Hemant Taneja's Trades and Holdings in Q1 2026

Breaking down the stocks Hemant Taneja (General Catalyst) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from General Catalyst's 13F filed on May 15, 2026.

Who are Hemant Taneja and General Catalyst?

Hemant Taneja is the CEO and managing partner of General Catalyst (commonly referred to as General Catalyst). The firm is known for its highly concentrated public equity portfolio, typically consisting of around 10 stocks, with the top 5 holdings comprising approximately 98% of assets, and variable cash holdings deployed into strategic follow-on opportunities across private and public markets. His investment strategy is a growth-oriented venture and crossover approach emphasizing uncommon collaboration with founders to build resilient, transformative companies through applied AI, sustainability, and ecosystem innovation. Taneja focuses on high-potential companies in sectors like healthcare, AI infrastructure, software, and climate tech that can achieve massive scale and social impact, with strong qualitative factors like visionary leadership, disruptive business models, high margins, defensible moats, rapid adoption, and the ability to compound value through operational transformations and long-term secular trends.

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Q1 '26 13F filed with SEC

Holdings in Q1 2026

Current Investment Strategy

In its Q1 2026 13F filing, Hemant Taneja's General Catalyst maintained its signature growth-crossover approach — running a highly concentrated public equity portfolio anchored by existing core holdings in Samsara, Maplebear, GitLab, and Figma, while extending its AI-transformation thesis across healthcare and software with legacy bets in ArriVent Biopharma, Maze Therapeutics, and Fractyl Health. The firm's Q1 expansion into five new positions — clinical-stage oncology names Eikon Therapeutics and Ethos Technologies, alongside large-cap compounders Amazon and Meta and Asian e-commerce giant Coupang — signals a broadening of its public market lens to pair early-stage bets in AI-driven healthcare with selective exposure to scaled, high-margin platforms that align with Taneja's long-term thesis of AI-powered transformation across healthcare, enterprise software, and global commerce.

New Investments

Eikon Therapeutics EIKN

Hemant Taneja bought $3.23B of Eikon Therapeutics in Q1 2026. Over the past two quarters, Eikon Therapeutics has traded in a volatile 52-week range of $7.90–$18.00, but in the current quarter the stock has rebounded into the low-teens (recently around $13–$13.50), reflecting improved sentiment as investors digest its development pipeline and ample cash from its recent IPO and follow-on financing. In the current quarter, trading volumes have generally run near or modestly below the stock’s average daily volume of roughly 300k–350k shares, suggesting steady institutional interest but not yet a decisive re‑rating catalyst in the absence of late‑stage clinical readouts or major partnership announcements. With trailing net losses of roughly $300M over the last year and no commercial revenue, the story remains execution‑driven: future value creation will hinge on clinical progress and data releases over the coming quarters rather than near‑term financial performance, though recent price strength of about +4–5% over the last trading day indicates investors are starting to position ahead of potential news.

• Shares currently trade around $13–$13.50, up roughly 4–5% in the last 24 hours and about 68% above the 52-week low of $7.90.
• The stock’s 52-week range is $7.90–$18.00, implying downside of about 40% to the high and upside of roughly 35% from the recent ~$13.30 level back to the peak.
• Trailing 12-month net loss is approximately $318.9M, underscoring ongoing high R&D investment and a negative EPS profile as the company advances its pipeline.

Ethos Technologies LIFE

Hemant Taneja bought $828.58M of Ethos Technologies in Q1 2026. Over the last two quarters, the company has continued to execute as a high-growth digital life insurer, with revenue up about 67.2% over the past year, EPS around $4.31, and EBITDA near $85M, but profitability quality remains questionable given a deeply negative ROE of -108% and very thin returns on sales and assets. In the current quarter, the stock (around $22.47 per share, or roughly $1.54B market cap) is trading at growth-style multiples (P/E 21.6x, P/S 3.97x, P/B 3.49x), while consensus expects revenue to grow another 17% and earnings to compound at roughly 94% annually, implying investors are betting on sustained scale-up despite recent margin pressure. The April 2026 Liberty Mutual distribution partnership is the most significant recent catalyst and, if it drives measurable policy volume and improves unit economics over the current and next quarter, it could support both the elevated valuation and a rerating higher as growth and returns converge.

• Revenue grew 67.2% over the past year, with forward revenue growth forecast at about 17% for the next 12 months.
• EPS is approximately $4.31, with EBITDA around $85.18M, implying valuation multiples of P/E 21.6x and P/S 3.97x at a market cap near $1.54B.
• Return on equity is about -108%, with return on sales around 0.20% and return on assets roughly 0.16%, underscoring weak current profitability.

