Valiant Capital Management, L.P. In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Valiant Capital Management, L.P. reported 28 stock positions worth $1.3 billion . Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 17.7% of the portfolio, followed by iShares Russell 2000 ETF (IWM, 17.7% ) and Core Scientific (CORZ, 8.1% ). Compared with Q4 2025, it opened 1 new position, sold out of 2, added to 8 and reduced 17. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +46% ) and the biggest sale an exit from Vistra (VST).
Location San Francisco, CA
CIK 0001452689
Portfolio Value $1.3B (Q1 2026) Holdings 28 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 Q4 2025 SPY SS SPDR S&P 500 ETF Trust-US 346,326 $225.2M Add +45.9% IWM iShares Russell 2000 ETF 907,801 $225.1M Add +38.1% CORZ Core Scientific Inc. 6,851,325 $102.5M Add +8.1% GEV GE Vernova Inc. 94,557 $82.5M Reduce -7.0% SEI Solaris Energy Infrastructur 1,119,503 $63.3M Add +52.4% PUMP Propetro Holding Corp. 4,042,993 $58.3M Add +10.2% GRDN Guardian Phrmcy Services-A 1,186,658 $44.7M Reduce -3.7% RH RH 301,276 $42.1M Add +64.8% AVGO Broadcom Inc. 126,602 $39.2M Reduce -8.8% GDX Vaneck Gold Miners ETF 425,204 $39.0M Reduce -8.4% TKO Tko Group Holdings Inc. 180,117 $36.3M Reduce -8.5% PWR Quanta Services Inc. 65,461 $35.9M Reduce -7.0% AMZN Amazon.com Inc. 155,404 $32.4M No change AGX Argan Inc. 59,243 $32.3M Reduce -55.9% HDB HDFC Bank Ltd.-ADR 1,026,232 $25.5M Reduce -8.5% MSFT Microsoft Corp. 66,415 $24.6M Reduce -8.6% TTWO Take-Two Interactive Softwre 122,095 $24.1M Reduce -8.5% NVDA Nvidia Corp. 129,579 $22.6M Reduce -8.7% LLY Eli Lilly & Co. 24,286 $22.3M Reduce -8.4% Z Zillow Group Inc. Class C 473,329 $19.6M Add +48.6% CRWD CrowdStrike Holdings Inc. Class A 44,576 $17.4M Reduce -8.6% CRM Salesforce Inc. 85,336 $15.9M Reduce -8.6% WLDN Willdan Group Inc. 143,331 $11.0M Reduce -6.0% CRDO Credo Technology Group Holdi 93,353 $8.8M Reduce -8.3% NOW ServiceNow Inc. 82,866 $8.7M Reduce -8.6% UBER Uber Technologies Inc. 59,464 $4.3M No change PSIX Power Solutions Internationa 69,388 $4.2M Add +71.8% FPS Forgent Power Solutions Class A 100,000 $2.9M New
Options reported separately and not counted above: TSM calls ($138.3M), AMZN calls ($130.2M), CORZ calls ($95.9M), APO puts ($47.9M), CG puts ($38.7M), ARES puts ($19.1M).
Portfolio Sells Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▲ VST Vistra Corp. Sold out 0.00% −2.43 NFLX Netflix Inc. Sold out 0.00% −1.46 HDB HDFC Bank Ltd.-ADR Reduce -8.5% 2.01% −1.44 MSFT Microsoft Corp. Reduce -8.6% 1.93% −1.02 AGX Argan Inc. Reduce -55.9% 2.54% −1.00 TTWO Take-Two Interactive Softwre Reduce -8.5% 1.90% −0.97 AVGO Broadcom Inc. Reduce -8.8% 3.08% −0.95 CRM Salesforce Inc. Reduce -8.6% 1.25% −0.82 LLY Eli Lilly & Co. Reduce -8.4% 1.76% −0.64 TKO Tko Group Holdings Inc. Reduce -8.5% 2.86% −0.60 CRWD CrowdStrike Holdings Inc. Class A Reduce -8.6% 1.37% −0.55 CRDO Credo Technology Group Holdi Reduce -8.3% 0.69% −0.54 NOW ServiceNow Inc. Reduce -8.6% 0.68% −0.49 WLDN Willdan Group Inc. Reduce -6.0% 0.86% −0.47 NVDA Nvidia Corp. Reduce -8.7% 1.78% −0.45 GDX Vaneck Gold Miners ETF Reduce -8.4% 3.07% −0.27 PWR Quanta Services Inc. Reduce -7.0% 2.83% +0.33 GRDN Guardian Phrmcy Services-A Reduce -3.7% 3.52% +0.40 GEV GE Vernova Inc. Reduce -7.0% 6.50% +0.91
Portfolio Buys Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▼ SPY SS SPDR S&P 500 ETF Trust-US Add +45.9% 17.72% +4.12 IWM iShares Russell 2000 ETF Add +38.1% 17.72% +4.12 SEI Solaris Energy Infrastructur Add +52.4% 4.98% +2.14 PUMP Propetro Holding Corp. Add +10.2% 4.58% +1.65 RH RH Add +64.8% 3.31% +0.56 CORZ Core Scientific Inc. Add +8.1% 8.07% +0.31 FPS Forgent Power Solutions Class A New 0.23% +0.23 PSIX Power Solutions Internationa Add +71.8% 0.33% +0.14 Z Zillow Group Inc. Class C Add +48.6% 1.54% −0.28
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put Sold out 560,000 $344.0Mbefore exit TSM Taiwan Semiconductor-SP ADR call Reduce -8.7% 409,300 $138.3M AMZN Amazon.com Inc. call New 625,000 $130.2M CORZ Core Scientific Inc. call Add +67.3% 6,407,700 $95.9M APO Apollo Global Management Inc. put New 430,000 $47.9M GLD SPDR Gold Shares call Sold out 106,100 $42.0Mbefore exit CG The Carlyle Group Inc. put New 800,000 $38.7M ARES Ares Management Corp. Class A put New 175,000 $19.1M
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