Valiant Capital Management, L.P. In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Valiant Capital Management, L.P. reported 23 stock positions worth $731.7 million . Its top holding was Maplebear (CART) at 25.3% of the portfolio, followed by Core Scientific (CORZ, 6.0% ) and Microsoft (MSFT, 5.9% ). Compared with Q2 2024, it opened 5 new positions, sold out of 6 and reduced 17. The biggest buy was a new position in HDFC Bank Ltd.-ADR (HDB) and the biggest sale an exit from Advanced Micro Devices (AMD).
Location San Francisco, CA
CIK 0001452689
Portfolio Value $731.7M (Q3 2024) Holdings 23 stocks · $731.7M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2024 CART Maplebear Inc. 4,551,694 $185.4M Reduce -18.5% CORZ Core Scientific Inc. 3,702,943 $43.9M Reduce -18.7% MSFT Microsoft Corp. 100,195 $43.1M Reduce -25.1% TKO Tko Group Holdings Inc. 278,759 $34.5M Reduce -32.5% AVGO Broadcom Inc. 197,940 $34.1M Reduce -19.9% CEG Constellation Energy 126,627 $32.9M Reduce -18.9% HDB HDFC Bank Ltd.-ADR 520,300 $32.5M New AMZN Amazon.com Inc. 172,215 $32.1M Reduce -24.9% VST Vistra Corp. 230,100 $27.3M New NVDA Nvidia Corp. 224,415 $27.3M Reduce -3.1% Z Zillow Group Inc. Class C 413,150 $26.4M Reduce -16.0% GDX Vaneck Gold Miners ETF 658,389 $26.2M Reduce -15.5% LLY Eli Lilly & Co. 29,526 $26.2M Reduce -35.9% CRM Salesforce Inc. 86,510 $23.7M Reduce -30.2% GEV GE Vernova Inc. 91,800 $23.4M New NOW ServiceNow Inc. 25,826 $23.1M Reduce -26.7% NFLX Netflix Inc. 29,178 $20.7M Reduce -36.0% CRWD CrowdStrike Holdings Inc. Class A 69,796 $19.6M Reduce -15.8% TTWO Take-Two Interactive Softwre 101,972 $15.7M Reduce -49.3% CRDO Credo Technology Group Holdi 369,364 $11.4M Reduce -15.5% AGX Argan Inc. 90,000 $9.1M New PWR Quanta Services Inc. 29,000 $8.6M New UBER Uber Technologies Inc. 59,464 $4.5M No change
Options reported separately and not counted above: TLT calls ($245.3M), QQQ puts ($201.0M), INDA puts ($153.6M), IWM calls ($148.0M), TSM calls ($104.4M), GLD calls ($101.6M), LRN puts ($93.2M), ABR puts ($31.8M).
Portfolio Sells Q2 2024 → Q3 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2024 % Of Portfolio Change To Portfolio ▲ AMD Advanced Micro Devices Sold out 0.00% −4.03 IREN Iren Ltd. Sold out 0.00% −3.36 WDC Western Digital Corp. Sold out 0.00% −2.77 NBR Nabors Industries Ltd. Sold out 0.00% −1.75 TTWO Take-Two Interactive Softwre Reduce -49.3% 2.14% −1.54 LLY Eli Lilly & Co. Reduce -35.9% 3.58% −1.34 MSFT Microsoft Corp. Reduce -25.1% 5.89% −1.15 CRWD CrowdStrike Holdings Inc. Class A Reduce -15.8% 2.68% −1.07 OKLO Oklo Inc. Sold out 0.00% −0.91 AMZN Amazon.com Inc. Reduce -24.9% 4.39% −0.84 NFLX Netflix Inc. Reduce -36.0% 2.83% −0.80 BE Bloom Energy Corp. Class A Sold out 0.00% −0.79 TKO Tko Group Holdings Inc. Reduce -32.5% 4.71% −0.55 CRM Salesforce Inc. Reduce -30.2% 3.24% −0.52 NOW ServiceNow Inc. Reduce -26.7% 3.16% −0.11 CRDO Credo Technology Group Holdi Reduce -15.5% 1.55% −0.09 AVGO Broadcom Inc. Reduce -19.9% 4.67% −0.01 NVDA Nvidia Corp. Reduce -3.1% 3.72% +0.35 GDX Vaneck Gold Miners ETF Reduce -15.5% 3.58% +0.47 CEG Constellation Energy Reduce -18.9% 4.50% +0.81 Z Zillow Group Inc. Class C Reduce -16.0% 3.61% +0.91 CORZ Core Scientific Inc. Reduce -18.7% 6.00% +1.01 CART Maplebear Inc. Reduce -18.5% 25.34% +4.18
Portfolio Buys Q2 2024 → Q3 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2024 % Of Portfolio Change To Portfolio ▼ HDB HDFC Bank Ltd.-ADR New 4.45% +4.45 VST Vistra Corp. New 3.73% +3.73 GEV GE Vernova Inc. New 3.20% +3.20 AGX Argan Inc. New 1.25% +1.25 PWR Quanta Services Inc. New 1.18% +1.18
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put Reduce -0.8% 411,900 $201.0M INDA iShares MSCI India ETF put New 2,625,000 $153.6M IWM iShares Russell 2000 ETF call New 670,000 $148.0M LLY Eli Lilly & Co. put Sold out 130,000 $117.7Mbefore exit TSM Taiwan Semiconductor-SP ADR call Add +66.9% 601,000 $104.4M GLD SPDR Gold Shares call Reduce -22.6% 418,000 $101.6M SOXX iShares Semiconductor ETF put Sold out 410,000 $101.1Mbefore exit LRN Stride Inc. put Reduce -25.7% 1,092,500 $93.2M KRE SS SPDR S&P Regional Bank put Sold out 1,500,000 $73.7Mbefore exit ABR Arbor Realty Trust Inc. put New 2,044,100 $31.8M CEG Constellation Energy call Sold out 120,000 $24.0Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 25 $1.6B IWM, SPY, CORZ, SEI, GEV Q1 2026 28 $1.3B SPY, IWM, CORZ, GEV, SEI Q4 2025 29 $1.2B SPY, IWM, CORZ, GEV, AVGO Q3 2025 28 $1.1B CORZ, SPY, IWM, AGX, GEV Q2 2025 29 $1.3B IWM, SPY, AGX, GEV, CORZ Q1 2025 29 $927.2M SPY, IWM, AGX, CART, TKO Q4 2024 27 $747.4M CORZ, CART, AGX, AVGO, TKO Q3 2024 23 $731.7M CART, CORZ, MSFT, TKO, AVGO Q2 2024 24 $848.2M CART, MSFT, TKO, AMZN, CORZ Q1 2024 24 $848.9M CART, MSFT, CRM, AMZN, AMD