Valiant Capital Management, L.P. In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Valiant Capital Management, L.P. reported 29 stock positions worth $1.2 billion . Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 13.6% of the portfolio, followed by iShares Russell 2000 ETF (IWM, 13.6% ) and Core Scientific (CORZ, 7.8% ). Compared with Q3 2025, it opened 2 new positions, sold out of 1, added to 6 and reduced 20. The biggest buy was iShares Russell 2000 ETF (IWM, shares +55% ) and the biggest sale Core Scientific (CORZ, shares −2% ).
Location San Francisco, CA
CIK 0001452689
Portfolio Value $1.2B (Q4 2025) Holdings 29 stocks · $1.2B 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 2025 SPY SS SPDR S&P 500 ETF Trust-US 237,326 $161.8M Add +53.6% IWM iShares Russell 2000 ETF 657,301 $161.8M Add +55.4% CORZ Core Scientific Inc. 6,336,424 $92.3M Reduce -2.3% GEV GE Vernova Inc. 101,637 $66.4M Reduce -6.9% AVGO Broadcom Inc. 138,802 $48.0M Reduce -9.0% AGX Argan Inc. 134,273 $42.1M Reduce -47.3% TKO Tko Group Holdings Inc. 196,917 $41.2M Reduce -9.0% HDB HDFC Bank Ltd.-ADR 1,122,032 $41.0M Add +5.7% GDX Vaneck Gold Miners ETF 464,104 $39.8M Reduce -9.0% GRDN Guardian Phrmcy Services-A 1,232,463 $37.1M Add +15.8% AMZN Amazon.com Inc. 155,404 $35.9M Reduce -3.9% MSFT Microsoft Corp. 72,655 $35.1M Reduce -3.9% PUMP Propetro Holding Corp. 3,668,820 $34.9M New TTWO Take-Two Interactive Softwre 133,495 $34.2M Reduce -9.0% SEI Solaris Energy Infrastructur 734,499 $33.8M New RH RH 182,765 $32.7M Add +68.5% PWR Quanta Services Inc. 70,381 $29.7M Reduce -4.5% VST Vistra Corp. 178,927 $28.9M Reduce -8.2% LLY Eli Lilly & Co. 26,526 $28.5M Reduce -34.0% NVDA Nvidia Corp. 141,979 $26.5M Reduce -3.9% CRM Salesforce Inc. 93,336 $24.7M Reduce -9.0% CRWD CrowdStrike Holdings Inc. Class A 48,776 $22.9M Reduce -9.0% Z Zillow Group Inc. Class C 318,443 $21.7M Reduce -9.0% NFLX Netflix Inc. 185,880 $17.4M Reduce -3.9% WLDN Willdan Group Inc. 152,531 $15.8M Reduce -4.8% CRDO Credo Technology Group Holdi 101,853 $14.7M Reduce -9.0% NOW ServiceNow Inc. 90,666 $13.9M Reduce -9.0% UBER Uber Technologies Inc. 59,464 $4.9M No change PSIX Power Solutions Internationa 40,401 $2.3M Add +3.8%
Options reported separately and not counted above: QQQ puts ($344.0M), TSM calls ($136.2M), CORZ calls ($55.8M), GLD calls ($42.0M).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ CORZ Core Scientific Inc. Reduce -2.3% 7.75% −3.01 AGX Argan Inc. Reduce -47.3% 3.54% −2.83 VST Vistra Corp. Reduce -8.2% 2.43% −1.11 NFLX Netflix Inc. Reduce -3.9% 1.46% −0.68 MSFT Microsoft Corp. Reduce -3.9% 2.95% −0.67 Z Zillow Group Inc. Class C Reduce -9.0% 1.83% −0.67 TTWO Take-Two Interactive Softwre Reduce -9.0% 2.87% −0.64 GEV GE Vernova Inc. Reduce -6.9% 5.58% −0.63 AVGO Broadcom Inc. Reduce -9.0% 4.04% −0.62 TKO Tko Group Holdings Inc. Reduce -9.0% 3.46% −0.59 NOW ServiceNow Inc. Reduce -9.0% 1.17% −0.53 CRWD CrowdStrike Holdings Inc. Class A Reduce -9.0% 1.92% −0.51 LLY Eli Lilly & Co. Reduce -34.0% 2.40% −0.44 PWR Quanta Services Inc. Reduce -4.5% 2.50% −0.33 NVDA Nvidia Corp. Reduce -3.9% 2.23% −0.33 FLY Firefly Aerospace Inc. Sold out 0.00% −0.33 CRDO Credo Technology Group Holdi Reduce -9.0% 1.23% −0.28 AMZN Amazon.com Inc. Reduce -3.9% 3.01% −0.27 GDX Vaneck Gold Miners ETF Reduce -9.0% 3.35% −0.26 CRM Salesforce Inc. Reduce -9.0% 2.08% −0.17 WLDN Willdan Group Inc. Reduce -4.8% 1.33% −0.11
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ IWM iShares Russell 2000 ETF Add +55.4% 13.60% +4.13 SPY SS SPDR S&P 500 ETF Trust-US Add +53.6% 13.60% +4.07 PUMP Propetro Holding Corp. New 2.93% +2.93 SEI Solaris Energy Infrastructur New 2.84% +2.84 RH RH Add +68.5% 2.75% +0.71 GRDN Guardian Phrmcy Services-A Add +15.8% 3.12% +0.53 HDB HDFC Bank Ltd.-ADR Add +5.7% 3.45% +0.09 PSIX Power Solutions Internationa Add +3.8% 0.19% −0.16
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put New 560,000 $344.0M TSM Taiwan Semiconductor-SP ADR call Reduce -9.0% 448,200 $136.2M CRWV Coreweave Inc. Class A call Sold out 375,000 $51.3Mbefore exit GLD SPDR Gold Shares call Reduce -67.4% 106,100 $42.0M
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