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

Hemant Taneja's General Catalyst entered Q1 2026 running its trademark highly concentrated crossover portfolio, anchoring core positions in Samsara, Maplebear, GitLab, and Figma while doubling down on its AI-transformation thesis across healthcare with legacy stakes in ArriVent Biopharma, Maze Therapeutics, and Fractyl Health. The firm expanded its bets on scale and disruption during the quarter with a sizable new stake in biotech innovator Eikon Therapeutics alongside fresh positions in Ethos Technologies, Coupang, Amazon, and Meta, underscoring Taneja's continued conviction in founder-led, technology-driven platforms poised to compound value across software, e-commerce, and life sciences.

New Investments

Eikon Therapeutics Inc

Hemant Taneja bought $3.23M of Eikon Therapeutics Inc in Q1 2026. Over the last several months, the company has transitioned to public markets via a March 2026 IPO at $18 per share and now trades in the $9–10 range, representing roughly 40–50% below the IPO price based on current trading levels, even as its reported year-to-date total return of about 45–46% still exceeds the S&P 500’s ~13%. Fundamentally, the business remains pre‑revenue, with trailing twelve‑month EPS around −$32, a P/E ratio of approximately −1.5x, and cumulative net loss over the last year in the roughly $319–342M range, indicating that the stock’s current valuation is driven by expectations for its late‑stage clinical pipeline rather than near‑term earnings power. Across Q1 and Q2 2026, net losses have stayed elevated (Q1 at about $83.0M, Q2 at $88.4M) but the most recent quarter showed year‑over‑year improvement in net loss and a sharp 56% reduction in G&A, supported by a cash balance of $596.0M that management believes provides at least 12 months of operating runway, positioning the company to sustain R&D intensity and potentially benefit from upcoming clinical data updates or strategic partnering.

• Stock is up about 45.5% year to date versus the S&P 500 up 13.3%, while the share price around $9–10 remains roughly 40–50% below the IPO price of $18 per share..
• Q2 2026 net loss attributable to common stockholders was $88.4M, improving from $105.2M in Q2 2025, with R&D expenses up 9% year over year to $75.5M and G&A expenses down 56% to $17.9M..
• As of March 31, 2026, cash, cash equivalents, and marketable securities totaled $596.0M, stockholders’ equity was $550.7M, and management guided to at least 12 months of operating runway despite a quarterly net loss of about $83.0M..

Ethos Technologies Inc

Hemant Taneja bought $828.58K of Ethos Technologies Inc in Q1 2026. The purchase adds exposure to a high-growth digital life-insurer, as Ethos Technologies has delivered strong momentum over the past year with trailing‑12‑month revenue rising to $586.5M, up about 83% year over year, far ahead of the insurance industry’s ~15% earnings growth rate, although trailing net income remains around -$106M and EPS about -2.85. Over the last two reported quarters, performance has accelerated: Q4 2025 revenue was $110.1M (+65% YoY) with net income of $24.6M, while Q2 2026 revenue surged to $189.6M (+113% YoY) on strong policy growth (activated policies up to 107,847 from 46,283 a year earlier), generating net income of $19.5M and adjusted EBITDA of $35.2M (19% margin). In the current quarter the company is clearly gaining momentum, as management raised full-year 2026 revenue guidance to $727–$731M, authorized a $100M share-repurchase program, and saw the stock climb roughly 25–30% around the Q2 print toward the top of its 52-week range, all of which point to improving fundamentals and investor confidence despite still-limited profitability on a 12‑month basis.

• Q2 2026 revenue up 113% year over year to $189.6M, with direct-channel revenue at $116.5M (+131% YoY) and third-party revenue at $73.1M (+90% YoY)..
• Q2 2026 adjusted EBITDA of $35.2M represented a 19% margin, compared with Q4 2025 adjusted EBITDA of $25.8M and a 23% margin as the business scales..
• Full-year 2026 revenue guidance raised to $727–$731M versus 2025 revenue of $388M, implying roughly 87–91% year-over-year growth, alongside a newly authorized $100M share repurchase..

Coupang

Hemant Taneja bought $692.46K of Coupang in Q1 2026. Over the past twelve months, Coupang’s share price has declined roughly 42%, even as trailing twelve‑month net revenues increased about 10% on a reported basis to roughly $35.5 billion, reflecting investors’ concern over weakening profitability despite solid top‑line growth. In the most recent quarter, net revenues grew only 4% year over year to about $8.9 billion while operating margin deteriorated to approximately -6.3% from 1.7% a year ago, largely due to a roughly $410 million administrative fine in Korea and ongoing gross margin compression. Despite the headline loss, adjusted EPS of -$0.09 and adjusted EBITDA of $163 million both significantly beat consensus while active customers rose to 24.7 million (up about 3% year over year and 800,000 sequentially), and free cash flow turned positive at roughly $51 million, suggesting the core franchise and newer offerings continue to gain scale that could support valuation once regulatory and margin pressures normalize.

