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Flat Capital AB (publ) (“Flat”) invests approximately 22 MSEK in SpaceX, or Space Exploration Technologies Corp, which designs, manufactures and launches some of the world's most advanced rockets and spacecraft. SpaceX was founded in 2002 by CEO Elon Musk to revolutionize space transportation with the vision of enabling humans to live on other planets. Flat's investment is made through a Special Purpose Vehicle (“SPV”) and involves market-based management costs. The investment of 22 MSEK is made through two sub-investments of which approximately 18 MSEK has been completed
Flat Capital AB (publ) ("Flat") publishes its interim report for January-June 2024. Net asset value per share decreased by -7.9% compared to the previous quarter to 7.55 SEK per share. The negative development of net asset value is isolated to the write-down of the value of the holding in Getir to 1 SEK as a result of their ongoing restructuring. Otherwise, we have not adjusted any values of unlisted holdings, excluding FX. However, we note clearly positive signals from several of our latest AI-related holdings, where interest is high with indications of upcoming capital rounds at notable higher valuations, which we expect to know more about in the second half of 2024. During the quarter, two investments were announced; firstly, about 11 MSEK in Elon Musk's AI company xAI, which in May announced its capital round totaling about 6 billion dollars, and in the AI and robotics company Physical Intelligence, where the investment of a total of about 11 MSEK, divided into two sub-investments, the first of which of about 6.3 MSEK was carried out during the quarter
Flat Capital AB (publ) ("Flat") may need to write down the value in whole or in part in the portfolio company Getir. The assessment is made after updated information from Getir regarding their current financial situation. Getir has faced several challenges in recent year, which has also been covered in the media as a result of the company withdrawing from several markets in Europe. A full write-down in Getir would entail a negative adjustment of Flat's net asset value ("NAV") of approximately 32.6 MSEK, or approximately 0.66 SEK per Flat share, corresponding to 8.1% of the latest reported NAV as of March 31, 2024
Flat Capital AB (publ) (“Flat”) has committed to invest approximately 11 MSEK in Physical Intelligence (“Pi”) through two sub-investments, of which the first of approximately 6.3 MSEK has been completed. Pi is a research company recently founded by prominent scientists, roboticists and entrepreneurs with the ambition to integrate AI into the physical world. The company intends to develop basic models and learning algorithms to empower robots and physically enabled devices of the future. Other investors in the company include OpenAI Startup Fund, Sequoia Capital, Khosla Ventures and Thrive Capital. Flat's investment is made through a SPV structure that involves administrative costs in line with market practice