Technology Crossover Management XI, Ltd.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 6, 2026), Technology Crossover Management XI, Ltd. reported 2 stock positions worth $740.2 million. Its top holding was Spotify Technology (SPOT) at 78.5% of the portfolio, followed by Zillow Class C (Z, 21.5%). Compared with Q3 2025, it sold out of 1. The biggest sale was an exit from Maplebear (CART).

Most Recent 13F
Q2 2026
Location
MENLO PARK, CA
CIK
0001977402
Portfolio Value
$740.2M (Q4 2025)
SEC Filing
0001104659-26-011497 ↗ filed Feb 6, 2026

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 Q2 2025 Q3 2025: $977.4M Q3 2025 Q4 2025: $740.2M $740.2M Q4 2025 Q1 2026: $581.7M Q1 2026 Q2 2026: $532.8M Q2 2026

Holdings 2 stocks · $740.2M
SPOT Spotify Technology SA 78.45% 1,000,000 $580.7M No change
Z Zillow Group Inc. Class C 21.55% 2,338,036 $159.5M No change

Portfolio Sells Q3 2025 → Q4 2025
CART Maplebear Inc. Sold out 0.00% −10.15

Portfolio Buys Q3 2025 → Q4 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