• Q2 2026 net revenues were $8.9 billion, up 4% year over year but about 2.2% below analyst expectations of $9.05 billion..
• Q2 2026 operating loss was approximately $556 million (operating margin around -6.3%), versus operating income of $149 million and margin near 1.7% in Q2 2025..
• Trailing twelve‑month net revenues reached roughly $35.5 billion with reported growth of about 10%, while the stock is down roughly 42% over the same period..

Amazon

Hemant Taneja bought $537.75K of Amazon in Q1 2026. Over the last two quarters, the company has moved from steady growth to clear acceleration, with Q2 2026 net sales up 20% year over year to $200.6B, operating income up 43% to $27.5B, and EPS more than doubling sequentially to $5.75 as revenue, net income and EPS rose 10.5%, 107% and 106%, respectively, versus Q1 2026. Shares are up about 19.9% over the last 12 months and 14.9% year to date, with the stock now trading in the mid‑$260s and supported by accelerating AWS growth of 36.7–37% year over year to a $42.2B revenue base and a $169B annualized run rate as AI workloads ramp. Recent Q2 results were a clear positive catalyst, with revenue beating expectations by roughly $4B, EPS beating by about $3.9 per share, the stock jumping over 10% on the print, and management signaling higher 2026 capital spending of roughly $220B to scale AI infrastructure and devices—factors that should support continued fundamental and valuation upside even as investment intensity rises.

• Q2 2026 net sales increased 20% year over year to $200.6B, compared with $167.7B in Q2 2025..
• Q2 2026 operating income rose 43% year over year to $27.5B, while AWS revenue grew 36.7–37% to $42.2B and reached a $169B annualized run rate..
• Q2 EPS was $5.75 versus consensus of about $1.82, a surprise of roughly 215% and a sequential EPS increase of about 106% versus the prior quarter..

Meta

Hemant Taneja bought $376.46K of Meta in Q1 2026. In the most recent quarter (Q2 2026), revenue grew 28% YoY to $60.8B while net income fell 14% YoY to $15.8B, highlighting strong demand across the apps family but pressure on profitability from $3.6B of legal and severance charges. Over the last two quarters, revenue has climbed from $56.3B in Q1 2026 (+33% YoY) to $60.8B in Q2, but diluted EPS has dropped from $10.44 (+62% YoY) to $6.18 (−13% YoY), and the latest print missed Street expectations around $7.2, contributing to near‑term share price weakness despite still‑robust growth and high margins versus large‑cap internet peers. Recent actions—including a May 2026 headcount reduction that drove $1.2B in severance charges and the move to unwind a blocked $2B Manus AI deal—are likely to streamline the cost base and remove strategic overhangs, positioning the company for improved earnings leverage and potential valuation upside as AI and engagement‑driven revenue growth continue to compound over the next year.

• Q2 2026 revenue: $60.8B, up 28% YoY and slightly above guidance midpoint of about $59.5B and consensus near $60.2B.
• Q2 2026 diluted GAAP EPS: $6.18, down roughly 13% YoY from $7.14 and missing Street estimates around $7.2 by about 14%.
• Q1 2026 diluted EPS: $10.44 (+62% YoY) on net income of $26.8B and operating margin around 41%, versus Q2 2026 operating income of $18.8B (−8% YoY) and margin near 31%.

Added, Trimmed, and Exited

Added

General Catalyst made no additions to its existing holdings this quarter, holding share counts steady across all seven common positions including Samsara, Arrivent Biopharma, and Maze Therapeutics Inc.

Trimmed

There were no trims to existing positions in Q1 2026; all value changes in the common holdings—such as the declines in GitLab and Fractyl Health Inc—reflect share price movement rather than active selling by General Catalyst.

Exited

General Catalyst did not fully liquidate any positions during the quarter.
What it means: With no adds, trims, or exits among existing holdings, General Catalyst's portfolio activity this quarter was concentrated entirely in five brand-new positions—Eikon Therapeutics Inc, Ethos Technologies Inc, Coupang, Amazon, and Meta—while the legacy book was left untouched to ride out price swings. This pattern is consistent with the firm's highly concentrated, conviction-driven approach: rather than actively managing existing stakes in reaction to short-term volatility (notably the sharp declines in Fractyl Health Inc, down nearly 79%, and GitLab, down over 42%), Hemant Taneja appears to be letting winners like Arrivent Biopharma compound while directing fresh capital toward new growth and AI-infrastructure themes, signaling continued confidence in the original theses behind the untouched holdings despite significant mark-to-market losses.

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.