Technology Crossover Management XI, Ltd.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Technology Crossover Management XI, Ltd. reported 3 stock positions worth $1.1 billion. Its top holding was Spotify Technology (SPOT) at 72.9% of the portfolio, followed by Zillow Class C (Z, 15.5%) and Maplebear (CART, 11.6%). Compared with Q1 2025, it reduced 1. The biggest sale was Spotify Technology (SPOT, shares −23%).

Most Recent 13F
Q2 2026
Location
MENLO PARK, CA
CIK
0001977402
Portfolio Value
$1.1B (Q2 2025)
SEC Filing
0001104659-25-077536 ↗ filed Aug 13, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $443.0M Q1 2024 Q2 2024: $602.3M Q2 2024 Q3 2024: $737.4M Q3 2024 Q4 2024: $865.4M Q4 2024 Q1 2025: $981.6M Q1 2025 Q2 2025: $1.1B $1.1B Q2 2025 Q3 2025: $977.4M Q3 2025 Q4 2025: $740.2M Q4 2025 Q1 2026: $581.7M Q1 2026 Q2 2026: $532.8M Q2 2026

Holdings 3 stocks · $1.1B
SPOT Spotify Technology SA 72.85% 1,000,000 $767.3M Reduce -22.9%
Z Zillow Group Inc. Class C 15.55% 2,338,036 $163.8M No change
CART Maplebear Inc. 11.60% 2,700,000 $122.1M No change

Portfolio Sells Q1 2025 → Q2 2025
SPOT Spotify Technology SA Reduce -22.9% 72.85% +0.16

Portfolio Buys Q1 2025 → Q2 2025
None this quarter.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 2$532.8MSPOT, Z
Q1 2026 2$581.7MSPOT, Z
Q4 2025 2$740.2MSPOT, Z
Q3 2025 3$977.4MSPOT, Z, CART
Q2 2025 3$1.1BSPOT, Z, CART
Q1 2025 3$981.6MSPOT, Z, CART
Q4 2024 3$865.4MSPOT, Z, CART
Q3 2024 3$737.4MSPOT, Z, CART
Q2 2024 3$602.3MSPOT, Z, CART
Q1 2024 2$443.0MSPOT, CART