), OpenAI, and others. PWRL trades at a ~22% premium to NAV, with significant overvaluation risk tied to its largest holdings, especially SpaceX. SpaceX's likely IPO valuation ($1.75T) exceeds Damodaran's optimistic fair value ($1.3T), implying a 23-24% downside post-listing.