Kepos Capital LP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Kepos Capital LP reported 25 stock positions worth $72.0 million. Its top holding was Hadron Energy (HDRN) at 21.9% of the portfolio, followed by Roman DBDR Acquisition (DRDB, 14.0%) and Fact II Acquisition (FACT, 14.0%). Compared with Q1 2025, it sold out of 5 and reduced 6. The biggest sale was an exit from GSR III Acquisition (GSRT).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001512020
Portfolio Value
$72.0M (Q2 2025)
SEC Filing
0001512020-25-000010 ↗ filed Aug 12, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $386.8M Q1 2024 Q2 2024: $256.6M Q2 2024 Q3 2024: $227.3M Q3 2024 Q4 2024: $114.7M Q4 2024 Q1 2025: $119.1M Q1 2025 Q2 2025: $72.0M $72.0M Q2 2025 Q3 2025: $17.0M Q3 2025 Q4 2025: $16.2M Q4 2025 Q1 2026: $59.8M Q1 2026 Q2 2026: $70.8M Q2 2026

Holdings 25 stocks · $72.0M
HDRN Hadron Energy Inc. filed as GIGCAPITAL7 CORP 21.85% 1,514,600 $15.7M No change
DRDB Roman DBDR Acquisition Corp. 14.04% 980,000 $10.1M Reduce -38.4%
FACT Fact II Acquisition Corp. 13.99% 975,700 $10.1M No change
FTW Eqv Ventures Acquisition C-A 13.29% 910,000 $9.6M Reduce -29.1%
CME Cme Group Inc. 11.49% 30,000 $8.3M No change
ALDF Aldel Financial II Inc. 10.75% 737,099 $7.7M Reduce -21.4%
LPBB Launch Two Acquisition Class A 4.03% 278,300 $2.9M Reduce -66.4%
OACC Oaktree Acquisition Corp. I-A 0.80% 55,000 $575K No change
NTWO Newbury Street II Ac Class A 0.79% 55,000 $567K Reduce -93.2%
CUB Lionheart Holdings Class A 0.73% 50,000 $525K No change
POLE Andretti Acquisition Corp. Class A 0.72% 50,000 $519K No change
PLMK Plum Acquisition Corp. IV 0.71% 50,000 $514K No change
KFII K&F Growth Acquisition Cor-A 0.71% 50,000 $509K No change
ONEN One Nuclear Energy Inc. filed as HENNESSY CAP INVT CORP VII 0.71% 50,000 $508K No change
BEAG Bold Eagle Acquisition Cor-A 0.65% 45,000 $471K No change
GPAT GP-Act III Acquisition-A 0.62% 42,500 $448K No change
ALF Centurion Acquisition Corp. 0.62% 42,500 $447K No change
LEGT Legato Merger Corp. III 0.44% 30,000 $320K No change
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 0.44% 30,000 $319K No change
RFAI RF Acquisition Corp. II 0.44% 30,000 $317K No change
TONT Graf Global Corp. Class A 0.44% 30,000 $314K No change
SIMA Sim Acquisition Corp. I-A 0.43% 30,000 $313K No change
VACH Voyager Acquisition Corp. 0.43% 30,000 $312K No change
VCIC Vine Hill Capital Class A 0.43% 30,000 $312K No change
WLAC Willow Lane Acquisition Class A 0.43% 30,000 $307K Reduce -94.3%
Other holdings (23): bonds, preferreds, convertibles and warrants · $2.7M (not counted above)
SecurityClassShares / PrincipalValueChange
GSRTR GSR III Acquisition Corp. RIGHT 99/99/9999 75,000$512KReduce -44.6%
DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 795,550$398KNo change
EQV VENTURES ACQUISITION *W EXP 07/01/203 408,133$300KNo change
ALDFW Aldel Financial II Inc. - 29 *W EXP 09/26/203 443,729$231KNo change
HDRNW GIGCAPITAL7 Corp.-A - 29 *W EXP 08/29/202 1,464,600$231KNo change
SVIRF Spring Valley Acquisit-Right RIGHT 02/25/2026 1,231,300$172KNo change
LPBBW Launch Two Acquisition -29 *W EXP 10/09/202 389,150$163KNo change
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 466,100$128KNo change
DAVEW Dave Inc. -CW27 *W EXP 01/05/202 66,307$120KNo change
CCIRW Cohen Circle Acquisition-29 *W EXP 01/31/202 49,000$98KNo change
NTWOW Newbury Street II Acq - 29 *W EXP 06/01/203 373,000$90KNo change
WLACW Willow Lane Acquisition - 29 *W EXP 10/31/203 248,950$90KNo change
BDMDW Baird Medical Investment -28 *W EXP 10/01/202 416,479$33KNo change
COOTW Australian Oilseeds Holdi-29 *W EXP 03/22/202 1,129,568$24KNo change
CLNNW Clene Inc. -CW25 *W EXP 12/30/202 886,592$20KNo change
MSPRW MSP Recovery Inc. -27 *W EXP 05/20/202 7,400,000$17KNo change
VLNWF Valens Semiconductor -CW26 *W EXP 09/30/202 333,309$17KNo change
KTTAW Pasithea Therapeutics -CW26 *W EXP 08/12/202 334,600$7KNo change
SLXNW Biomotion Sciences-CW29 *W EXP 08/15/202 100,000$4KNo change
SMXWW SMX Security Matters PLC-28 *W EXP 03/07/202 195,000$3KNo change
SWVLW Pivotal Holdings Corp. -CW27 *W EXP 99/99/999 133,333$2KNo change
SONWQ Gores Metropoulos II -CW28 *W EXP 01/18/202 26,780$0No change
ZAPWF Zapp Electric Vehicles -28 *W EXP 99/99/999 220,866$0No change

