Slate Path Capital LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Slate Path Capital LP reported 50 stock positions worth $6.5 billion. Its top holding was Hewlett Packard Enterprise (HPE) at 6.7% of the portfolio, followed by Unity Software (U, 6.6%) and Union Pacific (UNP, 6.0%). Compared with Q2 2025, it opened 19 new positions, sold out of 11, added to 7 and reduced 20. The biggest buy was a new position in Union Pacific (UNP) and the biggest sale an exit from Micron Technology (MU).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001559706
- Portfolio Value
- $6.5B (Q3 2025)
- SEC Filing
- 0001172661-25-004945 ↗ filed Nov 14, 2025
Holdings Value
Holdings 50 stocks · $6.5B
| HPE Hewlett Packard Enterprise | 6.65% | 17,509,142 | $430.0M | Add +10.2% |
| U Unity Software Inc. | 6.62% | 10,690,852 | $428.1M | Reduce -46.6% |
| UNP Union Pacific Corp. | 5.97% | 1,631,600 | $385.7M | New |
| EQT Eqt Corp. | 5.00% | 5,939,588 | $323.3M | Add +138.2% |
| SNDK Sandisk Corp. | 4.68% | 2,693,657 | $302.2M | Reduce -43.2% |
| AMRZ Amrize Ltd. | 4.60% | 6,122,319 | $297.1M | New |
| RKT Rocket Cos Inc. Class A | 4.14% | 13,795,000 | $267.3M | New |
| CLF Cleveland-Cliffs Inc. | 3.73% | 19,753,245 | $241.0M | Add +25.7% |
| WBD Warner Bros Discovery Inc. | 3.57% | 11,804,700 | $230.5M | Reduce -44.6% |
| NUE Nucor Corp. | 3.22% | 1,537,300 | $208.2M | New |
| NOK Nokia Corp.-Spon ADR | 2.75% | 36,887,202 | $177.4M | Reduce -4.3% |
| ARWR Arrowhead Pharmaceuticals Inc. | 2.66% | 4,982,000 | $171.8M | Reduce -4.8% |
| EXE Expand Energy Corp. | 2.66% | 1,615,714 | $171.7M | Add +44.5% |
| WDC Western Digital Corp. | 2.63% | 1,416,237 | $170.0M | Reduce -76.5% |
| TEVA Teva Pharmaceutical-SP ADR | 2.48% | 7,927,998 | $160.1M | Reduce -4.4% |
| STX Seagate Technology Holdings | 2.41% | 658,867 | $155.5M | Reduce -71.9% |
| GTLB Gitlab Inc. Class A | 2.20% | 3,155,000 | $142.2M | New |
| UPST Upstart Holdings Inc. | 2.15% | 2,731,974 | $138.8M | New |
| IP International Paper Co. | 2.02% | 2,817,750 | $130.7M | Add +0.1% |
| PAAS Pan American Silver Corp. | 1.91% | 3,194,800 | $123.7M | Reduce -32.3% |
| AER Aercap Holdings NV | 1.91% | 1,021,644 | $123.6M | Reduce -8.1% |
| AAL American Airlines Group Inc. | 1.74% | 9,981,794 | $112.2M | Add +41.5% |
| PSKY Paramount Skydance Class B | 1.73% | 5,925,693 | $112.1M | New |
| UAL United Airlines Holdings Inc. | 1.73% | 1,158,172 | $111.8M | Add +0.4% |
| COIN Coinbase Global Inc. Class A | 1.70% | 326,180 | $110.1M | Reduce -22.5% |
| DAL Delta Air Lines Inc. | 1.52% | 1,734,648 | $98.4M | Reduce -1.6% |
| GEV GE Vernova Inc. | 1.31% | 137,358 | $84.5M | Reduce -39.2% |
| GLW Corning Inc. | 1.30% | 1,024,200 | $84.0M | Reduce -64.4% |
