Valiant Capital Management, L.P.

San Francisco, CA · CIK 1452689 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2012 · limited partnership

Assets managed$3.8bn
Staff29 · 14 in investment roles
Main clients (by assets)Private funds 98%
Private funds9 (3 hedge) · $3.4bn gross assets
Websitevaliantcapital.com
Form ADV · 2026-05-15SEC adviser record

Legal entityVALIANT CAPITAL MANAGEMENT, L.P. (US)

$1.6bn reported value +26.4% vs Q1 2026

25positions

76.4%in top 10

2 new 6 added 2 reduced 5 sold out vs Q1 2026

Options: 4 call positions ($871.4m notional), 0 put positions (— notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ISHARES TR RUSSELL 2000 ETF IWM	IWM	863,141	$259.3m16.15%	16.15%	Reduced -44.7k	-44,660 -4.9%
2	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	336,426	$251.2m15.64%	15.64%	Reduced -9.9k	-9,900 -2.9%
3	CORE SCIENTIFIC INC NEW COM CORZ	CORZ	7,474,231	$191.3m11.91%	11.91%	Added +622.9k	+622,906 9.1%
4	SOLARIS ENERGY INFRAS INC COM CL A SEI	SEI	1,604,346	$129.1m8.04%	8.04%	Added +484.8k	+484,843 43.3%
5	GE VERNOVA INC COM GEV	GEV	97,612	$114.7m7.14%	7.14%	Added +3.1k	+3,055 3.2%
6	TERAWULF INC COM WULF	WULF	2,896,756	$71.5m4.45%	4.45%	New
7	PROPETRO HLDG CORP COM PUMP	PUMP	4,242,475	$60.8m3.79%	3.79%	Added +199.5k	+199,482 4.9%
8	GUARDIAN PHARMACY SVCS INC CL A GRDN	GRDN	1,186,658	$49.7m3.09%	3.09%	Unchanged
9	RH COM RH	RH	301,276	$49.6m3.09%	3.09%	Unchanged
10	QUANTA SVCS INC COM PWR	PWR	68,275	$49.2m3.06%	3.06%	Added +2.8k	+2,814 4.3%
11	BROADCOM INC COM AVGO	AVGO	126,602	$47.8m2.98%	2.98%	Unchanged
12	AMAZON COM INC COM AMZN	AMZN	155,404	$37.0m2.31%	2.31%	Unchanged
13	TKO GROUP HOLDINGS INC CL A TKO	TKO	180,117	$36.3m2.26%	2.26%	Unchanged
14	CROWDSTRIKE HLDGS INC CL A CRWD	CRWD	44,576	$34.0m2.12%	2.12%	Unchanged
15	VANECK ETF TRUST GOLD MINERS ETF GDX	GDX	425,204	$32.1m2.00%	2.00%	Unchanged
16	TAKE-TWO INTERACTIVE SOFTWAR COM TTWO	TTWO	122,095	$30.5m1.90%	1.90%	Unchanged
17	ELI LILLY & CO COM LLY	LLY	24,286	$29.1m1.81%	1.81%	Unchanged
18	HDFC BANK LTD SPONSORED ADS HDB	HDB	1,026,232	$26.5m1.65%	1.65%	Unchanged
19	NVIDIA CORPORATION COM NVDA	NVDA	129,579	$25.9m1.61%	1.61%	Unchanged
20	CREDO TECHNOLOGY GROUP HOLDI ORDINARY SHARES CRDO	CRDO	93,353	$25.4m1.58%	1.58%	Unchanged
21	MICROSOFT CORP COM MSFT	MSFT	66,415	$24.8m1.54%	1.54%	Unchanged
22	ZILLOW GROUP INC CL C CAP STK Z	Z	473,329	$14.9m0.93%	0.93%	Unchanged
23	BABCOCK & WILCOX ENTERPRISES COM BW	BW	550,000	$7.8m0.48%	0.48%	New
24	UBER TECHNOLOGIES INC COM UBER	UBER	59,464	$4.3m0.27%	0.27%	Unchanged
25	POWER SOLUTIONS INTL INC COM NEW PSIX	PSIX	81,674	$3.2m0.20%	0.20%	Added +12.3k	+12,286 17.7%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
ARGAN INC AGX	AGX	59,243	$32.3m59.2k shares
SALESFORCE INC CRM	CRM	85,336	$15.9m85.3k shares
WILLDAN GROUP INC WLDN	WLDN	143,331	$11.0m143.3k shares
SERVICENOW INC NOW	NOW	82,866	$8.7m82.9k shares
FORGENT POWER SOLUTIONS INC FPS	FPS	100,000	$2.9m100.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
AMAZON COM INC AMZN · Call	AMZN	Call	1,755,000	$418.3m1.8m shares	Added
TAIWAN SEMICONDUCTOR MFG LTD TSM · Call	TSM	Call	409,300	$195.5m409.3k shares	Unchanged
CORE SCIENTIFIC INC NEW CORZ · Call	CORZ	Call	6,527,700	$167.0m6.5m shares	Added
RH RH · Call	RH	Call	550,000	$90.6m550.0k shares	New

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
CORE SCIENTIFIC INC NEW CORZ · 13G · filed 2026-08-14	CORZ	5.3%≈ $433.9m	+0.2 pts	13G	2026-08-14