Valiant Capital Management, L.P. In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Valiant Capital Management, L.P. reported 28 stock positions worth $1.1 billion . Its top holding was Core Scientific (CORZ) at 10.8% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 9.5% ) and iShares Russell 2000 ETF (IWM, 9.5% ). Compared with Q2 2025, it opened 2 new positions, sold out of 3, added to 1 and reduced 23. The biggest buy was Core Scientific (CORZ, shares +35% ) and the biggest sale an exit from Maplebear (CART).
Location San Francisco, CA
CIK 0001452689
Portfolio Value $1.1B (Q3 2025) Holdings 28 stocks · $1.1B 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 2025 CORZ Core Scientific Inc. 6,483,103 $116.3M Add +35.0% SPY SS SPDR S&P 500 ETF Trust-US 154,502 $102.9M Reduce -7.3% IWM iShares Russell 2000 ETF 422,857 $102.3M Reduce -11.9% AGX Argan Inc. 254,600 $68.8M Reduce -34.6% GEV GE Vernova Inc. 109,217 $67.2M Reduce -32.6% AVGO Broadcom Inc. 152,504 $50.3M Reduce -35.0% TKO Tko Group Holdings Inc. 216,355 $43.7M Reduce -27.3% MSFT Microsoft Corp. 75,606 $39.2M Reduce -30.4% GDX Vaneck Gold Miners ETF 509,916 $39.0M Reduce -22.6% VST Vistra Corp. 194,943 $38.2M Reduce -30.8% TTWO Take-Two Interactive Softwre 146,672 $37.9M Reduce -4.2% HDB HDFC Bank Ltd.-ADR 1,061,396 $36.3M Reduce -25.3% AMZN Amazon.com Inc. 161,715 $35.5M Reduce -9.7% LLY Eli Lilly & Co. 40,217 $30.7M Reduce -22.6% PWR Quanta Services Inc. 73,713 $30.5M Reduce -33.7% GRDN Guardian Phrmcy Services-A 1,064,722 $27.9M New NVDA Nvidia Corp. 147,793 $27.6M Reduce -26.6% Z Zillow Group Inc. Class C 349,877 $27.0M Reduce -22.6% CRWD CrowdStrike Holdings Inc. Class A 53,591 $26.3M Reduce -22.6% CRM Salesforce Inc. 102,550 $24.3M Reduce -22.6% NFLX Netflix Inc. 19,343 $23.2M Reduce -25.3% RH RH 108,500 $22.0M No change NOW ServiceNow Inc. 19,924 $18.3M Reduce -22.6% CRDO Credo Technology Group Holdi 111,909 $16.3M Reduce -22.6% WLDN Willdan Group Inc. 160,243 $15.5M Reduce -19.2% UBER Uber Technologies Inc. 59,464 $5.8M No change PSIX Power Solutions Internationa 38,926 $3.8M Reduce -35.7% FLY Firefly Aerospace Inc. 120,000 $3.5M New
Options reported separately and not counted above: TSM calls ($137.5M), GLD calls ($115.6M), CORZ calls ($68.7M), CRWV calls ($51.3M).
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ CART Maplebear Inc. Sold out 0.00% −4.70 ABR Arbor Realty Trust Inc. Sold out 0.00% −3.10 HDB HDFC Bank Ltd.-ADR Reduce -25.3% 3.36% −0.84 BTBT Bit Digital Inc. Sold out 0.00% −0.68 VST Vistra Corp. Reduce -30.8% 3.54% −0.67 MSFT Microsoft Corp. Reduce -30.4% 3.63% −0.54 CRM Salesforce Inc. Reduce -22.6% 2.25% −0.53 NFLX Netflix Inc. Reduce -25.3% 2.15% −0.53 PWR Quanta Services Inc. Reduce -33.7% 2.83% −0.41 GEV GE Vernova Inc. Reduce -32.6% 6.22% −0.40 NOW ServiceNow Inc. Reduce -22.6% 1.70% −0.34 AVGO Broadcom Inc. Reduce -35.0% 4.66% −0.33 CRWD CrowdStrike Holdings Inc. Class A Reduce -22.6% 2.43% −0.28 LLY Eli Lilly & Co. Reduce -22.6% 2.84% −0.28 AGX Argan Inc. Reduce -34.6% 6.36% −0.26 TKO Tko Group Holdings Inc. Reduce -27.3% 4.04% −0.13 PSIX Power Solutions Internationa Reduce -35.7% 0.35% +0.05 Z Zillow Group Inc. Class C Reduce -22.6% 2.50% +0.06 NVDA Nvidia Corp. Reduce -26.6% 2.55% +0.10 AMZN Amazon.com Inc. Reduce -9.7% 3.29% +0.26 CRDO Credo Technology Group Holdi Reduce -22.6% 1.51% +0.48 WLDN Willdan Group Inc. Reduce -19.2% 1.43% +0.48 TTWO Take-Two Interactive Softwre Reduce -4.2% 3.51% +0.64 GDX Vaneck Gold Miners ETF Reduce -22.6% 3.61% +0.96 IWM iShares Russell 2000 ETF Reduce -11.9% 9.47% +1.48 SPY SS SPDR S&P 500 ETF Trust-US Reduce -7.3% 9.53% +1.59
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ CORZ Core Scientific Inc. Add +35.0% 10.77% +4.45 GRDN Guardian Phrmcy Services-A New 2.59% +2.59 FLY Firefly Aerospace Inc. New 0.33% +0.33
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put Sold out 380,000 $209.6Mbefore exit TSM Taiwan Semiconductor-SP ADR call Reduce -7.5% 492,400 $137.5M GLD SPDR Gold Shares call Reduce -22.6% 325,300 $115.6M CRWV Coreweave Inc. Class A call New 375,000 $51.3M ABR Arbor Realty Trust Inc. put Sold out 600,700 $6.4Mbefore 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