Valiant Capital Management, L.P. Hedge Fund

CIK: 0001452689 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $1,767,917 (100.0% shares, 0.0% debt)

Holdings (33)

New Positions (3)

QQQ INVESCO QQQ TR 19.5%

Value ($000) $344,014 Shares 560,000 Est. Cost — Unrealized —

PUMP PROPETRO HLDG CORP 2.0%

Value ($000) $34,890 Shares 3,668,820 Est. Cost $8.69 Unrealized 0.0%

SEI SOLARIS ENERGY INFRAS INC 1.9%

Value ($000) $33,765 Shares 734,499 Est. Cost $48.29 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	560,000	$344,014	19.5%	—	—	PUT	46090E103
PUMP	PROPETRO HLDG CORP	3,668,820	$34,890	2.0%	$8.69	0.0%	COM	74347M108
SEI	SOLARIS ENERGY INFRAS INC	734,499	$33,765	1.9%	$48.29	0.0%	COM CL A	83418M103

Increased Positions (8)

IWM ISHARES TR 9.2%

Value ($000) $161,801 (+58.1%) Shares 657,301 (+55.4%) Est. Cost $216.14 Unrealized —

SPY SPDR S&P 500 ETF TR 9.2%

Value ($000) $161,837 (+57.2%) Shares 237,326 (+53.6%) Est. Cost $602.15 Unrealized —

RH RH 1.9%

Value ($000) $32,742 (+48.5%) Shares 182,765 (+68.4%) Est. Cost $179.74 Unrealized -4.9%

GRDN GUARDIAN PHARMACY SVCS INC 2.1%

Value ($000) $37,085 (+32.8%) Shares 1,232,463 (+15.8%) Est. Cost $24.44 Unrealized +15.8%

NFLX NETFLIX INC 1.0%

Value ($000) $17,428 (-24.8%) Shares 185,880 (+861.0%) Est. Cost $100.64 Unrealized +7.1%

HDB HDFC BANK LTD 2.3%

Value ($000) $40,999 (+13.1%) Shares 1,122,032 (+5.7%) Est. Cost $53.20 Unrealized —

NOW SERVICENOW INC 0.8%

Value ($000) $13,889 (-24.3%) Shares 90,666 (+355.1%) Est. Cost $154.81 Unrealized +10.8%

PSIX POWER SOLUTIONS INTL INC 0.1%

Value ($000) $2,309 (-39.6%) Shares 40,401 (+3.8%) Est. Cost $31.54 Unrealized +126.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	657,301 (+55.4%)	$161,801 (+58.1%)	9.2%	$216.14	—	RUSSELL 2000 ETF	464287655
SPY	SPDR S&P 500 ETF TR	237,326 (+53.6%)	$161,837 (+57.2%)	9.2%	$602.15	—	TR UNIT	78462F103
RH	RH	182,765 (+68.4%)	$32,742 (+48.5%)	1.9%	$179.74	-4.9%	COM	74967X103
GRDN	GUARDIAN PHARMACY SVCS INC	1,232,463 (+15.8%)	$37,085 (+32.8%)	2.1%	$24.44	+15.8%	CL A	40145W101
NFLX	NETFLIX INC	185,880 (+861.0%)	$17,428 (-24.8%)	1.0%	$100.64	+7.1%	COM	64110L106
HDB	HDFC BANK LTD	1,122,032 (+5.7%)	$40,999 (+13.1%)	2.3%	$53.20	—	SPONSORED ADS	40415F101
NOW	SERVICENOW INC	90,666 (+355.1%)	$13,889 (-24.3%)	0.8%	$154.81	+10.8%	COM	81762P102
PSIX	POWER SOLUTIONS INTL INC	40,401 (+3.8%)	$2,309 (-39.6%)	0.1%	$31.54	+126.3%	COM NEW	73933G202

Exited Positions (2)