Coupang CPNG

Hemant Taneja bought $692.46M of Coupang in Q1 2026. Over the last 12 months, the stock is up roughly 23%, now trading around the upper half of its $15.65–$34.08 52‑week range and at a premium valuation of about 130x P/E, reflecting high embedded growth and margin expectations. Fundamentally, the last two quarters show resilient top-line performance but weakening profitability: the most recent quarter delivered revenue of $8.52B (above the $8.38B estimate) but EPS of −$0.15 versus a −$0.09 consensus and net income falling to $32M from $107M (a −70.09% QoQ decline), suggesting near-term margin pressure from continued investment and competition. Looking ahead to the current quarter, consensus expects a return to positive EPS of about $0.04 on revenue of roughly $9.15B, while technicals (support near $27.12, upside targets in the low $30s) and a constructive sell-side stance (price targets clustered around $27–$40, including Morgan Stanley at $35) provide catalysts for further re-rating if execution on profitability improves.

• Share price up approximately 23.36% over the last year, currently around $27.52 versus a 52‑week range of $15.65–$34.08.
• Last reported quarter: revenue $8.52B (vs. $8.38B est.), EPS −$0.15 (vs. −$0.09 est.), and net income $32M vs. $107M in the prior quarter (a −70.09% QoQ change).
• Stock trades at roughly 130.8x P/E, with next-quarter consensus calling for EPS of about $0.04 on revenue of roughly $9.15B and Street price targets in a $27–$40 range (Morgan Stanley at $35).

Amazon AMZN

Hemant Taneja bought $537.75M of Amazon in Q1 2026. Over the last year, shares have gained roughly 28.5%, while over the past three years EPS has grown an average of 71% annually versus share-price growth of about 39% per year, leaving valuation at roughly 31.9x P/E still supported by strong earnings momentum. In the most recent quarter (Q1 2026), EPS of 2.78 beat consensus of 1.63 by roughly 70%, extending the acceleration seen in late 2025 as operating margins reached record levels driven by AWS, advertising, and logistics efficiencies. Across the last two quarters, growth in higher-margin AWS and advertising, together with expanding AI partnerships and increased automation in the retail and logistics network, has improved the company’s long-term growth and margin outlook, prompting analysts to lift their average price targets into the roughly $283–$296 range and reiterate Buy ratings.

• Q1 2026 EPS of 2.78 versus consensus 1.63 represented a positive surprise of roughly 70%.
• Shares are up about 28.5% over the last 12 months and currently trade around $263.20, roughly 6% below the $278.56 52-week high.
• The stock trades at a 31.9x P/E multiple, with EPS having grown about 71% per year over the last three years while the share price has compounded at roughly 39% annually.

Meta META

Hemant Taneja bought $376.46M of Meta in Q1 2026. This purchase increases exposure to a mega-cap digital advertising and AI platform that has seen its share price climb roughly 29.11% over the past year, although it remains below its 52‑week high around $796 after recent volatility. Fundamentals over the last two quarters have been strengthening, with last quarter's revenue reaching $47.52B versus $44.82B expected, EPS of $10.44 beating the $6.70 consensus by about 55.89%, and net income rising 10.17% sequentially to $18.34B, indicating the business is still gaining momentum. In the current quarter, the Street is looking for revenue of roughly $49.5B (about 22.1% YoY growth) and adjusted EPS near $6.67, and while heavy investment in AI infrastructure and ongoing copyright lawsuits over AI training data (including against OpenAI and Microsoft) introduce earnings and legal risk, successful monetization of AI products and any upside earnings surprise could be catalysts for further value creation toward analysts' $616–$1,086 price target range.

• Last quarter's EPS was $10.44, beating the $6.70 estimate by approximately 55.89%.
• Revenue last quarter reached $47.52B versus $44.82B consensus, and is forecast to grow to roughly $49.5B next quarter, implying about 22.1% YoY growth.
• Net income increased from $16.64B to $18.34B over the last two quarters (10.17% QoQ), while the stock is up 29.11% over the past 12 months.

Added, Trimmed, and Exited

Added

General Catalyst made no additions to existing positions in Q1 2026, holding identical share counts across all seven continuing holdings.
What it means: Rather than deploying capital into names it already owned, General Catalyst directed all new capital into five brand-new positions — suggesting conviction in fresh opportunities rather than doubling down on existing ones, even as several of those continuing holdings saw significant price declines during the quarter.

Trimmed

General Catalyst did not trim any existing positions in Q1 2026, maintaining full share counts in Samsara (IOT), Arrivent Biopharma (AVBP), Maze Therapeutics (MAZE), Maplebear (CART), GitLab (GTLB), Fractyl Health (GUTS), and Figma (FIG) despite some steep drawdowns.
What it means: The decision to hold firm through significant losses — particularly Fractyl Health (GUTS) down ~79%, Figma (FIG) down ~43%, and GitLab (GTLB) down ~42% — reflects Hemant Taneja's characteristically high-conviction, long-duration approach. Rather than cutting losers to fund winners, the firm appears willing to absorb short-term pain in early-stage or volatile names while simultaneously deploying fresh capital into new ideas, consistent with a crossover venture philosophy where price volatility is not treated as a signal to exit.

Exited

General Catalyst fully exited no positions during Q1 2026.
What it means: A quarter with zero liquidations alongside five major new initiations points to a portfolio that is actively expanding rather than rotating — Hemant Taneja appears to be in an aggressive deployment phase, adding net new exposure broadly rather than recycling capital from old bets into new ones.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.