Stack Capital Group Highlights Major Portfolio Achievements in AI Infrastructure, Quantum Computing, and Travel Tech

Databricks Reaches New Valuation Benchmark

Stack Capital’s portfolio company Databricks finalized a financing term sheet valuing the company at US$188 billion, marking a significant 40% increase from its prior valuation of US$134 billion earlier in 2026. This valuation growth highlights rising investor confidence in Databricks’ data and AI infrastructure platform, positioning it among the world’s most valuable private firms.

This financing milestone illustrates the sustained availability of capital for growth-stage tech companies specializing in data analytics and AI. For Stack Capital shareholders, the valuation boost potentially enhances portfolio value, though realization depends on future liquidity events and market conditions.

Crusoe Expands AI Infrastructure to 4.9 Gigawatts

Crusoe Energy, a key Stack Capital holding, announced its contracted AI infrastructure capacity has reached 4.9 gigawatts across data centers and the Crusoe Cloud platform. The company’s development pipeline exceeds 40 gigawatts, signaling significant planned expansion to meet growing AI compute demand.

This infrastructure growth is notable for Stack Capital investors amid increasing market focus on AI compute availability and limited large-scale data center capacity. Crusoe’s sizable pipeline reflects management’s confidence in sustained demand, establishing the company as a major competitor in AI infrastructure.

SpaceX Advances Starship Program and AI Compute Services

Stack Capital’s investment in SpaceX achieved multiple milestones, including the successful completion of Starship test flight #13 on July 24, 2026, which deployed 20 Starlink V3 satellites. This progress supports SpaceX’s goal of reliable, frequent space launches.

Additionally, SpaceX expanded its AI compute business by entering a multi-year agreement with Reflection AI, marking diversification into the high-demand AI compute services sector. This expansion complements SpaceX’s launch services and leverages its infrastructure and operational strengths, benefiting Stack Capital investors.

Shield AI Bolsters Defence Tech with Aechelon Acquisition

Shield AI completed the acquisition of Aechelon Technology, a defence simulation software provider, enhancing the development and testing of its Hivemind AI-pilot platform. This integration adds simulation and synthetic training capabilities, advancing autonomous defence system development.

The acquisition follows a US$2 billion financing round valuing Shield AI at US$12.7 billion post-money, reflecting strong investor confidence in its AI and autonomous defence technologies. For Stack Capital shareholders, this transaction and financing highlight continued capital access and strategic tuck-in acquisitions to strengthen Shield AI’s platform.

PsiQuantum Secures US$125 Million DARPA Quantum Computing Contract

PsiQuantum, Stack Capital’s quantum computing company, signed a US$125 million performance-based agreement with the Defence Advanced Research Projects Agency (DARPA) to support testing and validation of its utility-scale quantum computing technology. This represents PsiQuantum’s largest U.S. government award to date, emphasizing increased government investment in quantum research.

The contract’s performance-based nature ties funding to specific milestones, reflecting the government’s focus on advancing quantum computing from theory to practical application. This award offers Stack Capital investors third-party validation of PsiQuantum’s progress and underscores sustained governmental commitment to quantum computing, a transformative technology across industries.

Omio Strengthens European Market Presence via Rail Europe Acquisition

Omio, Stack Capital’s travel tech portfolio company, acquired Rail Europe, a leading European rail travel booking and information provider. This deal expands Omio’s leadership in Europe’s multimodal travel market by combining its digital platform with Rail Europe’s rail network expertise and data infrastructure.

The acquisition aligns with Omio’s strategy to consolidate fragmented European travel distribution through vertical integration and technology synergy. For Stack Capital shareholders, it reflects Omio’s ongoing growth-through-acquisition approach amid rising demand for multimodal travel booking and transparent pricing.

Locus Robotics Enhances Automation with Nexera Acquisition

Locus Robotics, part of Stack Capital’s warehouse automation portfolio, completed the acquisition of Nexera Robotics, specializing in AI-powered robotic grasping technology. Integrating Nexera’s capabilities enhances Locus Robotics’ platform for complex picking and handling tasks.

This acquisition mirrors industry trends toward combining complementary technologies to deliver comprehensive automation solutions. For Stack Capital investors, it demonstrates Locus Robotics’ commitment to advancing technology and expanding market reach in warehouse and logistics automation, a sector driven by demand for labor-displacement solutions.

Hopper Expands Canadian Reach Through RBC Partnership

Hopper, Stack Capital’s travel technology platform, launched a partnership with Royal Bank of Canada (RBC), one of Canada’s largest financial institutions. This collaboration broadens Hopper’s distribution by leveraging RBC’s extensive retail and commercial customer network nationwide.

The RBC partnership marks a significant distribution milestone for Hopper, providing access to a large, established customer base. For Stack Capital shareholders, it validates Hopper’s technology-as-a-service model and highlights its ability to secure major institutional distribution agreements, signaling commercial traction and growth potential.

Portfolio Progress and Capital Deployment Strategy

Stack Capital CEO Jeff Parks stated the company is "witnessing continued momentum across several of our portfolio companies through financing transactions at higher levels, as well as other strategic growth initiatives." This underscores the broad activity and positive outcomes from the company’s investment and portfolio management approach.

Parks further emphasized Stack Capital’s focus on "maximizing long-term value for shareholders through disciplined capital allocation to select new businesses, along with potential follow-on investments to some of our existing portfolio companies." This indicates an active investment stance with consideration for follow-on funding to accelerate value creation. Investors should watch for future announcements on new portfolio additions and follow-on investments as indicators of capital strategy and portfolio evolution.

Investor Insights and Portfolio Diversification

The July 27, 2026 portfolio updates showcase significant operational and financial progress across eight portfolio companies in high-growth sectors such as AI infrastructure, quantum computing, space technology, defence, travel tech, and warehouse automation. This diversity offers Stack Capital shareholders exposure to growth-stage private market opportunities typically inaccessible to individual Canadian investors.

Valuation and financing highlights—including Databricks’ 40% valuation increase, Crusoe’s expanded gigawatt capacity, and PsiQuantum’s landmark DARPA contract—demonstrate ongoing investor and government support. However, value realization for shareholders depends on future liquidity events not disclosed in this announcement. The immediate impact on share price remains unclear. Investors should monitor forthcoming disclosures on financing progress and potential liquidity or capital deployment events.