CRWV COREWEAVE INC 2.9%

Value ($000) $51,319 Shares 375,000 Est. Cost — Unrealized —

FLY FIREFLY AEROSPACE INC 0.2%

Value ($000) $3,518 Shares 120,000 Est. Cost $44.96 Unrealized -48.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CRWV	COREWEAVE INC	375,000	$51,319	2.9%	—	—	CALL	21873S108
FLY	FIREFLY AEROSPACE INC	120,000	$3,518	0.2%	$44.96	-48.5%	—	31816X106

Decreased Positions (20)

GLD SPDR GOLD TR 2.4%

Value ($000) $42,048 (-63.6%) Shares 106,100 (-67.4%) Est. Cost — Unrealized —

AGX ARGAN INC 2.4%

Value ($000) $42,070 (-38.8%) Shares 134,273 (-47.3%) Est. Cost $123.95 Unrealized +155.6%

CORZ CORE SCIENTIFIC INC NEW 5.2%

Value ($000) $92,258 (-20.7%) Shares 6,336,424 (-2.3%) Est. Cost $8.90 Unrealized +96.0%

VST VISTRA CORP 1.6%

Value ($000) $28,866 (-24.4%) Shares 178,927 (-8.2%) Est. Cost $102.63 Unrealized +77.3%

Z ZILLOW GROUP INC 1.2%

Value ($000) $21,724 (-19.4%) Shares 318,443 (-9.0%) Est. Cost $44.52 Unrealized +62.7%

MSFT MICROSOFT CORP 2.0%

Value ($000) $35,137 (-10.3%) Shares 72,655 (-3.9%) Est. Cost $275.73 Unrealized +81.5%

TTWO TAKE-TWO INTERACTIVE SOFTWAR 1.9%

Value ($000) $34,179 (-9.8%) Shares 133,495 (-9.0%) Est. Cost $158.07 Unrealized +57.7%

CRWD CROWDSTRIKE HLDGS INC 1.3%

Value ($000) $22,864 (-13.0%) Shares 48,776 (-9.0%) Est. Cost $152.18 Unrealized +234.6%

TKO TKO GROUP HOLDINGS INC 2.3%

Value ($000) $41,156 (-5.8%) Shares 196,917 (-9.0%) Est. Cost $94.79 Unrealized +104.4%

AVGO BROADCOM INC 2.7%

Value ($000) $48,039 (-4.5%) Shares 138,802 (-9.0%) Est. Cost $163.21 Unrealized +118.7%

LLY ELI LILLY & CO 1.6%

Value ($000) $28,507 (-7.1%) Shares 26,526 (-34.0%) Est. Cost $673.42 Unrealized +41.9%

CRDO CREDO TECHNOLOGY GROUP HOLDI 0.8%

Value ($000) $14,656 (-10.1%) Shares 101,853 (-9.0%) Est. Cost $20.94 Unrealized +634.5%

TSM TAIWAN SEMICONDUCTOR MFG LTD 7.7%

Value ($000) $136,203 (-1.0%) Shares 448,200 (-9.0%) Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 1.5%

Value ($000) $26,479 (-4.0%) Shares 141,979 (-3.9%) Est. Cost $91.49 Unrealized +103.4%

GDX VANECK ETF TRUST 2.3%

Value ($000) $39,806 (+2.2%) Shares 464,104 (-9.0%) Est. Cost $31.58 Unrealized —

PWR QUANTA SVCS INC 1.7%

Value ($000) $29,705 (-2.8%) Shares 70,381 (-4.5%) Est. Cost $300.93 Unrealized +46.0%

GEV GE VERNOVA INC 3.8%

Value ($000) $66,427 (-1.1%) Shares 101,637 (-6.9%) Est. Cost $253.01 Unrealized +140.7%

CRM SALESFORCE INC 1.4%

Value ($000) $24,726 (+1.7%) Shares 93,336 (-9.0%) Est. Cost $214.69 Unrealized +15.6%

AMZN AMAZON COM INC 2.0%

Value ($000) $35,870 (+1.0%) Shares 155,404 (-3.9%) Est. Cost $133.15 Unrealized +71.8%

