Valiant Capital Management, L.P. In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Valiant Capital Management, L.P. reported 27 stock positions worth $747.4 million . Its top holding was Core Scientific (CORZ) at 8.1% of the portfolio, followed by Maplebear (CART, 7.5% ) and Argan (AGX, 6.5% ). Compared with Q3 2024, it opened 5 new positions, sold out of 1, added to 7 and reduced 8. The biggest buy was Argan (AGX, shares +295% ) and the biggest sale Maplebear (CART, shares −70% ).
Location San Francisco, CA
CIK 0001452689
Portfolio Value $747.4M (Q4 2024) Holdings 27 stocks · $747.4M 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 Q3 2024 CORZ Core Scientific Inc. 4,325,024 $60.8M Add +16.8% CART Maplebear Inc. 1,348,275 $55.8M Reduce -70.4% AGX Argan Inc. 355,556 $48.7M Add +295.1% AVGO Broadcom Inc. 197,940 $45.9M No change TKO Tko Group Holdings Inc. 318,259 $45.2M Add +14.2% GEV GE Vernova Inc. 134,290 $44.2M Add +46.3% MSFT Microsoft Corp. 100,195 $42.2M No change VST Vistra Corp. 288,287 $39.7M Add +25.3% HDB HDFC Bank Ltd.-ADR 520,300 $33.2M No change AMZN Amazon.com Inc. 150,115 $32.9M Reduce -12.8% CRM Salesforce Inc. 97,610 $32.6M Add +12.8% Z Zillow Group Inc. Class C 413,150 $30.6M No change PWR Quanta Services Inc. 95,205 $30.1M Add +228.3% NVDA Nvidia Corp. 201,415 $27.0M Reduce -10.3% NOW ServiceNow Inc. 23,626 $25.0M Reduce -8.5% GDX Vaneck Gold Miners ETF 658,389 $22.3M No change CRWD CrowdStrike Holdings Inc. Class A 62,996 $21.6M Reduce -9.7% KGS Kodiak Gas Services Inc. 515,476 $21.0M New NFLX Netflix Inc. 23,578 $21.0M Reduce -19.2% TTWO Take-Two Interactive Softwre 101,972 $18.8M No change LLY Eli Lilly & Co. 20,626 $15.9M Reduce -30.1% CRDO Credo Technology Group Holdi 144,496 $9.7M Reduce -60.9% WMB Williams Cos Inc. 176,366 $9.5M New WLDN Willdan Group Inc. 200,897 $7.7M New UBER Uber Technologies Inc. 59,464 $3.6M No change TLN Talen Energy Corp. 5,381 $1.1M New PSIX Power Solutions Internationa 35,450 $1.1M New
Options reported separately and not counted above: QQQ puts ($392.1M), TLT calls ($218.3M), GLD calls ($101.2M), TSM calls ($97.2M), ABR puts ($14.4M), RUN calls ($6.7M).
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ CART Maplebear Inc. Reduce -70.4% 7.47% −17.87 CEG Constellation Energy Sold out 0.00% −4.50 LLY Eli Lilly & Co. Reduce -30.1% 2.13% −1.44 CRDO Credo Technology Group Holdi Reduce -60.9% 1.30% −0.26 NVDA Nvidia Corp. Reduce -10.3% 3.62% −0.11 NFLX Netflix Inc. Reduce -19.2% 2.81% −0.02 AMZN Amazon.com Inc. Reduce -12.8% 4.41% +0.02 NOW ServiceNow Inc. Reduce -8.5% 3.35% +0.19 CRWD CrowdStrike Holdings Inc. Class A Reduce -9.7% 2.88% +0.21
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ AGX Argan Inc. Add +295.1% 6.52% +5.27 PWR Quanta Services Inc. Add +228.3% 4.03% +2.84 KGS Kodiak Gas Services Inc. New 2.82% +2.82 GEV GE Vernova Inc. Add +46.3% 5.91% +2.71 CORZ Core Scientific Inc. Add +16.8% 8.13% +2.13 VST Vistra Corp. Add +25.3% 5.32% +1.59 TKO Tko Group Holdings Inc. Add +14.2% 6.05% +1.34 WMB Williams Cos Inc. New 1.28% +1.28 CRM Salesforce Inc. Add +12.8% 4.37% +1.13 WLDN Willdan Group Inc. New 1.02% +1.02 TLN Talen Energy Corp. New 0.14% +0.14 PSIX Power Solutions Internationa New 0.14% +0.14
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put Add +86.2% 766,900 $392.1M INDA iShares MSCI India ETF put Sold out 2,625,000 $153.6Mbefore exit IWM iShares Russell 2000 ETF call Sold out 670,000 $148.0Mbefore exit TSM Taiwan Semiconductor-SP ADR call Reduce -18.1% 492,000 $97.2M LRN Stride Inc. put Sold out 1,092,500 $93.2Mbefore exit ABR Arbor Realty Trust Inc. put Reduce -49.0% 1,043,000 $14.4M RUN Sunrun Inc. call New 725,000 $6.7M
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