2025 Annual Letter
2025 was, in some ways, a historic year for Social Capital. Numerically, we did well. Our portfolio took an important inflection upwards when NVIDIA licensed Groq for $20B. However it felt...
Social Capital Performance Summary To the supporters and friends of Social Capital: This is our eighth annual letter, in which we share our investments, our observations on the year, and our thinking on technology, markets, and the future. 2025 was, in some ways, a historic year for Social Capital. Numerically, we did well. At the end of the year, our portfolio took an important inflection upwards when NVIDIA licensed Groq for $20B. However, 2025 felt neither particularly successful nor unsuccessful for me in investment terms. Investment returns are a deeply lagging indicator, as is…
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