WLDN WILLDAN GROUP INC 0.9%

Value ($000) $15,811 (+2.0%) Shares 152,531 (-4.8%) Est. Cost $42.90 Unrealized +129.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLD	SPDR GOLD TR	106,100 (-67.4%)	$42,048 (-63.6%)	2.4%	—	—	CALL	78463V107
AGX	ARGAN INC	134,273 (-47.3%)	$42,070 (-38.8%)	2.4%	$123.95	+155.6%	COM	04010E109
CORZ	CORE SCIENTIFIC INC NEW	6,336,424 (-2.3%)	$92,258 (-20.7%)	5.2%	$8.90	+96.0%	COM	21874A106
VST	VISTRA CORP	178,927 (-8.2%)	$28,866 (-24.4%)	1.6%	$102.63	+77.3%	COM	92840M102
Z	ZILLOW GROUP INC	318,443 (-9.0%)	$21,724 (-19.4%)	1.2%	$44.52	+62.7%	CL C CAP STK	98954M200
MSFT	MICROSOFT CORP	72,655 (-3.9%)	$35,137 (-10.3%)	2.0%	$275.73	+81.5%	COM	594918104
TTWO	TAKE-TWO INTERACTIVE SOFTWAR	133,495 (-9.0%)	$34,179 (-9.8%)	1.9%	$158.07	+57.7%	COM	874054109
CRWD	CROWDSTRIKE HLDGS INC	48,776 (-9.0%)	$22,864 (-13.0%)	1.3%	$152.18	+234.6%	CL A	22788C105
TKO	TKO GROUP HOLDINGS INC	196,917 (-9.0%)	$41,156 (-5.8%)	2.3%	$94.79	+104.4%	CL A	87256C101
AVGO	BROADCOM INC	138,802 (-9.0%)	$48,039 (-4.5%)	2.7%	$163.21	+118.7%	COM	11135F101
LLY	ELI LILLY & CO	26,526 (-34.0%)	$28,507 (-7.1%)	1.6%	$673.42	+41.9%	COM	532457108
CRDO	CREDO TECHNOLOGY GROUP HOLDI	101,853 (-9.0%)	$14,656 (-10.1%)	0.8%	$20.94	+634.5%	ORDINARY SHARES	G25457105
TSM	TAIWAN SEMICONDUCTOR MFG LTD	448,200 (-9.0%)	$136,203 (-1.0%)	7.7%	—	—	CALL	874039100
NVDA	NVIDIA CORPORATION	141,979 (-3.9%)	$26,479 (-4.0%)	1.5%	$91.49	+103.4%	COM	67066G104
GDX	VANECK ETF TRUST	464,104 (-9.0%)	$39,806 (+2.2%)	2.3%	$31.58	—	GOLD MINERS ETF	92189F106
PWR	QUANTA SVCS INC	70,381 (-4.5%)	$29,705 (-2.8%)	1.7%	$300.93	+46.0%	COM	74762E102
GEV	GE VERNOVA INC	101,637 (-6.9%)	$66,427 (-1.1%)	3.8%	$253.01	+140.7%	COM	36828A101
CRM	SALESFORCE INC	93,336 (-9.0%)	$24,726 (+1.7%)	1.4%	$214.69	+15.6%	COM	79466L302
AMZN	AMAZON COM INC	155,404 (-3.9%)	$35,870 (+1.0%)	2.0%	$133.15	+71.8%	COM	023135106
WLDN	WILLDAN GROUP INC	152,531 (-4.8%)	$15,811 (+2.0%)	0.9%	$42.90	+129.5%	COM	96924N100

Unchanged Positions (2)

CORZ CORE SCIENTIFIC INC NEW 3.2%

Value ($000) $55,765 Shares 3,830,000 Est. Cost $8.90 Unrealized +96.0%

UBER UBER TECHNOLOGIES INC 0.3%

Value ($000) $4,859 Shares 59,464 Est. Cost $37.84 Unrealized +138.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CORZ	CORE SCIENTIFIC INC NEW	3,830,000	$55,765	3.2%	$8.90	+96.0%	CALL	21874A106
UBER	UBER TECHNOLOGIES INC	59,464	$4,859	0.3%	$37.84	+138.0%	COM	90353T100