Deep Tech Investment Group · Est. 2015
Stake Capital Group builds and invests at the frontier of physics, computation, and markets.
Frontier AI, compute infrastructure, defense and aerospace, cryptography, and the life sciences. More than 200 investments from the earliest stages, with presence across Europe and the US.
E ≥ kBT ln 2 · computation is physical
Markets efficiently price business risk and badly price physics risk. We underwrite what others cannot evaluate.
Computation is physical
Every bit flipped dissipates energy. Intelligence at scale is an energy and infrastructure problem before it is a software problem. We invest down the entire stack.
Trust is mathematics
Cryptography enforces agreements with number theory rather than lawyers. Systems whose guarantees are proofs compound in value as the world becomes adversarial.
Engineering risk is the moat
The durable returns of this decade sit behind problems that take rare teams years to solve. We back fusion-grade engineering, not feature velocity.
Selected from 200+ investments since 2015. For the complete record, write to contact@stake.capital. Press ⌘K to search.
Operator-led. We invest, build, and run the infrastructure ourselves, and advise the transactions that consolidate the frontier.
Deep Tech Fund
A concentrated early-stage vehicle entering at first-institutional valuations, hands-on from round structuring to follow-on strategy.
Infrastructure
Production-grade compute and validation infrastructure across 30+ networks, with a growing footprint in AI inference. We operate eucompute.net, sovereign European production compute for frontier workloads.
Studio
We incubate and co-found companies where we see a technical gap the market has not yet priced.
Advisory
Protocol design, cryptographic engineering, and strategy for multibillion-dollar technology companies, including Zama, Backed, Morpho, and Curve.
M&A
Sell-side and buy-side advisory for deep tech and digital asset companies: acquisitions, strategic exits, and secondaries. More than $50M in transactions processed in 2025, executed by principals who have sat on both sides of the table.
Fund of Funds
We anchor 10+ specialist deep-tech and digital-asset managers as an LP, extending our reach across the frontier without duplicating the direct fund.
Our edge comes from having built the systems ourselves. Over a decade we invested in the first cryptographic networks, derived the market-making invariants that clear billions in daily volume, originated the liquid staking concept, and operated infrastructure across 30+ networks in production. The surface area expanded; the method did not. We have underwritten physics and cryptography risk since 2015, first in distributed systems and open finance, now across the full deep-tech spectrum.
Foundations
Distributed systems and cryptography, from first principles.
Invariants
Deriving the mathematics of open finance and market infrastructure.
Compute
Scaling laws redefine the economics of intelligence.
Full spectrum
Deep tech across AI, quantum, defense, and the life sciences.
Julien Bouteloup
Founder & CEO · Stake Capital GroupHe builds and backs the infrastructure for intelligence, energy, computation, cryptography, and coordination, the systems that will define the next century.
Founder and CEO of Stake Capital Group. 200+ early-stage investments through Stake Capital and DTF Ventures, with board seats at Zama, Morpho, and Backed Finance (acquired by Kraken). First core member of Curve Finance behind the founder, founder of Stake DAO and Rekt, and originator of liquid staking. Today focused on AI and sovereign compute, cryptography, and confidential systems, operating inside the systems he funds, not from the sidelines.
Building against a hard constraint?
We back exceptional engineers and scientists early, and we move quickly.
contact@stake.capital