Valiant Capital Management, L.P. In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Valiant Capital Management, L.P. reported 29 stock positions worth $1.3 billion . Its top holding was iShares Russell 2000 ETF (IWM) at 8.0% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 7.9% ) and Argan (AGX, 6.6% ). Compared with Q1 2025, it opened 3 new positions, sold out of 3, added to 14 and reduced 6. The biggest buy was a new position in Arbor Realty Trust (ABR) and the biggest sale an exit from Kodiak Gas Services (KGS).
Location San Francisco, CA
CIK 0001452689
Portfolio Value $1.3B (Q2 2025) Holdings 29 stocks · $1.3B 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 Q1 2025 IWM iShares Russell 2000 ETF 480,107 $103.6M Reduce -2.7% SPY SS SPDR S&P 500 ETF Trust-US 166,722 $103.0M Reduce -5.6% AGX Argan Inc. 389,615 $85.9M Reduce -7.5% GEV GE Vernova Inc. 162,153 $85.8M Add +4.7% CORZ Core Scientific Inc. 4,801,524 $82.0M Add +8.6% AVGO Broadcom Inc. 234,740 $64.7M Add +9.2% CART Maplebear Inc. 1,348,275 $61.0M No change VST Vistra Corp. 281,486 $54.6M Reduce -16.3% HDB HDFC Bank Ltd.-ADR 710,000 $54.4M Add +4.6% TKO Tko Group Holdings Inc. 297,559 $54.1M Reduce -6.5% MSFT Microsoft Corp. 108,595 $54.0M Add +8.4% PWR Quanta Services Inc. 111,220 $42.1M Reduce -5.1% LLY Eli Lilly & Co. 51,926 $40.5M Add +151.8% ABR Arbor Realty Trust Inc. 3,752,400 $40.2M New AMZN Amazon.com Inc. 179,015 $39.3M Add +19.3% TTWO Take-Two Interactive Softwre 153,172 $37.2M Add +50.2% CRM Salesforce Inc. 132,410 $36.1M Add +7.3% CRWD CrowdStrike Holdings Inc. Class A 69,196 $35.2M Add +9.8% NFLX Netflix Inc. 25,878 $34.7M Add +9.8% GDX Vaneck Gold Miners ETF 658,389 $34.3M No change NVDA Nvidia Corp. 201,415 $31.8M No change Z Zillow Group Inc. Class C 451,750 $31.6M Add +9.3% NOW ServiceNow Inc. 25,726 $26.4M Add +8.9% RH RH 108,500 $20.5M New CRDO Credo Technology Group Holdi 144,496 $13.4M No change WLDN Willdan Group Inc. 198,321 $12.4M No change BTBT Bit Digital Inc. 4,000,000 $8.8M New UBER Uber Technologies Inc. 59,464 $5.5M No change PSIX Power Solutions Internationa 60,505 $3.9M Add +38.8%
Options reported separately and not counted above: QQQ puts ($209.6M), GLD calls ($128.0M), TSM calls ($120.6M), CORZ calls ($65.4M), ABR puts ($6.4M).
Portfolio Sells Q1 2025 → Q2 2025 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ KGS Kodiak Gas Services Inc. Sold out 0.00% −3.48 SPY SS SPDR S&P 500 ETF Trust-US Reduce -5.6% 7.94% −2.71 IWM iShares Russell 2000 ETF Reduce -2.7% 7.99% −2.63 TKO Tko Group Holdings Inc. Reduce -6.5% 4.17% −1.07 TAC Transalta Corp. Sold out 0.00% −0.97 TLN Talen Energy Corp. Sold out 0.00% −0.12 VST Vistra Corp. Reduce -16.3% 4.21% −0.05 PWR Quanta Services Inc. Reduce -5.1% 3.24% +0.03 AGX Argan Inc. Reduce -7.5% 6.62% +0.67
Portfolio Buys Q1 2025 → Q2 2025 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ ABR Arbor Realty Trust Inc. New 3.10% +3.10 CORZ Core Scientific Inc. Add +8.6% 6.32% +2.87 RH RH New 1.58% +1.58 GEV GE Vernova Inc. Add +4.7% 6.62% +1.51 LLY Eli Lilly & Co. Add +151.8% 3.12% +1.28 AVGO Broadcom Inc. Add +9.2% 4.99% +1.11 BTBT Bit Digital Inc. New 0.68% +0.68 TTWO Take-Two Interactive Softwre Add +50.2% 2.87% +0.59 CRWD CrowdStrike Holdings Inc. Class A Add +9.8% 2.72% +0.32 NFLX Netflix Inc. Add +9.8% 2.67% +0.30 PSIX Power Solutions Internationa Add +38.8% 0.30% +0.18 MSFT Microsoft Corp. Add +8.4% 4.16% +0.11 NOW ServiceNow Inc. Add +8.9% 2.04% +0.01 AMZN Amazon.com Inc. Add +19.3% 3.03% −0.05 Z Zillow Group Inc. Class C Add +9.3% 2.44% −0.62 HDB HDFC Bank Ltd.-ADR Add +4.6% 4.20% −0.67 CRM Salesforce Inc. Add +7.3% 2.78% −0.79
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put New 380,000 $209.6M GLD SPDR Gold Shares call Reduce -30.0% 420,000 $128.0M FTAI Ftai Aviation Ltd. put Sold out 1,045,500 $112.6Mbefore exit CORZ Core Scientific Inc. call Add +35.3% 3,830,000 $65.4M ABR Arbor Realty Trust Inc. put Reduce -83.2% 600,700 $6.4M RUN Sunrun Inc. call Sold out 725,000 $4.2Mbefore 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