投資テーマ
4つの投資テーマ
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 — インフラ、エージェント、業種特化アプリ
人工知能
Enterprise agents and automation · Compute infrastructure and optimisation · Vertical applications (health, finance, industry)
目標配分 · 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)
- ステージ
- Seed – Série B
- 期間
- 5 – 8 年
- 目標リターン
- x5 – x12
Market studies
All four houses converge: AI has entered an unprecedented infrastructure build-out (around $1 trillion of global investment in 2026 according to Goldman Sachs), whose return on investment remains the central debate. BlackRock describes three phases (build-out, adoption, transformation); J.P. Morgan notes that AI capex still weighs less on GDP than the telecom or shale cycles did.
Key figures
1,05 % du PIB
AI capex weight, vs 2.67% for telecoms in 2000 and 4.75% for shale
JPMJ.P. Morgan2025年9月What NEXT Capital takes from it
NEXT Capital favours BlackRock's phase 2: vertical applications and enterprise agents, where Goldman Sachs and Morgan Stanley expect value creation, rather than infrastructure already funded by hyperscalers.
02 / 04 — 次の10年のコンピューティング
量子
Hardware and components · Software and algorithms · Quantum sensing and communications
目標配分 · 20 %
Processors, error correction, cryogenic electronics, software and quantum sensors. A long horizon, high disruption potential, early positions.
- Hardware and components
- Software and algorithms
- Quantum sensing and communications
- ステージ
- Seed – Série A
- 期間
- 7 – 10 年
- 目標リターン
- x8 – x15
Market studies
All four houses treat quantum as a long-horizon, high-disruption theme. J.P. Morgan documents a sharp acceleration of venture funding (investment up seventeenfold in ten years); Morgan Stanley tracks error-correction progress; BlackRock analyses the cryptographic threat and launched a dedicated ETF; Goldman Sachs looks at the Europe–US–China race. None publishes a firm market size: practical quantum advantage remains 'years away'.
Key figures
2,8 Md$ + 1,6 Md$
raised by US and non-US quantum start-ups through Q3 2025, a record year
JPMJ.P. Morgan2025年11月> 1 Md$ / an
US federal R&D budgets for quantum information science (FY2022–FY2025)
JPMJ.P. Morgan2025年11月3 sur 5
executives whose company explores quantum, notably 'quantum AI' (SAS survey, May 2025)
JPMJ.P. Morgan2025年11月What 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 — より良く食べ、違う方法で生産する
食品・農業
Proteins and fermentation · Precision agriculture and data · Brands and distribution
目標配分 · 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
- ステージ
- Série A – Série B
- 期間
- 4 – 7 年
- 目標リターン
- 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. Morgan2024年5月~20 %
share of fertiliser in grain costs; over a quarter of global nitrogen-fertiliser trade transits Hormuz
GSGoldman Sachs2026年4月40 ans vs 8 000
more food must be produced in the next 40 years than in the past 8,000
BLKBlackRock2023年4月What 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 — パフォーマンス、データ、体験
スポーツ
Data and performance · Experience and ticketing · Health and prevention
目標配分 · 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
- ステージ
- Seed – Série B
- 期間
- 4 – 8 年
- 目標リターン
- 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 Stanley2025年8月+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. Morgan2025年10月What 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.