Mudrick Capital Management, L.P.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Mudrick Capital Management, L.P. reported 2 stock positions worth $370.2 million. Its top holding was Vertical Aerospace (EVTL) at 78.7% of the portfolio, followed by Vroom (VRM, 21.3%). Compared with Q3 2025, it sold out of 1 and added to 1. The biggest buy was Vertical Aerospace (EVTL, shares +1%) and the biggest sale an exit from Luminar Technologies (LAZRQ).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001655183
Portfolio Value
$370.2M (Q4 2025)
SEC Filing
0001814554-26-000032 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $370.2M $370.2M Q4 2025 Q1 2026: $174.4M Q1 2026 Q2 2026: $447.9M Q2 2026

Holdings 2 stocks · $370.2M
EVTL Vertical Aerospace Ltd. 78.70% 54,659,585 $291.3M Add +1.2%
VRM Vroom Inc. 21.30% 3,967,251 $78.9M No change

Portfolio Sells Q3 2025 → Q4 2025
LAZRQ Luminar Technologies Inc. Sold out 0.00% −0.38

Portfolio Buys Q3 2025 → Q4 2025
EVTL Vertical Aerospace Ltd. Add +1.2% 78.70% +6.64

Notes & Other Activity Q3 2025 → Q4 2025
LUMINAR TECHNOLOGIES INC (LAZR 11.5 01/15/30) DEBT 11.500% 1/1 · principal Sold out 18,500,000 $6.8Mbefore exit

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

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