Slate Path Capital LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Slate Path Capital LP reported 50 stock positions worth $7.4 billion. Its top holding was Hewlett Packard Enterprise (HPE) at 7.9% of the portfolio, followed by On Semiconductor (ON, 7.7%) and Rocket Cos Class A (RKT, 6.7%). Compared with Q3 2025, it opened 15 new positions, sold out of 15, added to 12 and reduced 19. The biggest buy was a new position in On Semiconductor (ON) and the biggest sale an exit from Sandisk (SNDK).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001559706
- Portfolio Value
- $7.4B (Q4 2025)
- SEC Filing
- 0001172661-26-000952 ↗ filed Feb 17, 2026
Holdings Value
Holdings 50 stocks · $7.4B
| HPE Hewlett Packard Enterprise | 7.90% | 24,396,242 | $586.0M | Add +39.3% |
| ON On Semiconductor | 7.65% | 10,480,200 | $567.5M | New |
| RKT Rocket Cos Inc. Class A | 6.71% | 25,689,300 | $497.3M | Add +86.2% |
| U Unity Software Inc. | 4.89% | 8,200,752 | $362.2M | Reduce -23.3% |
| EQT Eqt Corp. | 4.53% | 6,272,388 | $336.2M | Add +5.6% |
| AMRZ Amrize Ltd. | 4.27% | 5,859,119 | $316.9M | Reduce -4.3% |
| CLF Cleveland-Cliffs Inc. | 4.02% | 22,416,281 | $297.7M | Add +13.5% |
| NUE Nucor Corp. | 3.66% | 1,664,170 | $271.4M | Add +8.3% |
| FCX Freeport-McMoran Inc. | 3.53% | 5,155,000 | $261.8M | New |
| HUM Humana Inc. | 3.29% | 953,000 | $244.1M | New |
| GTLB Gitlab Inc. Class A | 3.02% | 5,973,800 | $224.2M | Add +89.3% |
| KNX Knight-Swift Transportation | 3.02% | 4,285,700 | $224.1M | New |
| TWLO Twilio Inc. Class A | 3.00% | 1,562,600 | $222.3M | Add +243.5% |
| NOK Nokia Corp.-Spon ADR | 2.94% | 33,686,602 | $218.0M | Reduce -8.7% |
| UAL United Airlines Holdings Inc. | 2.85% | 1,889,952 | $211.3M | Add +63.2% |
| DAL Delta Air Lines Inc. | 2.74% | 2,927,048 | $203.1M | Add +68.7% |
| UNP Union Pacific Corp. | 2.34% | 750,204 | $173.5M | Reduce -54.0% |
| EXE Expand Energy Corp. | 2.33% | 1,567,514 | $173.0M | Reduce -3.0% |
| GFS Globalfoundries Inc. | 2.29% | 4,856,000 | $169.6M | Add +174.5% |
| ARWR Arrowhead Pharmaceuticals Inc. | 2.26% | 2,523,500 | $167.5M | Reduce -49.4% |
| Q Qnity Electronics Inc. | 2.11% | 1,916,800 | $156.5M | New |
| AAL American Airlines Group Inc. | 1.87% | 9,034,394 | $138.5M | Reduce -9.5% |
| STM Stmicroelectronics NV-NY SHS | 1.85% | 5,280,500 | $137.0M | New |
| AER Aercap Holdings NV | 1.82% | 938,144 | $134.9M | Reduce -8.2% |
| JHX James Hardie Ind PLC | 1.50% | 5,364,500 | $111.3M | Add +135.2% |
| IP International Paper Co. | 1.37% | 2,577,076 | $101.5M | Reduce -8.5% |
| GEV GE Vernova Inc. | 1.05% | 119,158 | $77.9M | Reduce -13.3% |
| GLW Corning Inc. | 1.03% | 871,200 | $76.3M | Reduce -14.9% |
