Mudrick Capital Management, L.P.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Mudrick Capital Management, L.P. reported 3 stock positions worth $389.0 million. Its top holding was Vertical Aerospace (EVTL) at 72.1% of the portfolio, followed by Vroom (VRM, 27.6%) and Luminar Technologies (LAZRQ, 0.4%). Compared with Q2 2025, it added to 1. The biggest buy was Vertical Aerospace (EVTL, shares +5%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001655183
Portfolio Value
$389.0M (Q3 2025)
SEC Filing
0001814554-25-000161 ↗ filed Nov 14, 2025

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $51.7M Q1 2024 Q2 2024: $36.4M Q2 2024 Q3 2024: $38.5M Q3 2024 Q4 2024: $595.6M Q4 2024 Q1 2025: $289.3M Q1 2025 Q2 2025: $464.0M Q2 2025 Q3 2025: $389.0M $389.0M Q3 2025 Q4 2025: $370.2M Q4 2025 Q1 2026: $174.4M Q1 2026 Q2 2026: $447.9M Q2 2026

Holdings 3 stocks · $389.0M
EVTL Vertical Aerospace Ltd. 72.06% 54,009,585 $280.3M Add +4.8%
VRM Vroom Inc. 27.57% 3,967,251 $107.2M No change
LAZRQ Luminar Technologies Inc. 0.38% 769,092 $1.5M No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $6.8M (not counted above)
SecurityClassShares / PrincipalValueChange
LUMINAR TECHNOLOGIES INC (LAZR 11.5 01/15/30) DEBT 11.500% 1/1 · principal 18,500,000$6.8MNo change

Total filed on the 13F, all lines: $395.8M.

Portfolio Sells Q2 2025 → Q3 2025
None this quarter.

Portfolio Buys Q2 2025 → Q3 2025
EVTL Vertical Aerospace Ltd. Add +4.8% 72.06% −3.09

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 4$447.9MDPC, EVTL, VRM, FUBO
Q1 2026 3$174.4MEVTL, VRM, FUBO
Q4 2025 2$370.2MEVTL, VRM
Q3 2025 3$389.0MEVTL, VRM, LAZRQ
Q2 2025 3$464.0MEVTL, VRM, LAZRQ
Q1 2025 2$289.3MEVTL, VRM
Q4 2024 1$595.6MEVTL
Q3 2024 1$38.5MGSAT
Q2 2024 2$36.4MGSAT, GETR
Q1 2024 4$51.7MGSAT, SHCR, TALO, GETR