March 28, 2025

Fold, Call, Raise.

Dear Subscriber First Name,

Poker-related idioms, long prevalent in finance as well as professional and strategic discourse, regained prominence when President Trump remarked to President Zelensky:

“You don't have good cards right now!”

In venture capital, this idiom is often used to describe the decision to follow-on in an investment by participating in a subsequent funding round. We applied this strategy with xAI, joining their Series C round just six months after our Series B investment.

With America 2030, we will follow up on primary rounds in our highest-conviction companies and have earmarked follow-on capital for approximately 20% of the portfolio.

In today's market, late-stage secondary tech—focused on resilience and real-world impact—is the most de-risked, asymmetric play on the table. As we like to say:

“Between NASDAQ and VC—that’s exactly where we want to be.”

👥 Team America 2030

We’ve finalized our team structure: two dedicated to Investment Management, and four vertical leads covering Defense, Energy, Security, and Data/AI.

📊 Pipeline, March 2025

We are increasing the number of companies under coverage, significantly expanding our pipeline and deepening our expertise on each individual company.

🧠 Initiation of Coverage

Crusoe Energy’s pivot into AI infrastructure aligns perfectly with our strategy—and benefits from powerful secular tailwinds. The AI infrastructure market is expected to surpass $100B by 2030 (McKinsey).

Figure AI is red hot with Investor Demand in Secondary Markets, with high interest from most brokers and secondary funds.

Castelion $100M January 2025 raise generated significant buzz in secondary markets, according to sources in the secondary VC ecosystem. A key defense-sector player now on our radar.

📍 Coming Near You

America 2030 is a 6-year, research-driven target maturity fund built for investors seeking exposure to high-growth, late-stage companies across defense, energy, security, and AI.

📆 Upcoming U.S. Roadshow Events:

• San Francisco, April 28

• Mountain View, April 30

• Austin, May 2

📩 Reply to this email if you’d like to meet us at one of the events or get the full Fund Deck & Factbook.

Read the lunch Press Release

💙We support ACE New York

At IPO CLUB, we proudly support the Association of Community Employment Programs for the Homeless (ACE)—our charity of choice.

ACE is a distinguished 501(c)(3) nonprofit dedicated to transforming lives in New York City. Since 1992, it has provided job training, education, and critical support services to help individuals experiencing homelessness regain independence and reintegrate into society.

ACE has launched a $5 million Capital Campaign to double its impact and expand services to those who need them most.

👉 Learn more or donate today

The timing of an IPO is not set in stone and depends on several things. Our expectations are based on company disclosures, specialized press coverage, and brokers’ research.

Accredited, Qualified, Sophisticated, and Institutional Investors only.