SECOND
DIGITAL
SDM

Late-stage primaries, secondaries, and special situations, routed for speed where traditional capital cannot move.

SECONDDIGITAL

Anduril logo
SpaceX logo
OpenAI logo OpenAI
Polymarket logo
Physical Intelligence logo Physical Intelligence
Fluidstack logo Fluidstack
Kraken logo
Project Prometheus logo
ByteDance logo

/// The Thesis

Four principles that shape every asset we touch.

01 // ROOM

Access Over Allocation

The value is getting into the room. Capital is a commodity; access is restricted. We navigate structural barriers to clear allocations where others cannot.

02 // STRATEGY

Structural Creativity

SPVs, blockers, and forward contracts are tools to engineer liquidity, not obstacles. We find clean entry points where traditional buyers see dead ends.

03 // WEIGHT

Concentration with Conviction

We do not index. We do not manage blind pools. Every position is an explicit, highly concentrated view on category leaders.

04 // TRUST

Transparent by Design

Deal-by-deal visibility. Complete structural alignment with our network, giving our partners total deployment autonomy.

/// Strategies

Execution

Execution. Three strategies. One hybrid book.

Submit Deal Info
PRE-IPO ROUND LEAD ALLOCATION // CO-INVEST
01 // STRATEGY

Late-Stage Primaries

Direct entry into pre-IPO category leaders alongside tier-1 institutional leads. Focuses on premium global rounds.

FRAMEWORK: Direct // SPV // Co-invest
CAP TABLE BUYER SPV SECONDARY BLOCK FOUNDER LIQUIDITY // PRIVATE TRANSFER
02 // STRATEGY

Secondaries

Discretionary liquidity solutions for founders and early employees. Accessing closed cap tables and managing private blocks.

FRAMEWORK: SPV // Direct // Block Trades
CONTROL PLATFORM CARVE-OUTS // ROLL-UP
03 // STRATEGY

Special Situations

Control positions, asset consolidation, corporate carve-outs, and roll-ups in structured target frameworks.

FRAMEWORK: Majority // Takeover // Roll-up

/// Portfolio

SDM Capital holds
high-conviction positions in
deep intelligence.

DEF.01

Anduril

[ Series H Primary ]
Asset 01 // Defense Technology / [ Series H Primary ]

Anduril Industries

/// The Metrics

  • Capital StackSeries H Primary // Direct Secondary
  • Implied Valuation$61.0B (Latest Primary Round)
  • Total Capital Raised$5.0B+
  • Estimated Share ClassSeries H Preferred
  • Key FocusArsenal-1 Manufacturing Scale-up

/// The Macro

Costa Mesa, CA Founded 2017 Defense Tech
Website X (Twitter) LinkedIn Crunchbase

Hardware-first defense technology provider transforming autonomous military capabilities with software-defined systems and scalable software integration.

SPACE.02

SpaceX

[ Secondary Tender ]
Asset 02 // Aerospace Infrastructure / [ Secondary Tender ]

Space Exploration Technologies

/// The Metrics

  • Capital StackPre-IPO Secondary Tender Offer
  • Implied Valuation$210B – $250B (Secondary Band)
  • Total Capital Raised$10.0B+
  • Estimated Share ClassCommon // Employee Liquidity Blocks
  • CatalystStarlink & Starship Operational Velocity

/// The Macro

Hawthorne, CA Founded 2002 Aerospace Systems
Website X (Twitter) LinkedIn Crunchbase

Leading orbital launch provider and satellite internet constellation operator, establishing the baseline infrastructure of the space economy.

AI.03

OpenAI

[ Block Trade ]
Asset 03 // Frontier AI / [ Block Trade ]

OpenAI

/// The Metrics

  • Capital StackLate-Stage Secondary // Forward Contract
  • Implied Valuation$157B Institutional Benchmark
  • Total Capital Raised$17.9B
  • Estimated Share ClassCommon // Employee Liquidity Blocks
  • Compute ScalePioneer in AGI Architecture

/// The Macro

San Francisco, CA Founded 2015 Frontier AI
Website X (Twitter) LinkedIn Crunchbase

The global infrastructure layer for artificial general intelligence and enterprise cognitive systems, with scale backed by major sovereign integrations.

DATA.04

Polymarket

[ Series C Block ]
Asset 04 // Prediction Markets / [ Series C Block ]

Polymarket

/// The Metrics

  • Capital StackSeries C Secondary Block / Direct Equity
  • Implied Valuation$15.0B (Secondary Benchmark)
  • Total Capital Raised$2.6B
  • Estimated Share ClassSeries C Preferred
  • Growth MetricOver $10B Monthly Trading Volume

/// The Macro

New York, NY Founded 2020 Prediction Markets
Website X (Twitter) LinkedIn Crunchbase

The world's dominant prediction market platform, establishing baseline consensus probabilities and transitioning real-time event data into institutional financial distribution feeds.

