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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 $1,453,427,821 across 32 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 61.82% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000935836-25-000673

Period
2025-09-30
Reported value
$1.45B
Holdings
32
Top 10 weight
61.82%
New
3
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
CORZadded+1,681,579$30.2M
GRDNnew+1,064,722$27.9M
HDBadded+351,396$12M
FLYnew+120,000$3.52M

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
CARTexited-1,348,275-$61M
ABRexited-3,752,400-$40.2M
AGXreduced-135,015-$36.5M
GEVreduced-52,936-$32.6M
AVGOreduced-82,236-$27.1M

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, Q3 2025

Share positions as resolved from 13F-HR 0000935836-25-000673, largest first. % of portfolio is the value over $1,080,242,084, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
CORZCORE SCIENTIFIC INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 6,483,103 shares 6,483,103$116M10.77%+1,681,579Timeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 176,612 shares; 2025Q2: 166,722 shares; 2025Q3: 154,502 shares 154,502$103M9.53%-12,220Timeline
IWMISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 493,377 shares; 2025Q2: 480,107 shares; 2025Q3: 422,857 shares 422,857$102M9.47%-57,250Timeline
AGXARGAN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 90,000 shares; 2024Q4: 355,556 shares; 2025Q1: 421,115 shares; 2025Q2: 389,615 shares; 2025Q3: 254,600 shares 254,600$68.8M6.36%-135,015Timeline
GEVGE VERNOVA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 91,800 shares; 2024Q4: 134,290 shares; 2025Q1: 154,953 shares; 2025Q2: 162,153 shares; 2025Q3: 109,217 shares 109,217$67.2M6.22%-52,936Timeline
AVGOBROADCOM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 197,940 shares; 2024Q4: 197,940 shares; 2025Q1: 215,040 shares; 2025Q2: 234,740 shares; 2025Q3: 152,504 shares 152,504$50.3M4.66%-82,236Timeline
TKOTKO GROUP HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 278,759 shares; 2024Q4: 318,259 shares; 2025Q1: 318,259 shares; 2025Q2: 297,559 shares; 2025Q3: 216,355 shares 216,355$43.7M4.04%-81,204Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,195 shares; 2024Q4: 100,195 shares; 2025Q1: 100,195 shares; 2025Q2: 108,595 shares; 2025Q3: 75,606 shares 75,606$39.2M3.63%-32,989Timeline
GDXVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 658,389 shares; 2024Q4: 658,389 shares; 2025Q1: 658,389 shares; 2025Q2: 658,389 shares; 2025Q3: 509,916 shares 509,916$39M3.61%-148,473Timeline
VSTVISTRA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 230,100 shares; 2024Q4: 288,287 shares; 2025Q1: 336,386 shares; 2025Q2: 281,486 shares; 2025Q3: 194,943 shares 194,943$38.2M3.54%-86,543Timeline
TTWOTAKE-TWO INTERACTIVE SOFTWARQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 101,972 shares; 2024Q4: 101,972 shares; 2025Q1: 101,972 shares; 2025Q2: 153,172 shares; 2025Q3: 146,672 shares 146,672$37.9M3.51%-6,500Timeline
HDBHDFC BANK LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 520,300 shares; 2024Q4: 520,300 shares; 2025Q1: 678,600 shares; 2025Q2: 710,000 shares; 2025Q3: 1,061,396 shares 1,061,396$36.3M3.36%+351,396Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 172,215 shares; 2024Q4: 150,115 shares; 2025Q1: 150,115 shares; 2025Q2: 179,015 shares; 2025Q3: 161,715 shares 161,715$35.5M3.29%-17,300Timeline
LLYELI LILLY & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,526 shares; 2024Q4: 20,626 shares; 2025Q1: 20,626 shares; 2025Q2: 51,926 shares; 2025Q3: 40,217 shares 40,217$30.7M2.84%-11,709Timeline
PWRQUANTA SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,000 shares; 2024Q4: 95,205 shares; 2025Q1: 117,220 shares; 2025Q2: 111,220 shares; 2025Q3: 73,713 shares 73,713$30.5M2.83%-37,507Timeline
GRDNGUARDIAN PHARMACY SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,064,722 shares 1,064,722$27.9M2.59%newTimeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 224,415 shares; 2024Q4: 201,415 shares; 2025Q1: 201,415 shares; 2025Q2: 201,415 shares; 2025Q3: 147,793 shares 147,793$27.6M2.55%-53,622Timeline
ZZILLOW GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 413,150 shares; 2024Q4: 413,150 shares; 2025Q1: 413,150 shares; 2025Q2: 451,750 shares; 2025Q3: 349,877 shares 349,877$27M2.5%-101,873Timeline
CRWDCROWDSTRIKE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,796 shares; 2024Q4: 62,996 shares; 2025Q1: 62,996 shares; 2025Q2: 69,196 shares; 2025Q3: 53,591 shares 53,591$26.3M2.43%-15,605Timeline
CRMSALESFORCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 86,510 shares; 2024Q4: 97,610 shares; 2025Q1: 123,410 shares; 2025Q2: 132,410 shares; 2025Q3: 102,550 shares 102,550$24.3M2.25%-29,860Timeline
NFLXNETFLIX INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,178 shares; 2024Q4: 23,578 shares; 2025Q1: 23,578 shares; 2025Q2: 25,878 shares; 2025Q3: 19,343 shares 19,343$23.2M2.15%-6,535Timeline
RHRHQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 108,500 shares; 2025Q3: 108,500 shares 108,500$22M2.04%0Timeline
NOWSERVICENOW INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 25,826 shares; 2024Q4: 23,626 shares; 2025Q1: 23,626 shares; 2025Q2: 25,726 shares; 2025Q3: 19,924 shares 19,924$18.3M1.7%-5,802Timeline
CRDOCREDO TECHNOLOGY GROUP HOLDIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 369,364 shares; 2024Q4: 144,496 shares; 2025Q1: 144,496 shares; 2025Q2: 144,496 shares; 2025Q3: 111,909 shares 111,909$16.3M1.51%-32,587Timeline
WLDNWILLDAN GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 200,897 shares; 2025Q1: 198,321 shares; 2025Q2: 198,321 shares; 2025Q3: 160,243 shares 160,243$15.5M1.43%-38,078Timeline
UBERUBER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 59,464 shares; 2024Q4: 59,464 shares; 2025Q1: 59,464 shares; 2025Q2: 59,464 shares; 2025Q3: 59,464 shares 59,464$5.83M0.54%0Timeline
PSIXPOWER SOLUTIONS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 35,450 shares; 2025Q1: 43,605 shares; 2025Q2: 60,505 shares; 2025Q3: 38,926 shares 38,926$3.82M0.35%-21,579Timeline
FLYFIREFLY AEROSPACE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 120,000 shares 120,000$3.52M0.33%newTimeline

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
TSMTAIWAN SEMICONDUCTOR MANUFAC SPONSORED ADScall492,400$138M-40,000
GLDSPDR GOLD TR GOLD SHScall325,300$116M-94,700
CORZCORE SCIENTIFIC INC NEW COMcall3,830,000$68.7M0
CRWVCOREWEAVE INC COMcall375,000$51.3Mnew

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
QQQINVESCO QQQ TR380,000$210Mput
CARTMAPLEBEAR INC1,348,275$61Mshares
ABRARBOR REALTY TRUST INC3,752,400$40.2Mshares
BTBTBIT DIGITAL INC4,000,000$8.76Mshares
ABRARBOR REALTY TRUST INC600,700$6.43Mput

How Q3 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 0000935836-25-000673 base2025-11-14acceptance time not in the bulk data set