Powerlaw Corp. (Nasdaq: PWRL) Announces Prometheus and Shield AI as Newest Holdings & Files Updated Schedule of Investments

• Prometheus, the physical AI startup co-founded by Jeff Bezos, has raised $18.2 billion within eight months of its founding, including a $12 billion round in June 2026 at a $41 billion valuation
• Shield AI's Hivemind autonomy software moved into a funded U.S. Air Force production program in June 2026, as the company guides to more than 80% revenue growth in 2026
• Updated Schedule of Investments (SOI): Powerlaw Corp. has formally filed its complete schedule of portfolio holdings as of June 30, 2026
• PWRL provides exposure to Prometheus, Shield AI, and other leading private technology companies through a single, Nasdaq-listed security

SAN FRANCISCO--(BUSINESS WIRE)--Powerlaw Corp. (Nasdaq: PWRL), a publicly traded closed-end fund advised by Powerlaw Fund Adviser, LLC, today highlighted its newest portfolio holdings, Prometheus and Shield AI, two companies at the center of the growing physical AI and autonomous defense systems categories. In addition, the company filed its latest Schedule of Investments (SOI) as of June 30, 2026.

“As the public markets prepare to celebrate the entry of pioneering AI leaders, we have been busy identifying the next cohort of generational AI companies, and believe Prometheus and Shield AI are part of that group,” said Mike Dinsdale, CEO of Powerlaw Corp. “Prometheus and Shield AI reflect how significant value creation in today’s most closely watched technology categories, physical AI and autonomous defense systems, continues to take place while companies remain private, limiting most investors from participating in that growth.”

“At PWRL, we are on a mission to enable public investors to participate in the value creation that these future leaders are building in the historically exclusive private markets,” continued Mr. Dinsdale.

Prometheus: Physical AI for physical product design and manufacturing

Prometheus, co-founded by Jeff Bezos, is building AI for physical product design and manufacturing in what it's calling an "artificial general engineer." The company closed a $12 billion Series B at a $41 billion post-money valuation in June 2026, bringing total funding to $18.2 billion raised within eight months of founding. Prometheus has assembled a team of 120 engineers from OpenAI, DeepMind, and NVIDIA. Backers include JPMorgan, BlackRock, Goldman Sachs, and DST Global, building "the CAD of the future."

“Our exposure to Jeff Bezos’s Prometheus came in the second quarter of 2026, taking our position alongside the company's $12 billion Series B,” said Ben Black, Chief Investment Officer of Powerlaw Corp. “At the point PWRL invested, Prometheus had raised roughly $18.2 billion within eight months of being founded and carried a $41 billion post-money valuation — striking for a company still pre-revenue.”

Shield AI: Autonomous Systems for Defense

Shield AI builds AI pilots designed to fly military aircraft without constant human control. The company’s Hivemind autonomy software has been deployed in combat since 2018 and has flown 26 vehicle classes. In June 2026, Hivemind moved from a development program into a funded U.S. Air Force Collaborative Combat Aircraft (CCA) production award, extending investor exposure to the broader shift toward uncrewed defense systems. Shield AI raised $1.5 billion in Series G funding at a $12.7 billion post-money valuation earlier this year. The company also reported $300 million in revenue in 2025 and has guided to more than $540 million in 2026, representing growth of more than 80%.

“At PWRL, we believe in having exposure in the long-term trend towards uncrewed defense systems,” said Mr. Black. “We initiated Shield AI exposure in June 2026, through the company's Series G at a roughly $12.7 billion valuation. At our entry, Shield AI was doing about $300 million of revenue in 2025 and guiding to more than $540 million in 2026 — better than 80% growth — on the back of Hivemind, its AI pilot software that can fly military aircraft without constant human control.”

Filing of Updated Schedule of Investments

In conjunction with these portfolio updates, Powerlaw Corp. announced that it has filed its comprehensive Schedule of Investments (SOI) for the period ending June 30, 2026, with the U.S. Securities and Exchange Commission (SEC).

The updated filing details all of Powerlaw Corp.'s holdings, valuations, and asset allocations at the close of the second quarter, providing full transparency into the fund's private market exposures. Shareholders and interested investors can review the complete June 30, 2026 SOI on the SEC's website at www.sec.gov or by visiting the Investor Relations section of the company's website at PWRL.com.

Prometheus and Shield AI are two of the 19 high-growth private technology companies in the PWRL portfolio. The fund, which began trading on Nasdaq following a direct listing on May 27, 2026, invests across the sectors it believes are driving the next generation of innovation, including artificial intelligence, next-generation software, aerospace and defense, and consumer technology platforms.

The PWRL portfolio also includes exposure to SpaceX, OpenAI, Databricks, Deel, Stripe, Kalshi, Kraken, Vast Data, Tether, Colossal Biosciences, Mercor.io, Perplexity, Canva, Rippling, Saronic, Figma, and Waymo in a single ticker, available through any standard brokerage account and IRA.

Powerlaw Capital Group is backed by Akkadian Ventures, LLC (“Akkadian”), a venture secondary investment firm focused on the private technology market, with $1.36 billion in assets under management as of March 31, 2026. Since 2010, Akkadian has completed more than 875 primary and secondary transactions across 134 portfolio companies, providing liquidity solutions to founders, employees, and investors.