| FIGR Figure Technology Solut Class A | 1.02% | 1,853,900 | $75.7M | New |
| NKE Nike Inc. Class B | 0.95% | 1,106,400 | $70.5M | New |
| PAAS Pan American Silver Corp. | 0.93% | 1,334,280 | $69.1M | Reduce -58.2% |
| PSKY Paramount Skydance Class B | 0.92% | 5,093,293 | $68.3M | Reduce -14.1% |
| APTV Aptiv PLC | 0.92% | 896,277 | $68.2M | Add +0.3% |
| AMBA Ambarella Inc. | 0.78% | 814,400 | $57.7M | New |
| COIN Coinbase Global Inc. Class A | 0.77% | 251,980 | $57.0M | Reduce -22.8% |
| WDC Western Digital Corp. | 0.75% | 321,278 | $55.3M | Reduce -77.3% |
| FISV Fiserv Inc. | 0.66% | 727,400 | $48.9M | New |
| WHR Whirlpool Corp. | 0.42% | 433,700 | $31.3M | Reduce -47.8% |
| NVTS Navitas Semiconductor Corp. | 0.28% | 2,880,200 | $20.6M | New |
| STUB Stubhub Holdings Inc. Class A | 0.27% | 1,459,200 | $19.7M | New |
| LULU Lululemon Athletica Inc. | 0.25% | 88,600 | $18.4M | New |
| OUST Ouster Inc. | 0.24% | 829,000 | $17.9M | No change |
| CSX CSX Corp. | 0.23% | 479,800 | $17.4M | New |
| B Barrick Mining Corp. | 0.15% | 263,552 | $11.5M | Reduce -89.7% |
| NAMS Newamsterdam Pharma Co. NV | 0.15% | 319,000 | $11.2M | No change |
| NEM Newmont Corp. | 0.15% | 108,936 | $10.9M | Reduce -88.8% |
| NYT New York Times Co. Class A | 0.13% | 139,039 | $9.7M | Reduce -49.7% |
| KRE SS SPDR S&P Regional Bank | 0.11% | 130,003 | $8.4M | New |
| TVRD Tvardi Therapeutics Inc. | 0.04% | 704,118 | $3.0M | No change |
| LAB Standard Biotools Inc. | 0.03% | 1,615,000 | $2.1M | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $98K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| AUROW Aurora Innovation Inc. -CW28 | *W EXP 11/03/202 | 437,500 | $98K | No change |
Total filed on the 13F, all lines: $7.4B.
Portfolio Sells Q3 2025 → Q4 2025
| SNDK Sandisk Corp. | Sold out | 0.00% | −4.68 |
| UNP Union Pacific Corp. | Reduce -54.0% | 2.34% | −3.63 |
| WBD Warner Bros Discovery Inc. | Sold out | 0.00% | −3.57 |
| TEVA Teva Pharmaceutical-SP ADR | Sold out | 0.00% | −2.48 |
| STX Seagate Technology Holdings | Sold out | 0.00% | −2.41 |
| UPST Upstart Holdings Inc. | Sold out | 0.00% | −2.15 |
| WDC Western Digital Corp. | Reduce -77.3% | 0.75% | −1.88 |
| U Unity Software Inc. | Reduce -23.3% | 4.89% | −1.74 |
| GE General Electric | Sold out | 0.00% | −1.20 |
| B Barrick Mining Corp. | Reduce -89.7% | 0.15% | −1.14 |
| NEM Newmont Corp. | Reduce -88.8% | 0.15% | −1.12 |
| STNE Stoneco Ltd. Class A | Sold out | 0.00% | −1.11 |
| PAAS Pan American Silver Corp. | Reduce -58.2% | 0.93% | −0.98 |
| COIN Coinbase Global Inc. Class A | Reduce -22.8% | 0.77% | −0.93 |
| DOW Dow Inc. | Sold out | 0.00% | −0.87 |
