An almost unprecedented mega wave of IPOs is in the offing, with SpaceX, firms across the artificial intelligence realm and the technology infrastructure sector, among others, having either already filed or planning to do so this year. There were 127 IPO filings in the first quarter of 2026, with the largest companies among them alone representing more than $4 trillion in potential market cap.
This could pose a conundrum for many advisors, as it may lead to a spike in clients with holdings in single companies representing a disproportionate share of their portfolios.
“We have been hearing from a lot of advisors who are struggling to support clients with large, concentrated stock positions, who want to find a way to diversify without the downside of selling their stock and incurring huge capital gains. It’s a huge problem,” said Izzy Slodowitz, founder and CEO of Craft, a Miami-based wealth platform backed by Spark Capital, Kleiner Perkins and Susa Ventures.
To address that issue, Craft has introduced Tailwind, an exchange fund designed to convert concentrated stock positions into income-generating wealth by pairing public equities with Craft’s private aviation fleet. (Exchange funds allow investors with concentrated stock positions to diversify their holdings without triggering a capital gains tax.)
Tailwind is intended to build on Craft’s first exchange fund, Glidepath, which launched in 2025 with a $1.5 million minimum and has attracted more than $50 million in assets from founders and early employees, according to Slodowitz. He said Glidepath had served as a good proof of concept for the idea of using private aviation as an asset.
“It really appealed to those folks like venture capitalists and some successful founders that were already flying private,” said Slodowitz, noting that the average cost per flight hour for a private jet comes out to $12,000.
With Tailwind, he said investor clients can choose either one flight hour per year or a 6% cash yield.
Pod Securities, LLC, Craft’s wholly owned broker/dealer, received approval from the Financial Industry Regulatory Authority to place public securities into the fund. Tailwind accepts contributions starting at $100,000, a significant reduction compared to traditional exchanges, which require seven-figure minimums.
Slodowitz said that while much of the financial services industry and many investors are focused on these upcoming IPOs, few are trying to solve for what comes after.
Tailwind, he said, was built for the founders and early employees of all those companies preparing for an IPO that have spent years creating value, only to face a system that forces them to choose between keeping much of that wealth locked up or facing a large tax bill.
The closest competitor to Tailwind is Cache, a startup led by founder and CEO Srikanth Narayan, which launched its own Cache Exchange Fund in early 2024. A former Uber employee, he had sought to develop the product after finding few options and having sold his own stock and paying hefty capital gains.
To be sure, the investment industry has offered exchange funds for years, created by traditional financial services firms including Goldman Sachs, Morgan Stanley, Fidelity, Eaton Vance and Northern Trust, but these funds often require $500,000 to $1 million investment minimums and long holding periods, often up to seven years.
Another weakness of exchange funds for some investors with large amounts of concentrated stock (those in the range of tens of millions of dollars or more, according to Slodowitz) was that most funds would only allow a limited investment of a few million dollars in the concentrated stock. Another problem for some investors is how traditional exchange funds often rely on private real estate, which can lack transparency.
Tailwind, on the other hand, pairs public equities with Craft’s private aviation fleet to generate income from charter demand. The fund targets a 6% annual yield, distributed as cash or private flight credits, with additional benefits planned for the future.
In a nutshell, investors contribute appreciated public stock under Section 721 of the Internal Revenue Code, receiving a diversified, tax-deferred position in the fund. Members commit to a seven-year term and receive distributions in cash, flight credits or both.
Craft plans to expand redemption options to include airline credits, hotel stays and other benefits while introducing additional income-producing asset classes.
Pod Securities has received FINRA approval to place public securities into Tailwind, enabling faster onboarding and greater control compared to traditional third-party placement models.
The approval allows Tailwind to accept contributions starting at $100,000, significantly lowering the barrier to entry compared to legacy exchange funds.
“This is the right product at the right time,” said Seth Berman of Susa Ventures. “Craft is opening a structure historically reserved for the ultra-wealthy to the people building today’s most valuable companies.”
Craft has built its in-house broker/dealer capabilities to help streamline the contribution process, onboarding and greater control for investors.
“As we were thinking through the problems with exchange funds, we kept coming back to the idea of aviation,” said Slodowitz, who noted the appeal for politicians, celebrities, heads of state and perhaps less expected, general partners and founders that have experienced flying private and find it far more productive to their work than flying the airlines.
“You have an airplane, I have a stock and a third person has another stock, all three get together—it’s like a potluck,” he said.