How robotaxi fleets would fit into the Glidepath Exchange Fund#
The same structure as the aircraft, applied to a different asset. Nothing below is in the fund today; it describes the terms any addition would follow.
Reserve a spotThe fund
Diversify a concentrated stock position
You contribute a concentrated stock position to the fund in kind. Nothing is sold, so under Section 721 no capital gains tax is due. In return you hold units of a pool spread across about 172 holdings, and after seven years you can redeem in kind with the deferral intact. The fund never charges a management fee.
How an exchange fund works
- 1Contributeyour appreciated stock, in kind
- 2Nothing is soldso no tax is due, under Section 721
- 3Receive unitsof a pool spread across 172 holdings
- 4Seven years onredeem in kind, the deferral intact
The structure
Robotaxi fleets would sit in the qualifying sleeve
At least 20 percent of the fund must be held in qualifying assets rather than stocks. The active sleeve fills that fifth with operating assets held directly by entities inside the fund. Robotaxi fleets would be held the same way, above the operator, so the assets stay with the fund if the operator changes.
Fleet ownership and operations
- Glidepath Exchange Fundyour interest
- 20% qualifying sleevethe part the fleet would back
- Vehicle holding entityowns the vehicles
- Ride operatorlicenses, dispatches, and maintains them
The operator
One licensed operator runs the fleet
The sleeve would buy the vehicles and place them with a single operator that holds the permits, runs the autonomy stack, handles dispatch and cleaning, and carries the insurance. The operator pays the fund a floor per mile driven and reports utilization. After charging, maintenance, insurance, interest, and depreciation, a tenth of the economic profit is credited to investors' NAV. A loss reaches NAV and is repaired in full before any split resumes.
How profit reaches investors
- Operator pays a floorfor the assets it leases
- Costs come outoperating, interest, depreciation
- Economic profita tenth credits to your NAV
- Any lossrepaired in full before the split resumes
Strategy
Why robotaxis are on the list
A driverless vehicle can be on the road most of the day, so each one earns like a small piece of transit infrastructure rather than a private car. The operators building these services need capital for vehicles faster than they want to carry it on their own balance sheets, which is the same gap Craft filled with aircraft. The risks are regulatory and technical: permits are granted city by city, and a fleet grounded by a safety review earns nothing while it waits.
What has to be true first
- 1A named operator with permits in the cities it serves
- 2A per-mile floor that holds at low utilization
- 3Insurance and safety liability sitting with the operator
- 4A resale or re-lease path for the vehicles
Diligence
What the evaluation has to settle
Robotaxis enter the sleeve only if they clear the same bar the aircraft did: a named operator with permits in hand, a per-mile floor that covers the vehicles even at low utilization, a depreciation schedule for hardware that is still changing quickly, and a way to resell or re-lease vehicles if the operator changes. Until then this page carries no figures. Any addition would be described in the private placement memorandum first.
Aircraft today
- Glidepath Exchange Fundyour interest
- 20% qualifying sleevethe part the fleet backs
- Aircraft holding entityowns the five Challengers
- Craft Charterleases and flies them
One reservation covers the whole fund, every sleeve asset included. This asset class is not in the fund today and would be described in the memorandum before it is added.