The Starship Fund

Manufacturer of zinc-based long-duration energy storage systems for utilities and C&I customers. Non-lithium chemistry positioned for 3-12 hour storage; scaling production at new US factory.

The largest position in Starship for a reason. Eos Energy's zinc-based battery chemistry avoids lithium supply chain risks and offers a cost-competitive solution for 3-12 hour storage that lithium-ion can't economically address. The DOE loan guarantee provides critical non-dilutive funding, and the Turtle Creek factory is ramping production. As grid storage needs extend beyond 4 hours — driven by renewable mandates and data center power demand — Eos's technology becomes the preferred solution. 85,820 shares at a $2.80 average cost gives massive leverage on the upside.

Small-cap company pivoting to Bitcoin treasury strategy after exiting e-commerce brands. Speculative play on BTC accumulation via equity and debt raises.

Upexi is the micro-cap Bitcoin treasury play. After pivoting from e-commerce, they're now accumulating BTC using equity raises and operational cash flow, essentially becoming a micro-cap MicroStrategy. With 146,988 shares at $0.80 avg cost, the position has enormous leverage on BTC price moves. If Bitcoin hits $200K+ the per-share BTC value could dwarf the current stock price. The tiny float creates outsized volatility both ways.

Bitcoin miner and AI cloud services provider with data centers in multiple countries. Transitioning GPU capacity toward AI/HPC workloads alongside BTC mining for dual revenue streams.

Iris Energy is the dual-play — Bitcoin mining plus AI/HPC cloud. The Childress, Texas expansion is massive, and the power contracts are at rates that make economics work for both mining and AI workloads. The market is valuing them as a miner when they're increasingly an AI infrastructure company. Currently underwater at $54.54 avg cost vs $41.58 price, but the thesis is intact — if AI revenue scales to 30-40% of total revenue, the stock deserves a dramatically higher multiple.

Clinical-stage immunotherapy company developing next-gen cancer treatments including ANKTIVA (N-803), an IL-15 superagonist. FDA-approved for bladder cancer; expanding pipeline across multiple tumor types.

ImmunityBio's ANKTIVA received FDA approval for non-muscle invasive bladder cancer, making it the first new treatment in over 20 years for BCG-unresponsive patients. The pipeline extends into pancreatic cancer, lung cancer, and other solid tumors. With 4,498 shares at $7.02 avg cost, the position is already profitable and has significant upside if additional indications receive approval. The immunotherapy approach has potential for combination therapy with checkpoint inhibitors.

Micro-cap energy and digital infrastructure company. Positioned at the intersection of energy infrastructure and digital asset operations.

NUAI is a speculative play on the convergence of energy infrastructure and digital assets. With 6,691 shares at $7.01 avg, the position is currently underwater at -28%, but the thesis is about long-term optionality. If the company successfully executes on its energy-to-digital strategy, the micro-cap valuation provides significant leverage on the upside. High risk, high reward positioning typical of the Starship Fund approach.

Telehealth platform offering personalized health and wellness products through subscriptions. Growing rapidly in GLP-1 weight loss, dermatology, and mental health verticals with direct-to-consumer model.

Hims & Hers has transformed into a scaled health platform. The Novo Nordisk partnership resolved the GLP-1 legal overhang and secured access to the fastest-growing consumer health category. Subscription revenue provides recurring visibility, and expansion into weight loss, mental health, and dermatology widens the TAM. Currently down -27% but the platform's personalized approach and strong brand resonate with younger demographics underserved by traditional healthcare.

Bitcoin mining company using immersion cooling technology. Small-cap miner focused on efficiency gains through liquid cooling of ASIC hardware.

BitMine Immersion is deeply underwater at -55% but remains in the portfolio as a high-conviction BTC cycle play. Immersion cooling provides meaningful efficiency advantages over air-cooled mining, extending hardware life and reducing energy costs. If Bitcoin breaks to new highs in this cycle, miners with efficient operations and the lowest cost structures will see the most operating leverage. The position size at 3.5% reflects the speculative nature.

The largest US cryptocurrency exchange. Diversifying into staking, custody, Base L2, and institutional services. Benefits from regulatory clarity and crypto market cycles.

Coinbase is the picks-and-shovels play on the crypto ecosystem. As the dominant US exchange, they benefit from every cycle regardless of which tokens win. The Base L2 chain creates a platform revenue stream, institutional custody is growing, and staking rewards provide recurring revenue. Regulatory clarity under the current administration is a tailwind. Only -6% from cost basis with significant upside if crypto volumes accelerate.

AI infrastructure company (spun from Yandex) building GPU cloud and AI training platforms. Early-stage but well-capitalized; positioned in the AI compute buildout wave.

Nebius is one of the most interesting AI infrastructure plays available. Spun out of Yandex with deep technical talent, they're building a GPU cloud platform purpose-built for AI training and inference. Well-capitalized and moving fast to capture share before hyperscalers lock it up. The valuation is tiny relative to the AI infrastructure TAM, and the +18.8% return already validates the entry thesis.

Telehealth company offering virtual primary care, weight management (GLP-1 prescriptions), and dermatology through subscription model. Smaller competitor to Hims in the DTC health space.

LifeMD is the smaller, cheaper telehealth play alongside HIMS. The GLP-1 weight management vertical is the key growth driver, and LifeMD's subscription model provides recurring revenue visibility. At $3.98 the stock is priced for minimal expectations — any positive surprise on subscriber growth or GLP-1 adoption could drive outsized returns. The 4,650-share position at $4.97 avg is a calculated bet on the telehealth category.

End-to-end space company providing launch services (Electron rocket), satellite components, and developing the medium-lift Neutron rocket. Second most frequent US orbital launcher behind SpaceX.

Rocket Lab is the only credible publicly-traded competitor to SpaceX. Electron is already the second most frequently launched US rocket, and Neutron will open the medium-lift market. The space components business provides recurring revenue and vertical integration. With 237 shares at $48 avg already up +42.5%, Rocket Lab's position as the “picks and shovels” of the space economy gives it a long runway as satellite constellations, defense, and commercial space expand.

Building the first space-based cellular broadband network. Plans to provide 4G/5G connectivity directly to standard smartphones via large satellites in low Earth orbit, eliminating dead zones globally.

The best-performing position in Starship at +356%. AST SpaceMobile is building something that has never existed — a satellite network that connects directly to standard smartphones without any hardware modification. The partnerships with AT&T, Verizon, and international carriers validate the technology. With only 20 shares at $18.92 avg, this was an early speculative bet that has paid off spectacularly. The TAM for global cellular connectivity from space is enormous — 5 billion mobile subscribers with billions more in underserved areas.