OUR THESIS

One supercycle, four dimensions

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

Proprietary sourcing

Opportunities sourced through established relationships across founders, shareholders, funds and trusted counterparties in global private technology markets.

Independent underwriting

Every position independently assessed across market structure, company fundamentals, valuation, ownership terms and transaction-specific risks before capital is committed.

High-conviction focus

Capital concentrated within a defined set of technology themes where structural tailwinds, sector expertise and deep market understanding support differentiated conviction and more selective underwriting.

Selective capital deployment

Capital deployed selectively across primary and secondary opportunities, with entry structure, ownership rights and price evaluated on a position-by-position basis.

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 pillar supercharges 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 is underwritten against the same framework

Thematic conviction translated into consistent, position-level underwriting.

Structural Tailwinds

Exposure to one of four conviction pillars - intelligence, compute & energy, embodiment or sovereign demand - supported by durable structural tailwinds.

Category Leadership

Evidence of category leadership through market share, technical advantage, network effects, customer quality or another defensible source of competitive strength.

Stage and Trajectory

Late-growth businesses beyond product-market fit and early hype-cycle volatility, with sufficient scale, visibility and maturity for institutional underwriting.

Scaled Operators

Management teams with demonstrated ability to operate at scale, supported by governance, financial controls and reporting suited to later-stage ownership.

Differentiated Entry

Access through primary rounds, direct secondaries or purpose-built structures, with the entry route matched to the characteristics of each opportunity.

Valuation Discipline

Entry valuation supported by intrinsic-value and comparable-company analysis, with security terms and structural protections assessed alongside headline price.

Clear Path to Liquidity

A credible path to liquidity through IPO, strategic M&A or structured secondary transactions, evaluated within a defined investment horizon.

Access

Deal-by-deal participation, with full visibility before commitment.