The fund is advised by Powerlaw Fund Adviser, LLC, drawing on Akkadian’s experience, sourcing network, and operator relationships to identify and invest in leading private technology companies.

Additional information, including the prospectus and portfolio disclosures, is available at PWRL.com.

ABOUT POWERLAW CAPITAL GROUP, LLC

Powerlaw Capital Group, LLC is a public-market investment platform on a mission to provide exposure to high-growth private technology to everyone. Its inaugural fund is Powerlaw Corp. (Nasdaq: PWRL), a registered closed-end management investment company that is advised by Powerlaw Fund Adviser, LLC. The firm is backed by Akkadian Ventures' 16-year heritage in venture secondary markets. For more information, visit PowerlawFunds.com.

ABOUT POWERLAW FUND ADVISER, LLC

Powerlaw Fund Adviser, LLC is the investment adviser to Powerlaw Corp. and an affiliate of Akkadian Ventures, LLC (“Akkadian”), a San Francisco-based venture secondary investment firm with more than $1.36 billion in assets under management across affiliated advisers and strategies as of March 31, 2026. Since 2010, Akkadian has completed more than 875 primary and secondary transactions across 134 portfolio companies, bringing deep experience, longstanding industry relationships, and a disciplined underwriting approach to private technology investing. For more information, visit Akkadian.vc.

ABOUT POWERLAW CORP. (Nasdaq: PWRL)

Powerlaw Corp. (Nasdaq: PWRL) is a listed closed-end fund registered under the Investment Company Act of 1940, offering exposure to leading private technology companies through a single Nasdaq-listed security. It provides daily liquidity, monthly NAV reporting, and quarterly portfolio disclosure. The fund intends to elect to be treated, and to qualify annually, as a Regulated Investment Company (“RIC”) for U.S. federal income tax purposes beginning with its taxable year ending September 30, 2026. As a RIC, PWRL provides the reporting, governance, and investor protections applicable to publicly traded funds. For more information, visit PWRL.com.

IMPORTANT INFORMATION

Investors are advised to carefully consider the investment objective, risks, charges, and expenses of Powerlaw before investing. A prospectus, dated May 20, 2026, which has been filed with the Securities and Exchange Commission (“SEC”), contains this and other information about Powerlaw and should be read carefully before investing.

A registration statement relating to the resale of shares of common stock of Powerlaw has been filed with the SEC and is effective. This press release does not constitute an offer to sell or a solicitation of an offer to buy shares of common stock of Powerlaw, which offering may only be made by means of a prospectus, copies of which may be obtained when available from: Powerlaw Capital Group at 631 Folsom Street, Suite A, San Francisco, California 94107 or by listing our website at PWRL.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

An investment in Powerlaw is speculative and involves a high degree of risk with substantial risk of loss. Shares of closed-end funds such as Powerlaw frequently trade at a discount to net asset value. PWRL is a listed closed-end fund registered under the Investment Company Act of 1940. Like other Nasdaq-listed securities, it can be held in standard brokerage accounts and in individual retirement accounts.

Closed-end funds differ from open-end funds in that closed-end funds do not redeem their shares at the request of an investor. No shareholder has the right to require Powerlaw to redeem his, her, or its shares. While Powerlaw’s shares are expected to be listed on an exchange, an active public market for the shares may not develop. As a result, shareholders may not be able to liquidate their investment. Accordingly, shareholders should consider that they may not have access to the funds they invest in Powerlaw for an indefinite period of time. There is no assurance that Powerlaw will achieve its investment objective, or that the private companies in which Powerlaw invests will ever have a liquidity event.

Forward-Looking Statements

This communication includes “forward-looking statements,” including with respect to the expected direct listing of Powerlaw’s shares on the Nasdaq Global Market under the symbol “PWRL,” the ability of investors to request and trade shares following the direct listing, the potential addition of portfolio companies over time, and the expected closing of any contemplated portfolio investments following the direct listing. These statements also include statements regarding Powerlaw’s objectives to expand access to private markets and other statements that are not historical facts. You can sometimes identify forward-looking statements through the use of words or phrases such as “will,” “expect,” “anticipated,” “aim,” “intended,” or similar words and expressions of the future. Forward-looking statements involve known and unknown risks, uncertainties, and assumptions, including the risks outlined under “Risk Factors” in the prospectus and elsewhere in Powerlaw’s filings with the SEC, which may cause actual results to differ materially from any results expressed or implied by any forward-looking statement. Powerlaw and its affiliates have no obligation, and do not undertake any obligation, to update or revise any forward-looking statement made in this communication to reflect changes since the date of this communication, except as required by law.

Investors should consider Powerlaw’s investment objectives, risks, charges, and expenses carefully before investing. Powerlaw’s prospectus contains this and other information and should be read carefully before investing. A copy is available at PWRL.com. Shares of closed-end funds frequently trade at a discount to net asset value. There is no guarantee that an active trading market will develop or be maintained. Investing involves risk, including the possible loss of principal. There is no assurance that the Fund will achieve its investment objective.