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Valiant Capital Management, L.P.

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13F filer, CIK 1452689, San Francisco, CA

Valiant Capital Management, L.P. reported $1,827,018,745 across 34 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 57.76% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000935836-25-000503

Period
2025-06-30
Reported value
$1.83B
Holdings
34
Top 10 weight
57.76%
New
4
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ABRnew+3,752,400$40.2M
LLYadded+31,300$24.4M
RHnew+108,500$20.5M
TTWOadded+51,200$12.4M
BTBTnew+4,000,000$8.76M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
KGSexited-865,257-$32.3M
VSTreduced-54,900-$10.6M
TACexited-960,092-$8.98M
AGXreduced-31,500-$6.95M
SPYreduced-9,890-$6.11M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0000935836-25-000503, largest first. % of portfolio is the value over $1,296,978,079, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
IWMISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 493,377 shares; 2025Q2: 480,107 shares 480,107$104M7.99%-13,270Timeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 176,612 shares; 2025Q2: 166,722 shares 166,722$103M7.94%-9,890Timeline
AGXARGAN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 90,000 shares; 2024Q4: 355,556 shares; 2025Q1: 421,115 shares; 2025Q2: 389,615 shares 389,615$85.9M6.62%-31,500Timeline
GEVGE VERNOVA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 91,800 shares; 2024Q4: 134,290 shares; 2025Q1: 154,953 shares; 2025Q2: 162,153 shares 162,153$85.8M6.62%+7,200Timeline
CORZCORE SCIENTIFIC INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,702,943 shares; 2024Q4: 4,325,024 shares; 2025Q1: 4,422,524 shares; 2025Q2: 4,801,524 shares 4,801,524$82M6.32%+379,000Timeline
AVGOBROADCOM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 197,940 shares; 2024Q4: 197,940 shares; 2025Q1: 215,040 shares; 2025Q2: 234,740 shares 234,740$64.7M4.99%+19,700Timeline
CARTMAPLEBEAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,551,694 shares; 2024Q4: 1,348,275 shares; 2025Q1: 1,348,275 shares; 2025Q2: 1,348,275 shares 1,348,275$61M4.7%0Timeline
VSTVISTRA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 230,100 shares; 2024Q4: 288,287 shares; 2025Q1: 336,386 shares; 2025Q2: 281,486 shares 281,486$54.6M4.21%-54,900Timeline
HDBHDFC BANK LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 520,300 shares; 2024Q4: 520,300 shares; 2025Q1: 678,600 shares; 2025Q2: 710,000 shares 710,000$54.4M4.2%+31,400Timeline
TKOTKO GROUP HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 278,759 shares; 2024Q4: 318,259 shares; 2025Q1: 318,259 shares; 2025Q2: 297,559 shares 297,559$54.1M4.17%-20,700Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,195 shares; 2024Q4: 100,195 shares; 2025Q1: 100,195 shares; 2025Q2: 108,595 shares 108,595$54M4.16%+8,400Timeline
PWRQUANTA SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,000 shares; 2024Q4: 95,205 shares; 2025Q1: 117,220 shares; 2025Q2: 111,220 shares 111,220$42.1M3.24%-6,000Timeline
LLYELI LILLY & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,526 shares; 2024Q4: 20,626 shares; 2025Q1: 20,626 shares; 2025Q2: 51,926 shares 51,926$40.5M3.12%+31,300Timeline
ABRARBOR REALTY TRUST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,752,400 shares 3,752,400$40.2M3.1%newTimeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 172,215 shares; 2024Q4: 150,115 shares; 2025Q1: 150,115 shares; 2025Q2: 179,015 shares 179,015$39.3M3.03%+28,900Timeline
TTWOTAKE-TWO INTERACTIVE SOFTWARQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 101,972 shares; 2024Q4: 101,972 shares; 2025Q1: 101,972 shares; 2025Q2: 153,172 shares 153,172$37.2M2.87%+51,200Timeline
CRMSALESFORCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 86,510 shares; 2024Q4: 97,610 shares; 2025Q1: 123,410 shares; 2025Q2: 132,410 shares 132,410$36.1M2.78%+9,000Timeline
CRWDCROWDSTRIKE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,796 shares; 2024Q4: 62,996 shares; 2025Q1: 62,996 shares; 2025Q2: 69,196 shares 69,196$35.2M2.72%+6,200Timeline
NFLXNETFLIX INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,178 shares; 2024Q4: 23,578 shares; 2025Q1: 23,578 shares; 2025Q2: 25,878 shares 25,878$34.7M2.67%+2,300Timeline
GDXVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 658,389 shares; 2024Q4: 658,389 shares; 2025Q1: 658,389 shares; 2025Q2: 658,389 shares 658,389$34.3M2.64%0Timeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 224,415 shares; 2024Q4: 201,415 shares; 2025Q1: 201,415 shares; 2025Q2: 201,415 shares 201,415$31.8M2.45%0Timeline
ZZILLOW GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 413,150 shares; 2024Q4: 413,150 shares; 2025Q1: 413,150 shares; 2025Q2: 451,750 shares 451,750$31.6M2.44%+38,600Timeline
NOWSERVICENOW INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 25,826 shares; 2024Q4: 23,626 shares; 2025Q1: 23,626 shares; 2025Q2: 25,726 shares 25,726$26.4M2.04%+2,100Timeline
RHRHQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 108,500 shares 108,500$20.5M1.58%newTimeline
CRDOCREDO TECHNOLOGY GROUP HOLDIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 369,364 shares; 2024Q4: 144,496 shares; 2025Q1: 144,496 shares; 2025Q2: 144,496 shares 144,496$13.4M1.03%0Timeline
WLDNWILLDAN GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 200,897 shares; 2025Q1: 198,321 shares; 2025Q2: 198,321 shares 198,321$12.4M0.96%0Timeline
BTBTBIT DIGITAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 4,000,000 shares 4,000,000$8.76M0.68%newTimeline
UBERUBER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 59,464 shares; 2024Q4: 59,464 shares; 2025Q1: 59,464 shares; 2025Q2: 59,464 shares 59,464$5.55M0.43%0Timeline
PSIXPOWER SOLUTIONS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 35,450 shares; 2025Q1: 43,605 shares; 2025Q2: 60,505 shares 60,505$3.91M0.3%+16,900Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
QQQINVESCO QQQ TR COMput380,000$210Mnew
GLDSPDR GOLD TR GOLD SHScall420,000$128M-180,000
TSMTAIWAN SEMICONDUCTOR MANUFAC SPONSORED ADScall532,400$121M0
CORZCORE SCIENTIFIC INC NEW COMcall3,830,000$65.4M+1,000,000
ABRARBOR REALTY TRUST INC COMput600,700$6.43M-2,982,100

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
FTAIFTAI AVIATION LTD1,045,500$113Mput
KGSKODIAK GAS SVCS INC865,257$32.3Mshares
TACTRANSALTA CORP960,092$8.98Mshares
RUNSUNRUN INC725,000$4.25Mcall
TLNTALEN ENERGY CORP5,633$1.12Mshares

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0000935836-25-000503 base2025-08-14acceptance time not in the bulk data set