The unlisted supermajors
OpenAI at $500B, Anthropic at $380B, xAI merged into SpaceX. Here's how they map to public tickers — the only way most investors can touch them.
OpenAI
PrivatePBC restructure removes profit cap. Leopold was fired from the Superalignment team in April 2024 over a security memo.
- MSFT~27%$135.00BIP access through 2032
- SFTBY$30B investedSoftBank led $40B+ primary round at $300B
Anthropic
PrivateLeopold's fiancée Avital Balwit is Chief of Staff to Dario Amodei. Fund holds a private position.
- GOOGL~14%$53.00BNo board seats
- AMZN~7.8%$30.00B$8B committed, AWS partnership
- NVDAUp to $10BNov 2025 strategic investment
- MSFTUp to $5BNov 2025 investment, $30B Azure compute commitment
xAI
PrivateAll-stock merger into SpaceX.
- NVDAStrategic investorSeries C participant
SSI (Safe Superintelligence)
PrivateIlya Sutskever's post-OpenAI lab. Situational Awareness essay is dedicated to Sutskever.
- GOOGLInvestorGoogle Cloud provides TPU infrastructure
- NVDAInvestorApr 2025 round participant
Mistral AI
PrivateEuropean AI champion.
- ASML11%$1.50BBoard seat
- NVDAInvestorSeries C, 18,000 Grace Blackwell chips partnership
Figure AI
PrivateHumanoid robotics.
- MSFTInvestorSeries B and C participant
- NVDAInvestorSeries C participant
- INTCInvestorVia Intel Capital
Anduril
PrivateDefense tech. Purely VC-backed — Founders Fund, a16z. No public proxy.
Closed-end exposure
SpaceX, Anthropic (new Feb 2026), ~32 companies
SpaceX (17%), OpenAI (11%), Anthropic (4%), Figure AI (4%), xAI, Replit, Lambda, Shield AI, Groq
~$30B in OpenAI. Vision Fund portfolio.
The Leopold canon
Pulled from 'Situational Awareness' (June 2024), the Dwarkesh Patel interview, and the forourposterity blog.
“AGI by 2027 is strikingly plausible.”
“Power is the binding constraint, not chips or investment.”
“Imagine 100 million automated Alec Radfords.”
“We're very much on track for a $1 trillion of total AI investment by 2027.”
“In 2027, a leading AI lab will be able to train a GPT-4-level model in a minute.”
“I'm so bearish on the wrapper companies because they're betting on stagnation... we're just going to sonic boom you.”
“AGI by 2027 is strikingly plausible.”
“Power is the binding constraint, not chips or investment.”
“Imagine 100 million automated Alec Radfords.”
“We're very much on track for a $1 trillion of total AI investment by 2027.”
“In 2027, a leading AI lab will be able to train a GPT-4-level model in a minute.”
“I'm so bearish on the wrapper companies because they're betting on stagnation... we're just going to sonic boom you.”
“The core AGI infrastructure must be controlled by America, not some dictator in the Middle East.”
“The nation's leading AI labs treat security as an afterthought. Currently, they're basically handing the key secrets for AGI to the CCP on a silver platter.”
“I find it an insane proposition that the US government will let a random SF startup develop superintelligence. Imagine if we had developed atomic bombs by letting Uber just improvise.”
“We're going to have way more situational awareness than any of the people who manage money in New York. We're definitely going to do great on investing.”
“By the early 2030s, the entirety of the US arsenal will probably be obsolete.”
“Most powerful weapon man has ever created. Think nukes, but 10x.”
“The core AGI infrastructure must be controlled by America, not some dictator in the Middle East.”
“The nation's leading AI labs treat security as an afterthought. Currently, they're basically handing the key secrets for AGI to the CCP on a silver platter.”
“I find it an insane proposition that the US government will let a random SF startup develop superintelligence. Imagine if we had developed atomic bombs by letting Uber just improvise.”
“We're going to have way more situational awareness than any of the people who manage money in New York. We're definitely going to do great on investing.”
“By the early 2030s, the entirety of the US arsenal will probably be obsolete.”
“Most powerful weapon man has ever created. Think nukes, but 10x.”