Total filed on the 13F, all lines: $74.6M.

Portfolio Sells Q1 2025 → Q2 2025
GSRT GSR III Acquisition Corp. Sold out 0.00% −8.38
NTWO Newbury Street II Ac Class A Reduce -93.2% 0.79% −6.07
TIC Tic Solutions Inc. Sold out 0.00% −5.88
WLAC Willow Lane Acquisition Class A Reduce -94.3% 0.43% −4.01
LPBB Launch Two Acquisition Class A Reduce -66.4% 4.03% −3.01
GSHRU Gesher Acquisition Corp. II Sold out 0.00% −0.91
BSII Black Spade Acquisition II C Sold out 0.00% −0.58
ARES ACQUISITION CORP II Sold out 0.00% −0.33
DRDB Roman DBDR Acquisition Corp. Reduce -38.4% 14.04% +0.65
FTW Eqv Ventures Acquisition C-A Reduce -29.1% 13.29% +2.38
ALDF Aldel Financial II Inc. Reduce -21.4% 10.75% +2.79

Portfolio Buys Q1 2025 → Q2 2025
None this quarter.

Notes & Other Activity Q1 2025 → Q2 2025
GSRTR GSR III Acquisition Corp. RIGHT 99/99/9999 Reduce -44.6% 75,000 $512K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 104$70.8MCME, CGCFU, FTHA, PTOR, DMII
Q1 2026 95$59.8MCME, PTOR, DMIIU, CTAAU, XSLL
Q4 2025 19$16.2MCME, CNCK, FTW, NTWO, CUB
Q3 2025 22$17.0MCME, FTW, NTWO, HDRN, CUB
Q2 2025 25$72.0MHDRN, DRDB, FACT, FTW, CME
Q1 2025 30$119.1MDRDB, HDRN, FTW, GSRT, FACT
Q4 2024 34$114.7MDRDBU, HDRN, FTW, GSRTU, FACTU
Q3 2024 192$227.3MHES, HDRN, FTW.U, POLEU, QDEL
Q2 2024 193$256.6MHES, BA, QDEL, LW, SVIIF
Q1 2024 215$386.8MPXD, GOOG, RSP, SCRM, WDC