Valiant Capital Management, L.P.

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Valiant Capital Management, L.P. reported 25 stock positions worth $1.6 billion. Its top holding was iShares Russell 2000 ETF (IWM) at 16.1% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 15.6%) and Core Scientific (CORZ, 11.9%). Compared with Q1 2026, it opened 2 new positions, sold out of 5, added to 6 and reduced 2. The biggest buy was a new position in Terawulf (WULF) and the biggest sale an exit from Argan (AGX).

Most Recent 13F
Q2 2026
Location
San Francisco, CA
CIK
0001452689
Portfolio Value
$1.6B (Q2 2026)
SEC Filing
0000935836-26-000404 ↗ filed Aug 14, 2026

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $848.9M Q1 2024 Q2 2024: $848.2M Q2 2024 Q3 2024: $731.7M Q3 2024 Q4 2024: $747.4M Q4 2024 Q1 2025: $927.2M Q1 2025 Q2 2025: $1.3B Q2 2025 Q3 2025: $1.1B Q3 2025 Q4 2025: $1.2B Q4 2025 Q1 2026: $1.3B Q1 2026 Q2 2026: $1.6B $1.6B Q2 2026

Holdings 25 stocks · $1.6B
IWM iShares Russell 2000 ETF 16.15% 863,141 $259.3M Reduce -4.9%
SPY SS SPDR S&P 500 ETF Trust-US 15.64% 336,426 $251.2M Reduce -2.9%
CORZ Core Scientific Inc. 11.91% 7,474,231 $191.3M Add +9.1%
SEI Solaris Energy Infrastructur 8.04% 1,604,346 $129.1M Add +43.3%
GEV GE Vernova Inc. 7.14% 97,612 $114.7M Add +3.2%
WULF Terawulf Inc. 4.46% 2,896,756 $71.5M New
PUMP Propetro Holding Corp. 3.79% 4,242,475 $60.8M Add +4.9%
GRDN Guardian Phrmcy Services-A 3.09% 1,186,658 $49.7M No change
RH RH 3.09% 301,276 $49.6M No change
PWR Quanta Services Inc. 3.06% 68,275 $49.2M Add +4.3%
AVGO Broadcom Inc. 2.98% 126,602 $47.8M No change
AMZN Amazon.com Inc. 2.31% 155,404 $37.0M No change
TKO Tko Group Holdings Inc. 2.26% 180,117 $36.3M No change
CRWD CrowdStrike Holdings Inc. Class A 2.12% 44,576 $34.0M No change
GDX Vaneck Gold Miners ETF 2.00% 425,204 $32.1M No change
TTWO Take-Two Interactive Softwre 1.90% 122,095 $30.5M No change
LLY Eli Lilly & Co. 1.81% 24,286 $29.1M No change
HDB HDFC Bank Ltd.-ADR 1.65% 1,026,232 $26.5M No change
NVDA Nvidia Corp. 1.61% 129,579 $25.9M No change
CRDO Credo Technology Group Holdi 1.58% 93,353 $25.4M No change
MSFT Microsoft Corp. 1.54% 66,415 $24.8M No change
Z Zillow Group Inc. Class C 0.93% 473,329 $14.9M No change
BW Babcock & Wilcox Enterpr 0.48% 550,000 $7.8M New
UBER Uber Technologies Inc. 0.27% 59,464 $4.3M No change
PSIX Power Solutions Internationa 0.20% 81,674 $3.2M Add +17.7%

Options reported separately and not counted above: AMZN calls ($418.3M), TSM calls ($195.5M), CORZ calls ($167.0M), RH calls ($90.6M).

Portfolio Sells Q1 2026 → Q2 2026
AGX Argan Inc. Sold out 0.00% −2.54
SPY SS SPDR S&P 500 ETF Trust-US Reduce -2.9% 15.64% −2.08
IWM iShares Russell 2000 ETF Reduce -4.9% 16.15% −1.57
CRM Salesforce Inc. Sold out 0.00% −1.25
WLDN Willdan Group Inc. Sold out 0.00% −0.86
NOW ServiceNow Inc. Sold out 0.00% −0.68
FPS Forgent Power Solutions Class A Sold out 0.00% −0.23

Portfolio Buys Q1 2026 → Q2 2026
WULF Terawulf Inc. New 4.46% +4.46
CORZ Core Scientific Inc. Add +9.1% 11.91% +3.84
SEI Solaris Energy Infrastructur Add +43.3% 8.04% +3.06
GEV GE Vernova Inc. Add +3.2% 7.14% +0.65
BW Babcock & Wilcox Enterpr New 0.48% +0.48
PWR Quanta Services Inc. Add +4.3% 3.06% +0.23
PSIX Power Solutions Internationa Add +17.7% 0.20% −0.13
PUMP Propetro Holding Corp. Add +4.9% 3.79% −0.80

Options Activity Q1 2026 → Q2 2026
AMZN Amazon.com Inc. call Add +180.8% 1,755,000 $418.3M
CORZ Core Scientific Inc. call Add +1.9% 6,527,700 $167.0M
RH RH call New 550,000 $90.6M
APO Apollo Global Management Inc. put Sold out 430,000 $47.9Mbefore exit
CG The Carlyle Group Inc. put Sold out 800,000 $38.7Mbefore exit
ARES Ares Management Corp. Class A put Sold out 175,000 $19.1Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 25$1.6BIWM, SPY, CORZ, SEI, GEV
Q1 2026 28$1.3BSPY, IWM, CORZ, GEV, SEI
Q4 2025 29$1.2BSPY, IWM, CORZ, GEV, AVGO
Q3 2025 28$1.1BCORZ, SPY, IWM, AGX, GEV
Q2 2025 29$1.3BIWM, SPY, AGX, GEV, CORZ
Q1 2025 29$927.2MSPY, IWM, AGX, CART, TKO
Q4 2024 27$747.4MCORZ, CART, AGX, AVGO, TKO
Q3 2024 23$731.7MCART, CORZ, MSFT, TKO, AVGO
Q2 2024 24$848.2MCART, MSFT, TKO, AMZN, CORZ
Q1 2024 24$848.9MCART, MSFT, CRM, AMZN, AMD