Dovey "Rug the fiat" Wan (hiring)(@DoveyWan ):SPV even single layer, are no match for liquid stock, 2 other data pt from my own book/friends circle 1️⃣ Invested in Twitter '22 Privatization: Looking at ~2.5x gross at the $1.5T SpaceX IPO 2️⃣ Invested in xAI '25 SPV ($120B entry): with dilution/fee and all that, i will be lucky to clear 2x net ... 😭 Meanwhile, NVDA/TSMC and the high-conviction semi stack have absolutely smoked these returns, minus the carry, the lock-ups, and the SPV distribution hassle ..

Dovey "Rug the fiat" Wan (hiring)@DoveyWan

2026.05.13 16:47

SPV even single layer, are no match for liquid stock, 2 other data pt from my own book/friends circle 1️⃣ Invested in Twitter '22 Privatization: Looking at ~2.5x gross at the $1.5T SpaceX IPO 2️⃣ Invested in xAI '25 SPV ($120B entry): with dilution/fee and all that, i will be lucky to clear 2x net ... 😭 Meanwhile, NVDA/TSMC and the high-conviction semi stack have absolutely smoked these returns, minus the carry, the lock-ups, and the SPV distribution hassle ..

Nick Davidov@Nick_Davidov

2026.05.12 16:47

You invested $100K via a 3-layer Anthropic SPV at $380B valuation. Third layer takes 15% management/set up fees and no carry Second layer takes 10/20 First layer takes 10/20 So your real investment is 100*0.85*0.9*0.9=$68.85K. Given nobody scammed anyone in the matryoshka An exit at $1.4T IPO gets you a MOIC of ~2.8x after dilution. That’s $192K on the first layer. The first layer takes 20% carry, you have $167K left The second layer takes 20% carry ($36.4k), you have $130.6k left So you have made a $30K return on a $100K investment in a year. So layered SPV investment got you a 68% Anthropic exposure. Buying Google stock gets you 14% and Amazon - 18%. AND a multiple on all the money Anthropic spends on compute (most of their money). AND exposure to a money-printing business with a strong AI component that rivals Anthropic. AND no scam risk. While the 32% lost in SPV fees just fund someone’s coke habit in Miami. Same $100K put in AMZN and GOOG over the same time period would also get you the 30% return. You’re welcome.