Information in this announcement is current as at the date of publication and is subject to change. Information concerning Replit, Inc. is drawn from the public sources listed at the end of this announcement and is current only as at the dates of those sources. Please read the Important Information at the end of this announcement.
Delta-G Global Growth Fund (“Delta-G” or “the Fund”) has completed an investment into Replit, Inc. (“Replit”) during the September quarter via secondary transaction.
About Replit
Founded in 2016 and headquartered in Foster City, California, Replit operates a browser-based, AI-powered software-creation platform that enables developers and non-technical ‘builders’ to build and deploy applications.i
In March 2026, Replit reported over 50 million users, including users from 85% of Fortune 500 companies.ii Replit’s growth accelerated with the 2024 launch of Replit Agent, its AI-powered software builder and creation tool, which converts natural-language prompts into deployable applications.iii
Sacra estimated Replit’s annualised revenue run-rate at approximately US$525 million as at April 2026, up from approximately US$300 million at the end of 2025. The company has publicly stated it is targeting US$1 billion in run-rate revenue by the end of 2026.iv
In March 2026, Replit raised US$400 million in a Series D financing led by Georgian, valuing the company at US$9 billion, approximately three times its valuation six months earlier.v Its investors include Georgian, a16z, Coatue, Craft Ventures and Y Combinator.vi
Delta-G Managing Director James McQueen stated, “Our investment thesis on Replit rests on the view that AI is collapsing the gap between ideation and actual software development, and that Replit sits at the centre of that shift. By enabling anyone to build and deploy applications from a browser, it’s expanding who can create software, and converting that reach into rapid revenue growth.”
About Delta-G
Delta-G Management Australia Pty Ltd (“Delta-G”) (ACN 697 560 080) is a globally focussed Investment Manager specialising in private market secondaries investments. The Investment Manager was founded by three investment and capital market professionals with over 45 combined years of experience, having previously managed in excess of A$500m capital across 50+ companies in late-stage venture and secondary transactions.
At Delta-G, we believe that leading AI companies may deliver value over the next decade, and that one form of access to this opportunity lies in the private market.
Delta-G believes private market secondaries represent one way to access these AI companies – a market that, until recently, has been limited and fragmented. Access to these private global AI companies has largely been limited to single-asset SPVs, complex structures, high fees and non-institutional managers.
The Delta-G Global Growth Fund is a wholesale private secondaries fund, focused on what we believe to be the leading private global AI companies, and the fastest-growing emerging players in the space. The Fund provides investors with the following attributes:
- An Australian domiciled fund and Investment Manager.
- A concentrated exposure to what we believe are the leading 10 to 15 companies in AI across 5 core segments.
- Companies with a dominant market position, being in the Investment Manager’s view within the top three or a similar competitive position within the relevant market category.
- Companies with revenue scale – this typically means a current revenue run-rate of US$500 million or greater.
- An existing (or warehoused) portfolio of later-stage companies.
- A short-term duration as a 5-year Fund.
Important Information
This announcement is issued by Delta-G Management Australia Pty Ltd (ACN 697 560 080) (“Investment Manager”), a corporate authorised representative (CAR No. 001321223) of K2 Asset Management Ltd (ABN 95 085 445 094, AFSL 244393) (“K2” or “Trustee”), in its capacity as investment manager of the Delta-G Global Growth Fund. K2 is the trustee of the Fund.
This announcement is a public statement provided for general information purposes only. It does not constitute financial product advice and has been prepared without taking into account the objectives, financial situation or needs of any person. Nothing in this announcement constitutes an offer, invitation, solicitation or recommendation to acquire units in the Fund or any other financial product or security in any jurisdiction. Any offer of units in the Fund will be made only under the Fund’s Information Memorandum and is available only to investors who qualify as Wholesale Clients in Australia or Eligible Investors in New Zealand. A copy of the Information Memorandum is available to eligible wholesale investors on request from the Investment Manager at invest@deltagcapital.com.
As this is a public announcement, the commercial terms of the Fund’s investment have not been disclosed. Information in this announcement concerning Replit and the private markets and secondaries sector generally – including adoption, product, customer, funding and platform information, and observations regarding access, structures and fees – is drawn from statements made publicly by Replit and from the third-party public sources referenced below. Such information is unaudited, has not been independently verified by the Investment Manager, the Trustee or any of their related parties, and no representation or warranty, express or implied, is made as to its accuracy, completeness or correctness. Neither the Investment Manager nor the Trustee undertakes to update this announcement or any information in it after the date of publication.
This announcement may contain forward-looking statements, including statements regarding Replit’s expected growth and the outlook for the artificial intelligence sector. Forward-looking statements are subject to known and unknown risks, uncertainties and assumptions, many of which are beyond the control of the Trustee and the Investment Manager, and actual results may differ materially from those expressed or implied. No assurance is given that any expectation expressed or implied in a forward-looking statement will prove correct. Past performance is not a reliable indicator of future performance. No person, including the Trustee and the Investment Manager, guarantees the performance of the Fund, the repayment of capital or any rate of return.
- Replit platform (Replit): https://replit.com/, and CNBC Disruptor 50 (19 May 2026): https://www.cnbc.com/2026/05/19/replit-cnbc-disruptor-50-ranking.html
- 50m+ users, ~85% of the Fortune 500: Replit, ‘The Future is Actually Very Human’, (March 11, 2026): https://replit.com/blog/replit-raises-400-million-dollars
- Revenue growth accelerating: https://sacra.com/c/replit/; Replit, ‘Introducing Replit Agent’, (September 16, 2024): https://replit.com/blog/introducing-replit-agent;
- Revenue run-rate estimate (~US$525m, April 2026): https://replit.com/blog/replit-raises-400-million-dollars and US$1bn end-2026 target – Sacra (Replit) and company statements: https://sacra.com/c/replit/
- Series D (US$400m at US$9bn, March 2026, led by Georgian): Replit, ‘The Future is Actually Very Human’, (March 11, 2026): https://replit.com/blog/replit-raises-400-million-dollars
- Investor syndicate – Replit, ‘The Future is Actually Very Human’, (March 11, 2026): https://replit.com/blog/replit-raises-400-million-dollars
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Delta-G provides qualified wholesale investors with access to AI’s most consequential private companies.