| B Barrick Mining Corp. | 1.29% | 2,549,834 | $83.6M | Reduce -65.0% |
| NEM Newmont Corp. | 1.27% | 974,212 | $82.1M | Reduce -65.4% |
| GE General Electric filed as GE AEROSPACE | 1.20% | 256,792 | $77.2M | Reduce -39.0% |
| APTV Aptiv PLC | 1.19% | 894,000 | $77.1M | New |
| STNE Stoneco Ltd. Class A | 1.11% | 3,778,541 | $71.5M | Reduce -9.9% |
| WHR Whirlpool Corp. | 1.01% | 830,000 | $65.2M | New |
| GFS Globalfoundries Inc. | 0.98% | 1,769,100 | $63.4M | New |
| DOW Dow Inc. | 0.87% | 2,465,500 | $56.5M | New |
| LYB Lyondellbasell Indu Class A | 0.85% | 1,126,800 | $55.3M | New |
| SNAP Snap Inc. Class A | 0.80% | 6,706,200 | $51.7M | New |
| RUN Sunrun Inc. | 0.73% | 2,733,850 | $47.3M | New |
| TWLO Twilio Inc. Class A | 0.70% | 454,900 | $45.5M | New |
| JHX James Hardie Ind PLC | 0.68% | 2,281,066 | $43.8M | New |
| UWMC Uwm Holdings Corp. | 0.44% | 4,654,000 | $28.3M | New |
| TVRD Tvardi Therapeutics Inc. | 0.42% | 704,118 | $27.4M | No change |
| OUST Ouster Inc. | 0.35% | 829,000 | $22.4M | New |
| SBSW Sibanye-Stillwater Ltd.-ADR | 0.33% | 1,919,000 | $21.6M | No change |
| NYT New York Times Co. Class A | 0.25% | 276,339 | $15.9M | Reduce -20.0% |
| LEN Lennar Corp. Class A | 0.24% | 124,102 | $15.6M | New |
| NAMS Newamsterdam Pharma Co. NV | 0.14% | 319,000 | $9.1M | No change |
| SW Smurfit Westrock PLC | 0.12% | 187,000 | $8.0M | Reduce -27.4% |
| LAB Standard Biotools Inc. | 0.03% | 1,615,000 | $2.1M | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $254K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| AUROW Aurora Innovation Inc. -CW28 | *W EXP 11/03/202 | 437,500 | $254K | No change |
Total filed on the 13F, all lines: $6.5B.
Portfolio Sells Q2 2025 → Q3 2025
| MU Micron Technology Inc. | Sold out | 0.00% | −5.48 |
| WDC Western Digital Corp. | Reduce -76.5% | 2.63% | −4.03 |
| NBIS Nebius Group NV | Sold out | 0.00% | −3.76 |
| STX Seagate Technology Holdings | Reduce -71.9% | 2.41% | −3.44 |
| CSCO Cisco Systems Inc. | Sold out | 0.00% | −3.21 |
| PARAA Paramount Global Class B | Sold out | 0.00% | −3.05 |
| GDX Vaneck Gold Miners ETF | Sold out | 0.00% | −2.12 |
| TECK Teck Resources Ltd.-CLS B | Sold out | 0.00% | −1.89 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −1.87 |
| U Unity Software Inc. | Reduce -46.6% | 6.62% | −1.73 |
| NEM Newmont Corp. | Reduce -65.4% | 1.27% | −1.56 |
| B Barrick Mining Corp. | Reduce -65.0% | 1.29% | −1.32 |
| GLW Corning Inc. | Reduce -64.4% | 1.30% | −1.31 |
| COIN Coinbase Global Inc. Class A | Reduce -22.5% | 1.70% | −0.84 |
| AR Antero Resources Corp. | Sold out | 0.00% | −0.80 |
| GEV GE Vernova Inc. | Reduce -39.2% | 1.31% | −0.75 |
| NOK Nokia Corp.-Spon ADR | Reduce -4.3% | 2.75% | −0.70 |
