OUR THESIS

One supercycle, four layers

Intelligence, compute, embodiment and sovereign demand are capitalizing each other. Acquinox fosters direct investments into all four.

Curated deal flow

Opportunities sourced through a proprietary network of trusted sellers, typically unavailable through traditional wealth management channels.

Institutional-grade underwriting

Rigorous framework covering market position, revenue trajectory, cap table structure, and management track record.

Selective sector concentration

We focus on a defined universe of next-generation technology sectors where we have genuine conviction, not broad exposure for its own sake.

Deal-by-deal participation

Investors commit on an opportunity-by-opportunity basis, with no blind pool and full visibility into each position before committing capital.

Sectors we invest in

Intelligence, compute, embodiment, and sovereign demand compound on each other

We invest across the full stack of the AI supercycle, not a single slice of it.

These four themes are the interlocking layers of one supercycle, not four separate bets. Frontier AI drives demand for compute, compute makes intelligence cheap enough to embody in robotics, and the same autonomy and silicon stack is being absorbed into a re-armed defense and space economy backed by sovereign capital. Each layer capitalizes the next.

Global inference demand

Global token processing has gone from 1.7Q to ~11Q per month in a year.

Cost per unit of capability is collapsing ~10x annually. Cheaper intelligence doesn't shrink the compute bill; it expands what gets deployed.

Quadrillion tokens processed per month70x+ 5Y growth

Chart data
Period	Value
Mid-25	1.7Q
May-26	5.6Q
Jul-26	11Q
2028	47Q
Mid-30	120Q

Source: Goldman Sachs

Cumulative compute capacity

Training and inference demand are driving the largest capex super-cycle in tech history.

Hyperscaler spend exceeds $400B annually, and access to chips, power, and data center capacity has become a geopolitical priority.

Number of H100e chips3.3x per year

Chart data
Period	Value
Q1'22	47K
Q1'23	0.4M
Q1'24	2.1M
Q1'25	7.4M
Q3'25	17M

Source: EpochAI

Humanoid robots installbase

AI breakthroughs are pulling the commercial timeline forward - end-to-end AI is enabling faster humanoid iterations.

The cost curve is collapsing faster than expected - bill of materials costs fell ~40% in a single year to $150K per unit.

Units in service120x growth

Chart data
Period	Value
2025	25K
2029	180K
2031	620K
2033	1.5M
2035	3.0M

Source: Goldman Sachs

NATO Europe defense spending

A decade of European under-investment is now reversing at unprecedented speed - the sharpest rise since the Cold War.

The Hague Summit 2025 locked in a structural commitment: NATO members pledged to reach 3.5% of GDP on core defense by 2035.

Percent of GDP+1.2pp 2025-2035

Chart data
Period	Value
2010	1.65
2015	1.42
2020	1.71
2025	2.33
2035	3.50

Source: NATO

Mandate

Where the mandate operates

Defined boundaries, applied to every opportunity before it reaches investors.

Core geographies

EuropeNorth AmericaAsia

Capital strategies

Later-stage, pre-IPO$5M+ investment ticket

Sourcing

Primary transactionsSecondary transactions

Investment criteria

Every position passes through the same disciplined framework

Anchoring thematic conviction in rigorous, position-level underwriting.

Megatrend Exposure

Company sits within one of our four conviction pillars - intelligence, compute & energy, embodiment or sovereign demand - with multi-decade tailwinds

Category Leadership

Defensible moat across market share, technical edge, network effects, or customer concentration signaling dominance versus competition

Stage and Trajectory

Late-growth to early late-stage maturity - past product-market fit and hype-cycle volatility, ahead of public-market mediocrity

Scaled Operators

Management with demonstrated ability to operate at scale; governance and reporting infrastructure ready for public-market scrutiny

Differentiated Entry

Both primary and structured secondary access points

Discipline at Price

Entry valuation supported by intrinsic-value and comp analysis; structural protections - preference, ratchets

Clean & Credible Exit

Identifiable path to IPO filed within 3-5 years from entry, strategic M&A or structured secondary

Access

Deal-by-deal participation, with full visibility before you commit.