The Private Shares Fund (PIIVX) Top 10 Holdings SpaceX and xAI Merge to Advance Space-Based Data Centers

Merger forms a major tech position at 18.51% of Fund holdings

NEW YORK–(BUSINESS WIRE)–Liberty Street Advisors, Inc. (“LSA”), investment adviser to The Private Shares Fund (the “Fund,” PRIVX, PIIVX, PRLVX), announces a shift in its portfolio following the landmark acquisition of xAI by SpaceX on February 2, 2026. This merger unites two ambitious technology frontiers, creating a combined entity that now represents 18.51% of the Fund’s total holdings as of February 10, 2026.

The acquisition marks a pivotal step in Elon Musk’s vision to pioneer “orbital computing.” By integrating SpaceX’s industry-leading launch systems and Starlink’s global satellite constellation with xAI’s advanced artificial intelligence models (including Grok), the new entity is positioned to potentially revolutionize data processing.

The merger focuses on leveraging:

• Space-Based Data Centers: Utilizing the vacuum and temperature of space to potentially scale massive AI compute clusters.
• Real-Time Insights: Integrating X platform data with Starlink’s global connectivity for advanced AI training speed.
• Integrated Infrastructure: Combining SpaceX’s rapid deployment capabilities with xAI’s compute expertise to build a next-generation decentralized AI network.

The combined SpaceX-xAI entity offers a unique value proposition, blending the established aerospace dominance of SpaceX with the high-growth trajectory potential of generative AI. The Private Shares Fund’s investment in SpaceX exhibits how the Fund can provide institutional and individual investors with direct exposure to the forefront of the private markets.

“This isn’t merely a corporate combination—it’s the foundation of tomorrow’s infrastructure,” said Kevin Moss, Managing Director of LSA and Portfolio Manager of the Fund. “By placing AI directly in orbit, the new entity could finally break free from Earth’s power and cooling bottlenecks, unlocking the potential for unprecedented scale and efficiency for the next era of artificial intelligence.”

The Private Shares Fund Top 10 Holdings As of 2/10/2026

SpaceX, GrubMarket, Nanotronics, Tradeshift, Dataminr, Motive Technologies, Databricks, EquipmentShare, Upgrade, Betterment

The top 10 holdings represent 49.24% of Fund holdings as of February 10, 2026. Holdings are subject to change. Not a recommendation to buy, sell, or hold any particular security.

The Fund’s website updates top holdings and total holdings frequently. Please visit the Fund’s website here: top holdings; total holdings.

About Liberty Street Advisors, Inc.

Liberty Street Advisors, Inc. (“Liberty Street”) is an SEC registered investment advisor. The firm is located in New York City and launched its first fund in 2007. Liberty Street provides access to valuable and timely investment strategies designed to help investors and financial advisors meet the challenges of today’s market environment. As of December 31, 2025, Liberty Street manages four open-end mutual funds, the Private Shares Fund, and a non-U.S. fund with total assets under management of approximately $1.8 billion. For further information, visit https://libertystreetfunds.com/.

About The Private Shares Fund

The Private Shares Fund is a 1940 Act registered, closed-end interval fund that invests in a portfolio of private, late stage, growth companies. Traditionally, such access to private companies has only been available to institutional and high net worth investors through high-minimum, complex and paperwork laden private placement vehicles. The Private Shares Fund provides access to such companies without accreditation at low investment minimums, with a daily NAV, a quarterly repurchase program, no performance fees and simple 1099 tax reporting.*

To learn more about the Fund’s current holdings, total return performance, investment process, our team, and more, please visit the Fund’s website at www.privatesharesfund.com.

*The investment minimums are $2,500 for the Class A Share and Class L Share, and $1,000,000 for the Institutional Share, which is waived for fee-based asset management programs. Shares in the Fund are highly illiquid, and can be sold by shareholders only in the quarterly repurchase program of the Fund. Due to transfer restrictions and the illiquid nature of the Fund’s investments, you may not be able to sell your shares when, or in the amount that, you desire. Though there is no performance fee, other fees and expenses apply to the Fund.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus with this and other information about The Private Shares Fund (the “Fund”), please visit the Fund’s website at www.privatesharesfund.com, or call 1-855-551-5510. Read the prospectus carefully before investing.

Investment in the Fund involves substantial risk. The Fund is not suitable for investors who cannot bear the risk of loss of all or part of their investment. The Fund is appropriate only for investors who can tolerate a high degree of risk and do not require a liquid investment. All investing involves risk including the possible loss of principal.

Shares in the Fund are highly illiquid, and can be sold by shareholders only in the quarterly repurchase program of the Fund which allows for up to 5% of the Fund’s outstanding shares at NAV to be redeemed each quarter. Due to transfer restrictions and the illiquid nature of the Fund’s investments, you may not be able to sell your shares when, or in the amount that, you desire. The Fund intends to primarily invest in securities of private, late-stage, venture-backed growth companies. There are significant potential risks relating to investing in such securities. Because most of the securities in which the Fund invests are not publicly traded, the Fund’s investments will be valued by Liberty Street Advisors, Inc. (the “Investment Adviser”) pursuant to fair valuation procedures and methodologies approved by the Board of Trustees, as set forth in the prospectus. As a consequence, the value of the securities, and therefore the Fund’s Net Asset Value (NAV), may vary.

There are significant potential risks associated with investing in venture capital and private equity-backed companies with complex capital structures. The Fund focuses its investments in a limited number of securities, which could subject it to greater risk than that of a larger, more varied portfolio. There is a greater focus in technology securities that could adversely affect the Fund’s performance. The Fund’s quarterly repurchase policy may require the Fund to liquidate portfolio holdings earlier than the Investment Adviser would otherwise do so and may also result in an increase in the Fund’s expense ratio. Portfolio holdings of private companies that become publicly traded likely will be subject to more volatile market fluctuations than when private, and the Fund may not be able to sell shares at favorable prices. Such companies frequently impose lock-ups that would prohibit the Fund from selling shares for a period of time after an initial public offering (IPO). Market prices of public securities held by the Fund may decline substantially before the Investment Adviser is able to sell the securities.

The Fund may invest in private securities utilizing special purpose vehicles (“SPV”s), private investments in public equity (“PIPE”) transactions where the issuer is a special purpose acquisition company (“SPAC”), and profit sharing agreements. The Fund will bear its pro rata portion of expenses on investments in SPVs or similar investment structures and will have no direct claim against underlying portfolio companies. PIPE transactions involve price risk, market risk, expense risk, and the Fund may not be able to sell the securities due to lock-ups or restrictions. Profit sharing agreements may expose the Fund to certain risks, including that the agreements could reduce the gain the Fund otherwise would have achieved on its investment, may be difficult to value and may result in contractual disputes. Certain conflicts of interest involving the Fund and its affiliates could impact the Fund’s investment returns and limit the flexibility of its investment policies. This is not a complete enumeration of the Fund’s risks. Please read the Fund prospectus for other risk factors related to the Fund.

The Fund is distributed by FORESIDE FUND SERVICES, LLC.

FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements that are subject to risks, uncertainties and other factors that may cause actual results to differ materially. Statements in this press release that are not historical facts are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this press release, words or phrases generally written in the future tense and/or preceded by words such as “will,” “may,” “could,” “expect,” “believe,” “anticipate,” “intend,” “plan,” “seek,” “estimate,” “preliminary” or other similar words are forward-looking statements.

Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors that could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Any forward-looking statement made in this press release speaks only as of the date on which it is made. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake any obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Contacts

Jen Corletta
Water & Wall
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