Tesi
Le nostre quattro tesi di investimento
Capital raised through the NXT token is allocated across four theses, each led by a sector committee. The target allocation is indicative and adjusted to opportunities.
01 / 04 — Infrastrutture, agenti e applicazioni verticali
Intelligenza artificiale
Enterprise agents and automation · Compute infrastructure and optimisation · Vertical applications (health, finance, industry)
Allocazione target · 35 %
Specialised models, autonomous agents, compute infrastructure and business applications with strong traction. We favour teams with a data or distribution edge.
- Enterprise agents and automation
- Compute infrastructure and optimisation
- Vertical applications (health, finance, industry)
- Fasi
- Seed – Série B
- Orizzonte
- 5 – 8 anni
- Obiettivo di performance
- x5 – x12
Market studies
All four houses converge: AI has entered an unprecedented infrastructure build-out (around $1 trillion of global investment in 2026 according to Goldman Sachs), whose return on investment remains the central debate. BlackRock describes three phases (build-out, adoption, transformation); J.P. Morgan notes that AI capex still weighs less on GDP than the telecom or shale cycles did.
Key figures
1,05 % du PIB
AI capex weight, vs 2.67% for telecoms in 2000 and 4.75% for shale
JPMJ.P. Morganset 2025What NEXT Capital takes from it
NEXT Capital favours BlackRock's phase 2: vertical applications and enterprise agents, where Goldman Sachs and Morgan Stanley expect value creation, rather than infrastructure already funded by hyperscalers.
02 / 04 — Il calcolo del prossimo decennio
Quantistica
Hardware and components · Software and algorithms · Quantum sensing and communications
Allocazione target · 20 %
Processors, error correction, cryogenic electronics, software and quantum sensors. A long horizon, high disruption potential, early positions.
- Hardware and components
- Software and algorithms
- Quantum sensing and communications
- Fasi
- Seed – Série A
- Orizzonte
- 7 – 10 anni
- Obiettivo di performance
- x8 – x15
Market studies
All four houses treat quantum as a long-horizon, high-disruption theme. J.P. Morgan documents a sharp acceleration of venture funding (investment up seventeenfold in ten years); Morgan Stanley tracks error-correction progress; BlackRock analyses the cryptographic threat and launched a dedicated ETF; Goldman Sachs looks at the Europe–US–China race. None publishes a firm market size: practical quantum advantage remains 'years away'.
Key figures
2,8 Md$ + 1,6 Md$
raised by US and non-US quantum start-ups through Q3 2025, a record year
JPMJ.P. Morgannov 2025> 1 Md$ / an
US federal R&D budgets for quantum information science (FY2022–FY2025)
JPMJ.P. Morgannov 20253 sur 5
executives whose company explores quantum, notably 'quantum AI' (SAS survey, May 2025)
JPMJ.P. Morgannov 2025What NEXT Capital takes from it
The fund's longest thesis (7 to 10 years), consistent with the horizons described by J.P. Morgan and Morgan Stanley. NEXT Capital targets the building blocks that create value before the universal computer: error correction, cryogenic electronics, software and sensing.
03 / 04 — Nutrire meglio, produrre diversamente
Agroalimentare
Proteins and fermentation · Precision agriculture and data · Brands and distribution
Allocazione target · 25 %
Alternative proteins, precision agriculture, traceability, nutrition and fast-growing brands. A resilient sector where technology builds lasting leaders.
- Proteins and fermentation
- Precision agriculture and data
- Brands and distribution
- Fasi
- Série A – Série B
- Orizzonte
- 4 – 7 anni
- Obiettivo di performance
- x3 – x6
Market studies
Morgan Stanley sizes alternative proteins ($150 billion by 2030) and precision fermentation (at least $30 billion in 2030, up to $120 billion in the bull case). J.P. Morgan and Goldman Sachs document food-price volatility and fertiliser dependence; BlackRock recalls that more food must be produced in the next forty years than in the past eight thousand. A resilient sector under strain, where technology creates the next leaders.
Key figures
+30 à 40 %
surge in global food prices in 2022; US consumer food prices +20%, with no reversal
JPMJ.P. Morganmag 2024~20 %
share of fertiliser in grain costs; over a quarter of global nitrogen-fertiliser trade transits Hormuz
GSGoldman Sachsapr 202640 ans vs 8 000
more food must be produced in the next 40 years than in the past 8,000
BLKBlackRockapr 2023What NEXT Capital takes from it
NEXT Capital targets the segments sized by Morgan Stanley (proteins, fermentation) and the answers to the strains documented by J.P. Morgan and Goldman Sachs: precision agriculture, input reduction, traceability.
04 / 04 — Performance, dati ed esperienza
Sport
Data and performance · Experience and ticketing · Health and prevention
Allocazione target · 20 %
Performance technology, data and media, ticketing and fan experience, athlete health. A global market driven by passion and rights.
- Data and performance
- Experience and ticketing
- Health and prevention
- Fasi
- Seed – Série B
- Orizzonte
- 4 – 8 anni
- Obiettivo di performance
- x3 – x8
Market studies
Sport has become an asset class. Morgan Stanley values the global market at $521 billion in 2024, with $130 billion of additional revenue possible through technology. Goldman Sachs documents cumulative returns of US leagues above 1,000% since 2001; J.P. Morgan puts the four major US leagues at close to $500 billion and notes private equity now sits in one team in five. BlackRock has published no dedicated sector study in our sources.
Key figures
+130 Md$
additional annual revenue (+25%) unlocked by technology adoption incl. AI: ticketing +21%, media +36%, engagement +23%
MSMorgan Stanleyago 2025+1 917 %
cumulative return of NBA franchises since 2001 (14% CAGR); NFL +1,130%, top-10 European clubs +483%
GSGoldman Sachs2024~500 Md$
combined valuation of the four major US leagues' teams; an NFL team is worth about $7bn
JPMJ.P. Morganott 2025What NEXT Capital takes from it
Franchises are now beyond the fund's ticket sizes; NEXT Capital targets what Morgan Stanley identifies as the $130 billion pool: data, smart ticketing, media and experience, athlete health.
Multiples and horizons shown are non-contractual targets. Past performance is no guarantee of future results.