AJ Scaramucci’s Solari Capital emerges from stealth with $350 million deployed and a case that companies stay private too long

AJ Scaramucci’s Solari Capital has stepped out of stealth with a simple complaint hiding inside a much bigger bet: too much value is being created behind closed doors. The firm says it has already deployed $350 million since launch, spreading it across early-stage deals, later-growth investments, and companies it builds itself.

Scaramucci’s backers are not exactly small names. They include Ron Conway of SV Angel, Jim Breyer of Breyer Capital, Stephen Pagliuca of Bain Capital, former Alphabet chief executive Eric Schmidt, and Peter Diamandis. He is also the son of SkyBridge Capital founder Anthony Scaramucci, which helps explain why the name got attention before the portfolio did.

The firm’s umbrella concept is “programmable reality,” Scaramucci’s idea that rising computing power will make biology, intelligence, physical matter, and money more engineerable. That sounds lofty, but the holdings are concrete enough: xAI, Suno, Tessera Therapeutics, Varda Space, and Northwood Space. Solari also points to Fission Labs, which tokenizes shares of private companies for secondary trading, and Architect Financial, a derivatives exchange aimed at the AI economy.

The real argument, though, is about timing. Scaramucci told Fortune that companies used to reach the public markets in about four years and now take 12 to 15. Jay Ritter, the University of Florida professor known as Mr. IPO, backs up the direction of travel: the median VC-backed tech company was six to nine years old at IPO through much of the 1990s, 13.5 in 2024, and 12 last year. The number of tech listings has also collapsed, with 34 in 2025 versus 205 in 1995.

That matters because a lot of the upside now happens before public investors can buy in. Solari’s answer is to push some of that value into markets sooner, whether through tokenized private shares or through collectibles like art, dinosaur bones and trading cards. It is a neat theory. It also sounds like a fight over who gets to own the good stuff before everyone else shows up.