Valiant Capital Management, L.P. Hedge Fund

Location: San Francisco, CA

CIK: 0001452689 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 17, 2026

Total Value: $1.768B (100.0% shares, 0.0% debt)

Holdings (33)

QQQ INVESCO QQQ TR 19.5%

Value $344M Shares 560,000 Share Price $614.31 Est. Cost/Share — Unrealized @ Report Date —

SPY SPDR S&P 500 ETF TR 9.2%

Value $162M Shares 237,326 Share Price $681.92 Est. Cost/Share $602.15 Unrealized @ Report Date —

IWM ISHARES TR 9.2%

Value $162M Shares 657,301 Share Price $246.16 Est. Cost/Share $216.14 Unrealized @ Report Date —

TSM TAIWAN SEMICONDUCTOR MFG LTD 7.7%

Value $136M Shares 448,200 Share Price $303.89 Est. Cost/Share — Unrealized @ Report Date —

CORZ CORE SCIENTIFIC INC NEW 5.2%

Value $92.26M Shares 6,336,424 Share Price $14.56 * Est. Cost/Share $8.90 Unrealized @ Report Date +96.0%

GEV GE VERNOVA INC 3.8%

Value $66.43M Shares 101,637 Share Price $653.57 * Est. Cost/Share $253.01 Unrealized @ Report Date +140.7%

CORZ CORE SCIENTIFIC INC NEW 3.2%

Value $55.76M Shares 3,830,000 Share Price $14.56 * Est. Cost/Share $8.90 Unrealized @ Report Date +96.0%

AVGO BROADCOM INC 2.7%

Value $48.04M Shares 138,802 Share Price $346.10 * Est. Cost/Share $163.21 Unrealized @ Report Date +118.7%

AGX ARGAN INC 2.4%

Value $42.07M Shares 134,273 Share Price $313.32 Est. Cost/Share $123.95 Unrealized @ Report Date +155.6%

GLD SPDR GOLD TR 2.4%

Value $42.05M Shares 106,100 Share Price $396.31 Est. Cost/Share — Unrealized @ Report Date —

TKO TKO GROUP HOLDINGS INC 2.3%

Value $41.16M Shares 196,917 Share Price $209.00 * Est. Cost/Share $94.79 Unrealized @ Report Date +104.4%

HDB HDFC BANK LTD 2.3%

Value $41M Shares 1,122,032 Share Price $36.54 Est. Cost/Share $53.20 Unrealized @ Report Date —

GDX VANECK ETF TRUST 2.3%

Value $39.81M Shares 464,104 Share Price $85.77 Est. Cost/Share $31.58 Unrealized @ Report Date —

GRDN GUARDIAN PHARMACY SVCS INC 2.1%

Value $37.08M Shares 1,232,463 Share Price $30.09 * Est. Cost/Share $24.44 Unrealized @ Report Date +15.8%

AMZN AMAZON COM INC 2.0%

Value $35.87M Shares 155,404 Share Price $230.82 Est. Cost/Share $133.15 Unrealized @ Report Date +71.8%

MSFT MICROSOFT CORP 2.0%

Value $35.14M Shares 72,655 Share Price $483.62 * Est. Cost/Share $275.73 Unrealized @ Report Date +81.5%

PUMP PROPETRO HLDG CORP 2.0%

Value $34.89M Shares 3,668,820 Share Price $9.51 * Est. Cost/Share $8.69 Unrealized @ Report Date 0.0%

TTWO TAKE-TWO INTERACTIVE SOFTWAR 1.9%

Value $34.18M Shares 133,495 Share Price $256.03 * Est. Cost/Share $158.07 Unrealized @ Report Date +57.7%

SEI SOLARIS ENERGY INFRAS INC 1.9%

Value $33.76M Shares 734,499 Share Price $45.97 * Est. Cost/Share $48.29 Unrealized @ Report Date 0.0%

Value $32.74M Shares 182,765 Share Price $179.15 * Est. Cost/Share $179.74 Unrealized @ Report Date -4.9%

PWR QUANTA SVCS INC 1.7%

Value $29.71M Shares 70,381 Share Price $422.06 * Est. Cost/Share $300.93 Unrealized @ Report Date +46.0%

VST VISTRA CORP 1.6%

Value $28.87M Shares 178,927 Share Price $161.33 * Est. Cost/Share $102.63 Unrealized @ Report Date +77.3%

LLY ELI LILLY & CO 1.6%

Value $28.51M Shares 26,526 Share Price $1074.68 * Est. Cost/Share $673.42 Unrealized @ Report Date +41.9%

NVDA NVIDIA CORPORATION 1.5%

Value $26.48M Shares 141,979 Share Price $186.50 Est. Cost/Share $91.49 Unrealized @ Report Date +103.4%

CRM SALESFORCE INC 1.4%

Value $24.73M Shares 93,336 Share Price $264.91 * Est. Cost/Share $214.69 Unrealized @ Report Date +15.6%

CRWD CROWDSTRIKE HLDGS INC 1.3%

Value $22.86M Shares 48,776 Share Price $468.76 * Est. Cost/Share $152.18 Unrealized @ Report Date +234.6%

Z ZILLOW GROUP INC 1.2%

Value $21.72M Shares 318,443 Share Price $68.22 * Est. Cost/Share $44.52 Unrealized @ Report Date +62.7%

NFLX NETFLIX INC 1.0%

Value $17.43M Shares 185,880 Share Price $93.76 * Est. Cost/Share $100.64 Unrealized @ Report Date +7.1%

WLDN WILLDAN GROUP INC 0.9%

Value $15.81M Shares 152,531 Share Price $103.66 * Est. Cost/Share $42.90 Unrealized @ Report Date +129.5%

