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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 $1,767,916,857 across 33 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 61.47% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000935836-26-000098

Period
2025-12-31
Reported value
$1.77B
Holdings
33
Top 10 weight
61.47%
New
3
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
IWMadded+234,444$57.7M
SPYadded+82,824$56.5M
PUMPnew+3,668,820$34.9M
SEInew+734,499$33.8M
NFLXadded+166,537$15.6M

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
AGXreduced-120,327-$37.7M
LLYreduced-13,691-$14.7M
GEVreduced-7,580-$4.95M
AVGOreduced-13,702-$4.74M
TKOreduced-19,438-$4.06M

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, Q4 2025

Share positions as resolved from 13F-HR 0000935836-26-000098, largest first. % of portfolio is the value over $1,189,886,468, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 176,612 shares; 2025Q2: 166,722 shares; 2025Q3: 154,502 shares; 2025Q4: 237,326 shares 237,326$162M13.6%+82,824Timeline
IWMISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 493,377 shares; 2025Q2: 480,107 shares; 2025Q3: 422,857 shares; 2025Q4: 657,301 shares 657,301$162M13.6%+234,444Timeline
CORZCORE SCIENTIFIC INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 6,336,424 shares 6,336,424$92.3M7.75%-146,679Timeline
GEVGE VERNOVA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 91,800 shares; 2024Q4: 134,290 shares; 2025Q1: 154,953 shares; 2025Q2: 162,153 shares; 2025Q3: 109,217 shares; 2025Q4: 101,637 shares 101,637$66.4M5.58%-7,580Timeline
AVGOBROADCOM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 197,940 shares; 2024Q4: 197,940 shares; 2025Q1: 215,040 shares; 2025Q2: 234,740 shares; 2025Q3: 152,504 shares; 2025Q4: 138,802 shares 138,802$48M4.04%-13,702Timeline
AGXARGAN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 90,000 shares; 2024Q4: 355,556 shares; 2025Q1: 421,115 shares; 2025Q2: 389,615 shares; 2025Q3: 254,600 shares; 2025Q4: 134,273 shares 134,273$42.1M3.54%-120,327Timeline
TKOTKO GROUP HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 278,759 shares; 2024Q4: 318,259 shares; 2025Q1: 318,259 shares; 2025Q2: 297,559 shares; 2025Q3: 216,355 shares; 2025Q4: 196,917 shares 196,917$41.2M3.46%-19,438Timeline
HDBHDFC BANK LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,122,032 shares 1,122,032$41M3.45%+60,636Timeline
GDXVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 658,389 shares; 2024Q4: 658,389 shares; 2025Q1: 658,389 shares; 2025Q2: 658,389 shares; 2025Q3: 509,916 shares; 2025Q4: 464,104 shares 464,104$39.8M3.35%-45,812Timeline
GRDNGUARDIAN PHARMACY SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,064,722 shares; 2025Q4: 1,232,463 shares 1,232,463$37.1M3.12%+167,741Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 172,215 shares; 2024Q4: 150,115 shares; 2025Q1: 150,115 shares; 2025Q2: 179,015 shares; 2025Q3: 161,715 shares; 2025Q4: 155,404 shares 155,404$35.9M3.01%-6,311Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,195 shares; 2024Q4: 100,195 shares; 2025Q1: 100,195 shares; 2025Q2: 108,595 shares; 2025Q3: 75,606 shares; 2025Q4: 72,655 shares 72,655$35.1M2.95%-2,951Timeline
PUMPPROPETRO HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 3,668,820 shares 3,668,820$34.9M2.93%newTimeline
TTWOTAKE-TWO INTERACTIVE SOFTWARQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 101,972 shares; 2024Q4: 101,972 shares; 2025Q1: 101,972 shares; 2025Q2: 153,172 shares; 2025Q3: 146,672 shares; 2025Q4: 133,495 shares 133,495$34.2M2.87%-13,177Timeline
SEISOLARIS ENERGY INFRAS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 734,499 shares 734,499$33.8M2.84%newTimeline
RHRHQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 108,500 shares; 2025Q3: 108,500 shares; 2025Q4: 182,765 shares 182,765$32.7M2.75%+74,265Timeline
PWRQUANTA SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,000 shares; 2024Q4: 95,205 shares; 2025Q1: 117,220 shares; 2025Q2: 111,220 shares; 2025Q3: 73,713 shares; 2025Q4: 70,381 shares 70,381$29.7M2.5%-3,332Timeline
VSTVISTRA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 230,100 shares; 2024Q4: 288,287 shares; 2025Q1: 336,386 shares; 2025Q2: 281,486 shares; 2025Q3: 194,943 shares; 2025Q4: 178,927 shares 178,927$28.9M2.43%-16,016Timeline
LLYELI LILLY & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,526 shares; 2024Q4: 20,626 shares; 2025Q1: 20,626 shares; 2025Q2: 51,926 shares; 2025Q3: 40,217 shares; 2025Q4: 26,526 shares 26,526$28.5M2.4%-13,691Timeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 224,415 shares; 2024Q4: 201,415 shares; 2025Q1: 201,415 shares; 2025Q2: 201,415 shares; 2025Q3: 147,793 shares; 2025Q4: 141,979 shares 141,979$26.5M2.23%-5,814Timeline
CRMSALESFORCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 86,510 shares; 2024Q4: 97,610 shares; 2025Q1: 123,410 shares; 2025Q2: 132,410 shares; 2025Q3: 102,550 shares; 2025Q4: 93,336 shares 93,336$24.7M2.08%-9,214Timeline
CRWDCROWDSTRIKE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,796 shares; 2024Q4: 62,996 shares; 2025Q1: 62,996 shares; 2025Q2: 69,196 shares; 2025Q3: 53,591 shares; 2025Q4: 48,776 shares 48,776$22.9M1.92%-4,815Timeline
ZZILLOW GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 413,150 shares; 2024Q4: 413,150 shares; 2025Q1: 413,150 shares; 2025Q2: 451,750 shares; 2025Q3: 349,877 shares; 2025Q4: 318,443 shares 318,443$21.7M1.83%-31,434Timeline
NFLXNETFLIX INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,178 shares; 2024Q4: 23,578 shares; 2025Q1: 23,578 shares; 2025Q2: 25,878 shares; 2025Q3: 19,343 shares; 2025Q4: 185,880 shares 185,880$17.4M1.46%+166,537Timeline
WLDNWILLDAN GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 200,897 shares; 2025Q1: 198,321 shares; 2025Q2: 198,321 shares; 2025Q3: 160,243 shares; 2025Q4: 152,531 shares 152,531$15.8M1.33%-7,712Timeline
CRDOCREDO TECHNOLOGY GROUP HOLDIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 369,364 shares; 2024Q4: 144,496 shares; 2025Q1: 144,496 shares; 2025Q2: 144,496 shares; 2025Q3: 111,909 shares; 2025Q4: 101,853 shares 101,853$14.7M1.23%-10,056Timeline
NOWSERVICENOW INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 25,826 shares; 2024Q4: 23,626 shares; 2025Q1: 23,626 shares; 2025Q2: 25,726 shares; 2025Q3: 19,924 shares; 2025Q4: 90,666 shares 90,666$13.9M1.17%+70,742Timeline
UBERUBER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 59,464 shares; 2024Q4: 59,464 shares; 2025Q1: 59,464 shares; 2025Q2: 59,464 shares; 2025Q3: 59,464 shares; 2025Q4: 59,464 shares 59,464$4.86M0.41%0Timeline
PSIXPOWER SOLUTIONS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 35,450 shares; 2025Q1: 43,605 shares; 2025Q2: 60,505 shares; 2025Q3: 38,926 shares; 2025Q4: 40,401 shares 40,401$2.31M0.19%+1,475Timeline

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 COMput560,000$344Mnew
TSMTAIWAN SEMICONDUCTOR MANUFAC SPONSORED ADScall448,200$136M-44,200
CORZCORE SCIENTIFIC INC NEW COMcall3,830,000$55.8M0
GLDSPDR GOLD TR GOLD SHScall106,100$42M-219,200

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
CRWVCOREWEAVE INC375,000$51.3Mcall
FLYFIREFLY AEROSPACE INC120,000$3.52Mshares

How Q4 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 0000935836-26-000098 base2026-02-17acceptance time not in the bulk data set