M37 x WITG Stock Pitch Competition

M37 invites UPenn undergraduate and graduate students pursuing a STEM major to develop and defend an investment idea in the first annual M37 Stock Pitch Competition. Students may choose between SpaceX and Intel. Participants may recommend either a long or short position over a 3–5-year investment horizon.

The competition consists of three rounds, beginning October 16, 2026.

The competition winner will receive a $20,000 cash prize and winter or summer internship at M37.

Eligibility and Criteria:

Participation is limited to currently enrolled UPenn undergraduate and graduate students pursuing a STEM major. Applicants must compete individually; teams are not permitted. Each applicant must select one of the following companies:

  • SpaceX (NASDAQ: SPCX)

  • Intel (NASDAQ: INTC)

Applicants may take either a long or short position. Every recommendation must address a 3–5-year investment horizon and be based on fundamental analysis. All competition submissions must be sent via email to spc2026@m37.com.

First Round Guidelines

Initial Screen with core investment thesis, due November 9, 2026

Applicants must submit an Initial Screen, no more than 10 pages, presenting a clear, concise investment recommendation.

The screen must include:

  • Company overview: Briefly explain the business and how it generates revenue and profits.

  • Investment theses: State the investment recommendation (long or short) and identify the main drivers supporting it. Also identify any risks to the theses.

The Initial Screen must be submitted as a PDF. Applicants should provide their name, class year, and resume with their entry. These materials do not count toward the 10-page limit. Selected applicants will advance to Round 2.

Second Round Guidelines

Investment Memo, due November 30, 2026

Selected applicants that pass Round 1 must submit an investment memo developing the theses in greater detail. The memo should communicate the recommendation, its drivers, valuation, theses, and risks clearly.

The memo should explain the company’s business model, industry and competitive position, relevant financial and operating performance, and any evidence supporting the investment theses. A valuation section must be included. Third-party data and material claims should be clearly cited in the memo.

Applicants should provide enough quantitative analysis to support their conclusions. The competition evaluates investment theses and judgment rather than modeling skills. Selected applicants will advance to the final round.

Final Round Guidelines

Live Q&A and Discussion, December 5, 2026

The top applicants will be flown to the M37 office, onsite in Menlo Park with all expenses covered, to participate individually in a final memo discussion. Each finalist will discuss their investment memo with the M37 team and answer questions about the theses, supporting evidence, risks, and valuation. The discussion will assess each finalist’s ability to defend assumptions, respond thoughtfully to counterarguments, and explain what would change their investment view. The winner of the final round will receive a $20,000 cash prize and internship at M37.