CRDO CREDO TECHNOLOGY GROUP HOLDI 0.8%

Value $14.66M Shares 101,853 Share Price $143.89 * Est. Cost/Share $20.94 Unrealized @ Report Date +634.5%

NOW SERVICENOW INC 0.8%

Value $13.89M Shares 90,666 Share Price $153.19 * Est. Cost/Share $154.81 Unrealized @ Report Date +10.8%

UBER UBER TECHNOLOGIES INC 0.3%

Value $4.859M Shares 59,464 Share Price $81.71 * Est. Cost/Share $37.84 Unrealized @ Report Date +138.0%

PSIX POWER SOLUTIONS INTL INC 0.1%

Value $2.309M Shares 40,401 Share Price $57.14 * Est. Cost/Share $31.54 Unrealized @ Report Date +126.3%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
QQQ	INVESCO QQQ TR	560,000	$344M	19.5%	$614.31	—	—	Put	46090E103
SPY	SPDR S&P 500 ETF TR	237,326	$162M	9.2%	$681.92	$602.15	—	TR UNIT	78462F103
IWM	ISHARES TR	657,301	$162M	9.2%	$246.16	$216.14	—	RUSSELL 2000 ETF	464287655
TSM	TAIWAN SEMICONDUCTOR MFG LTD	448,200	$136M	7.7%	$303.89	—	—	Call	874039100
CORZ	CORE SCIENTIFIC INC NEW	6,336,424	$92.26M	5.2%	$14.56 *	$8.90	+96.0%	COM	21874A106
GEV	GE VERNOVA INC	101,637	$66.43M	3.8%	$653.57 *	$253.01	+140.7%	COM	36828A101
CORZ	CORE SCIENTIFIC INC NEW	3,830,000	$55.76M	3.2%	$14.56 *	$8.90	+96.0%	Call	21874A106
AVGO	BROADCOM INC	138,802	$48.04M	2.7%	$346.10 *	$163.21	+118.7%	COM	11135F101
AGX	ARGAN INC	134,273	$42.07M	2.4%	$313.32	$123.95	+155.6%	COM	04010E109
GLD	SPDR GOLD TR	106,100	$42.05M	2.4%	$396.31	—	—	Call	78463V107
TKO	TKO GROUP HOLDINGS INC	196,917	$41.16M	2.3%	$209.00 *	$94.79	+104.4%	CL A	87256C101
HDB	HDFC BANK LTD	1,122,032	$41M	2.3%	$36.54	$53.20	—	SPONSORED ADS	40415F101
GDX	VANECK ETF TRUST	464,104	$39.81M	2.3%	$85.77	$31.58	—	GOLD MINERS ETF	92189F106
GRDN	GUARDIAN PHARMACY SVCS INC	1,232,463	$37.08M	2.1%	$30.09 *	$24.44	+15.8%	CL A	40145W101
AMZN	AMAZON COM INC	155,404	$35.87M	2.0%	$230.82	$133.15	+71.8%	COM	023135106
MSFT	MICROSOFT CORP	72,655	$35.14M	2.0%	$483.62 *	$275.73	+81.5%	COM	594918104
PUMP	PROPETRO HLDG CORP	3,668,820	$34.89M	2.0%	$9.51 *	$8.69	0.0%	COM	74347M108
TTWO	TAKE-TWO INTERACTIVE SOFTWAR	133,495	$34.18M	1.9%	$256.03 *	$158.07	+57.7%	COM	874054109
SEI	SOLARIS ENERGY INFRAS INC	734,499	$33.76M	1.9%	$45.97 *	$48.29	0.0%	COM CL A	83418M103
RH	RH	182,765	$32.74M	1.9%	$179.15 *	$179.74	-4.9%	COM	74967X103
PWR	QUANTA SVCS INC	70,381	$29.71M	1.7%	$422.06 *	$300.93	+46.0%	COM	74762E102
VST	VISTRA CORP	178,927	$28.87M	1.6%	$161.33 *	$102.63	+77.3%	COM	92840M102
LLY	ELI LILLY & CO	26,526	$28.51M	1.6%	$1074.68 *	$673.42	+41.9%	COM	532457108
NVDA	NVIDIA CORPORATION	141,979	$26.48M	1.5%	$186.50	$91.49	+103.4%	COM	67066G104
CRM	SALESFORCE INC	93,336	$24.73M	1.4%	$264.91 *	$214.69	+15.6%	COM	79466L302
CRWD	CROWDSTRIKE HLDGS INC	48,776	$22.86M	1.3%	$468.76 *	$152.18	+234.6%	CL A	22788C105
Z	ZILLOW GROUP INC	318,443	$21.72M	1.2%	$68.22 *	$44.52	+62.7%	CL C CAP STK	98954M200
NFLX	NETFLIX INC	185,880	$17.43M	1.0%	$93.76 *	$100.64	+7.1%	COM	64110L106
WLDN	WILLDAN GROUP INC	152,531	$15.81M	0.9%	$103.66 *	$42.90	+129.5%	COM	96924N100
CRDO	CREDO TECHNOLOGY GROUP HOLDI	101,853	$14.66M	0.8%	$143.89 *	$20.94	+634.5%	ORDINARY SHARES	G25457105
NOW	SERVICENOW INC	90,666	$13.89M	0.8%	$153.19 *	$154.81	+10.8%	COM	81762P102
UBER	UBER TECHNOLOGIES INC	59,464	$4.859M	0.3%	$81.71 *	$37.84	+138.0%	COM	90353T100
PSIX	POWER SOLUTIONS INTL INC	40,401	$2.309M	0.1%	$57.14 *	$31.54	+126.3%	COM NEW	73933G202