AI.05

Physical Intelligence

[ Series B Primary ]
Asset 05 // Physical AI Robotics / [ Series B Primary ]

Physical Intelligence

/// The Metrics

  • Capital StackSeries B Direct Primary
  • Implied Valuation$5.6B – $11.0B (Secondary Band)
  • Total Capital Raised$1.0B+
  • Estimated Share ClassSeries B Preferred
  • Core DeliverableGeneral-Purpose π Robot Foundation Models

/// The Macro

San Francisco, CA Founded 2024 Physical AI & Robotics
Website X (Twitter) LinkedIn Crunchbase

Building general-purpose robotic foundation models to act as a universal brain for physical hardware, decoupling artificial cognitive software from proprietary mechanical platforms.

INFRA.06

Fluidstack

[ Series B SAFE ]
Asset 06 // GPU Cloud Infrastructure / [ Series B SAFE ]

Fluidstack

/// The Metrics

  • Capital StackSeries B Secondary / SAFE Block
  • Implied Valuation$7.5B – $18.0B (Target Band)
  • Total Capital Raised$650M+
  • Estimated Share ClassSeries B Preferred
  • Debt Capacity$10B Macquarie GPU Asset Facility

/// The Macro

New York, NY Founded 2019 GPU Cloud Infrastructure
Website X (Twitter) LinkedIn Crunchbase

Global GPU compute broker offering automated bare-metal hardware infrastructure clusters, acting as a crucial compute-supply clearinghouse for hyper-scale LLM foundation labs.

FIN.07

Kraken

[ Direct Secondary ]
Asset 07 // Crypto Exchange / [ Direct Secondary ]

Kraken (Payward)

/// The Metrics

  • Capital StackPre-IPO Direct Secondary Block
  • Implied Valuation$12.1B – $13.3B (Secondary Range)
  • Total Capital Raised$1.3B+
  • Estimated Share ClassSeries E Preferred
  • IPO PipelineConfidential S-1 Filed (Targeting H2 2026)

/// The Macro

San Francisco, CA Founded 2011 Crypto Asset Exchange
Website X (Twitter) LinkedIn Crunchbase

Premium digital asset exchange and institutional trading platform expanding aggressively into European clearing networks with deep post-dismissal regulatory stability.

AI.08

Prometheus

[ Series B Co-Invest ]
Asset 08 // Industrial AI / [ Series B Co-Invest ]

Project Prometheus

/// The Metrics

  • Capital StackSeries B Co-Invest // Bezos Direct
  • Implied Valuation$41.0B (Latest Primary Round)
  • Total Capital Raised$18.0B
  • Estimated Share ClassSeries B Preferred
  • LeadershipJeff Bezos Operational CEO Role

/// The Macro

San Francisco, CA Founded 2025 Industrial & Physical AI
Website X (Twitter) LinkedIn Crunchbase

Co-led by Jeff Bezos, Prometheus is building an "artificial general engineer" to design, simulate, and dynamically optimize complex physical components in the industrial economy.

MEDIA.09

ByteDance

[ OTC Secondary ]
Asset 09 // Social Media & AI Algorithms / [ OTC Secondary ]

ByteDance

/// The Metrics

  • Capital StackOver-the-Counter (OTC) Secondary Market
  • Implied Valuation$550B – $600B (OTC Band)
  • Total Capital Raised$9.5B+
  • Estimated Share ClassCommon // Buyback Tier
  • Financial Scale$186B Annual Revenue (Surpassing Meta)

/// The Macro

Beijing, China Founded 2012 Algorithmic Digital Media
Website X (Twitter) LinkedIn Crunchbase

Global digital media and short-video algorithmic distribution giant, expanding heavily into massive localized server networks and compute-heavy generative media platforms.

/// Private Network

SDM Events

We regularly host private founder roundtables, investor salons, and deep-tech briefings in Venice Beach and core technology hubs. These off-the-record environments drive our proprietary secondary deal flow.

Apply for Briefing
Venice Beach Briefing // Q3 2026

Frontier Compute Scaling & Hardware Advantage

A highly restricted technical briefing on LLM compute clusters, energy-constraint solutions, and private secondary equity pricing metrics.

NYC Secondary Roundtable // Q3 2026

Liquidity Structures for Early Founders

SPVs, blockers, and forward contract executions. Structural legal roundtables with private cap-table managers.

Bespoke liquidity.

/// Inquiry

Send an inquiry to Second Digital.

Share mandate fit, active interests, available blocks, or private-market context. A member of the Second Digital desk will respond directly.

Response Notice Submissions are reviewed for fit and routed to the appropriate contact. Sending an inquiry does not create access rights or an investment offer.