| GE General Electric | Reduce -39.0% | 1.20% | −0.67 |
| WBD Warner Bros Discovery Inc. | Reduce -44.6% | 3.57% | −0.65 |
| INTC Intel Corp. | Sold out | 0.00% | −0.61 |
| AL Sumisho Air Lease Corp. | Sold out | 0.00% | −0.40 |
| PAAS Pan American Silver Corp. | Reduce -32.3% | 1.91% | −0.40 |
| AER Aercap Holdings NV | Reduce -8.1% | 1.91% | −0.33 |
| NXT Nextpower Inc. | Sold out | 0.00% | −0.22 |
| NYT New York Times Co. Class A | Reduce -20.0% | 0.25% | −0.09 |
| SW Smurfit Westrock PLC | Reduce -27.4% | 0.12% | −0.07 |
| STNE Stoneco Ltd. Class A | Reduce -9.9% | 1.11% | −0.05 |
| DAL Delta Air Lines Inc. | Reduce -1.6% | 1.52% | +0.03 |
| TEVA Teva Pharmaceutical-SP ADR | Reduce -4.4% | 2.48% | +0.08 |
| SNDK Sandisk Corp. | Reduce -43.2% | 4.68% | +0.97 |
| ARWR Arrowhead Pharmaceuticals Inc. | Reduce -4.8% | 2.66% | +1.23 |
Portfolio Buys Q2 2025 → Q3 2025
| UNP Union Pacific Corp. | New | 5.97% | +5.97 |
| AMRZ Amrize Ltd. | New | 4.60% | +4.60 |
| RKT Rocket Cos Inc. Class A | New | 4.14% | +4.14 |
| NUE Nucor Corp. | New | 3.22% | +3.22 |
| EQT Eqt Corp. | Add +138.2% | 5.00% | +2.49 |
| GTLB Gitlab Inc. Class A | New | 2.20% | +2.20 |
| UPST Upstart Holdings Inc. | New | 2.15% | +2.15 |
| PSKY Paramount Skydance Class B | New | 1.73% | +1.73 |
| CLF Cleveland-Cliffs Inc. | Add +25.7% | 3.73% | +1.67 |
| APTV Aptiv PLC | New | 1.19% | +1.19 |
| HPE Hewlett Packard Enterprise | Add +10.2% | 6.65% | +1.05 |
| WHR Whirlpool Corp. | New | 1.01% | +1.01 |
| GFS Globalfoundries Inc. | New | 0.98% | +0.98 |
| DOW Dow Inc. | New | 0.87% | +0.87 |
| LYB Lyondellbasell Indu Class A | New | 0.85% | +0.85 |
| SNAP Snap Inc. Class A | New | 0.80% | +0.80 |
| RUN Sunrun Inc. | New | 0.73% | +0.73 |
| TWLO Twilio Inc. Class A | New | 0.70% | +0.70 |
| JHX James Hardie Ind PLC | New | 0.68% | +0.68 |
| UWMC Uwm Holdings Corp. | New | 0.44% | +0.44 |
| EXE Expand Energy Corp. | Add +44.5% | 2.66% | +0.40 |
| AAL American Airlines Group Inc. | Add +41.5% | 1.74% | +0.37 |
| OUST Ouster Inc. | New | 0.35% | +0.35 |
| LEN Lennar Corp. Class A | New | 0.24% | +0.24 |
| UAL United Airlines Holdings Inc. | Add +0.4% | 1.73% | +0.15 |
| IP International Paper Co. | Add +0.1% | 2.02% | −0.25 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 39 | $7.2B | UNP, U, UAL, HUM, STM |
| Q1 2026 | 43 | $6.7B | HPE, TXN, ON, NUE, RKT |
| Q4 2025 | 50 | $7.4B | HPE, ON, RKT, U, EQT |
| Q3 2025 | 50 | $6.5B | HPE, U, UNP, EQT, SNDK |
| Q2 2025 | 42 | $5.8B | U, WDC, STX, HPE, MU |
| Q1 2025 | 49 | $5.5B | U, WDC, STX, BABA, WBD |
| Q4 2024 | 50 | $5.5B | WDC, STX, HPE, CSCO, WBD |
| Q3 2024 | 61 | $6.0B | WDC, STX, DAL, UAL, TEVA |
| Q2 2024 | 55 | $4.9B | TEVA, STX, WDC, HPE, SE |
| Q1 2024 | 59 | $5.0B | TEVA, WDC, STX, GDX, TECK |