| LYB Lyondellbasell Indu Class A | Sold out | 0.00% | −0.85 |
| PSKY Paramount Skydance Class B | Reduce -14.1% | 0.92% | −0.81 |
| SNAP Snap Inc. Class A | Sold out | 0.00% | −0.80 |
| RUN Sunrun Inc. | Sold out | 0.00% | −0.73 |
| IP International Paper Co. | Reduce -8.5% | 1.37% | −0.65 |
| WHR Whirlpool Corp. | Reduce -47.8% | 0.42% | −0.59 |
| UWMC Uwm Holdings Corp. | Sold out | 0.00% | −0.44 |
| ARWR Arrowhead Pharmaceuticals Inc. | Reduce -49.4% | 2.26% | −0.40 |
| SBSW Sibanye-Stillwater Ltd.-ADR | Sold out | 0.00% | −0.33 |
| AMRZ Amrize Ltd. | Reduce -4.3% | 4.27% | −0.32 |
| EXE Expand Energy Corp. | Reduce -3.0% | 2.33% | −0.32 |
| GLW Corning Inc. | Reduce -14.9% | 1.03% | −0.27 |
| GEV GE Vernova Inc. | Reduce -13.3% | 1.05% | −0.26 |
| LEN Lennar Corp. Class A | Sold out | 0.00% | −0.24 |
| SW Smurfit Westrock PLC | Sold out | 0.00% | −0.12 |
| NYT New York Times Co. Class A | Reduce -49.7% | 0.13% | −0.12 |
| AER Aercap Holdings NV | Reduce -8.2% | 1.82% | −0.09 |
| AAL American Airlines Group Inc. | Reduce -9.5% | 1.87% | +0.13 |
| NOK Nokia Corp.-Spon ADR | Reduce -8.7% | 2.94% | +0.19 |
Portfolio Buys Q3 2025 → Q4 2025
| ON On Semiconductor | New | 7.65% | +7.65 |
| FCX Freeport-McMoran Inc. | New | 3.53% | +3.53 |
| HUM Humana Inc. | New | 3.29% | +3.29 |
| KNX Knight-Swift Transportation | New | 3.02% | +3.02 |
| RKT Rocket Cos Inc. Class A | Add +86.2% | 6.71% | +2.57 |
| TWLO Twilio Inc. Class A | Add +243.5% | 3.00% | +2.29 |
| Q Qnity Electronics Inc. | New | 2.11% | +2.11 |
| STM Stmicroelectronics NV-NY SHS | New | 1.85% | +1.85 |
| GFS Globalfoundries Inc. | Add +174.5% | 2.29% | +1.31 |
| HPE Hewlett Packard Enterprise | Add +39.3% | 7.90% | +1.25 |
| DAL Delta Air Lines Inc. | Add +68.7% | 2.74% | +1.22 |
| UAL United Airlines Holdings Inc. | Add +63.2% | 2.85% | +1.12 |
| FIGR Figure Technology Solut Class A | New | 1.02% | +1.02 |
| NKE Nike Inc. Class B | New | 0.95% | +0.95 |
| JHX James Hardie Ind PLC | Add +135.2% | 1.50% | +0.82 |
| GTLB Gitlab Inc. Class A | Add +89.3% | 3.02% | +0.82 |
| AMBA Ambarella Inc. | New | 0.78% | +0.78 |
| FISV Fiserv Inc. | New | 0.66% | +0.66 |
| NUE Nucor Corp. | Add +8.3% | 3.66% | +0.44 |
| CLF Cleveland-Cliffs Inc. | Add +13.5% | 4.02% | +0.29 |
| NVTS Navitas Semiconductor Corp. | New | 0.28% | +0.28 |
| STUB Stubhub Holdings Inc. Class A | New | 0.27% | +0.27 |
| LULU Lululemon Athletica Inc. | New | 0.25% | +0.25 |
| CSX CSX Corp. | New | 0.23% | +0.23 |
| KRE SS SPDR S&P Regional Bank | New | 0.11% | +0.11 |
| APTV Aptiv PLC | Add +0.3% | 0.92% | −0.27 |
| EQT Eqt Corp. | Add +5.6% | 4.53% | −0.47 |
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 |