Breaking down the stocks Hemant Taneja (General Catalyst) bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from General Catalyst's 13F filed on August 14, 2025.
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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Q2 '25 13F filed with SEC
Holdings in Q2 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| CRCL | Circle | 84.9% | NEW | $3.65B |
| IOT | Samsara | 11.1% | Trimmed (-31%) | $476.62M |
| OSCR | Oscar Health | 1.1% | $45.19M | |
| GTLB | GitLab | 1.0% | $41.56M | |
| AVBP | Arrivent Biopharma | 0.8% | $32.54M | |
| CART | Maplebear | 0.7% | $32.15M | |
| MAZE | Maze Therapeutics | 0.3% | $12.71M | |
| GUTS | Fractyl Health | 0.2% | NEW | $7.91M |
| PET | Wag! | 0.0% | $1.61M | |
| VRM | Vroom | 0.0% | $217.5K | |
| SNOW | Snowflake | 0.0% | Exited | $-38.74M |
| EVLV | Evolv | 0.0% | Exited | $-33.68M |
| BIGC | BigCommerce | 0.0% | Exited | $-6.91M |
Current Investment Strategy
Hemant Taneja's General Catalyst maintained its ultra-concentrated crossover strategy in Q2 2025, with a public portfolio heavily weighted toward healthcare and software companies including Oscar Health, GitLab, and Maplebear, while initiating positions in newly public stablecoin issuer Circle and metabolic therapeutics firm Fractyl Health following their IPOs. The firm exited Snowflake, Evolv, and BigCommerce during the quarter, reflecting its disciplined approach to portfolio management while staying aligned with its transformation-focused thesis emphasizing applied AI, healthcare infrastructure, and scalable technology platforms.
New Investments
Circle CRCL
Hemant Taneja bought $3.65B of Circle in Q2 2025. Circle is showing modest revenue growth trajectory with Q3 2025 revenue forecasted at $699.6M compared to Q2's $658.1M actual results, reflecting resilience in its stablecoin and blockchain infrastructure business. However, the company remains unprofitable on a trailing-twelve-month basis with net losses of $399.2M and an EPS of -$5.81, indicating the path to profitability remains a key challenge. Despite current losses, analyst price targets suggest approximately 59% upside potential, reflecting optimism about the company's market positioning in the growing digital asset ecosystem.
- Revenue growth of 6.3% from Q2 to Q3 forecasted results ($658.1M to $699.6M).
- Net losses of $399.2M on a trailing-twelve-month basis with -$5.81 EPS.
- Analyst price target of $161.83 implies 59% upside from current levels.
Fractyl Health GUTS
Hemant Taneja bought $7.91M of Fractyl Health in Q2 2025. Fractyl Health has declined 36.4% over the last nine months from Q3 2024 to Q3 2025, reflecting investor concerns despite positive clinical developments. The company reported positive Phase 2 REVEAL-1 data showing sustained weight loss after discontinuing GLP-1 therapy, but continues to burn cash with -$99.77M net losses (ttm) and minimal revenue of $17,000 (ttm). Analysts maintain a Strong Buy rating with a $6.90 price target, implying 452% upside, as the company awaits key REMAIN-1 trial data ahead of earnings on November 12.
- Stock down 36.4% year-over-year from Q3 2024 at $2.53 to Q3 2025 at $1.59.
- Operating loss of $99.77M (ttm) with EPS at -$2.05, reflecting heavy cash burn in pre-revenue stage.
- Analyst consensus Strong Buy rating with $6.90 price target indicating 452% upside potential.
Added, Trimmed, and Exited
Added
General Catalyst did not add to any existing positions during Q2 2025, with all new capital deployed into two completely new investments rather than expanding current holdings.
What it means: This shift suggests a strategic reallocation away from incremental position-building toward concentrated bets on new opportunities. The firm's deployment of $3.65B into Circle (CRCL)—a blockchain infrastructure play—represents a major strategic pivot that now dominates the portfolio, signaling conviction in the digital asset ecosystem despite the company's current unprofitability. The absence of adds to existing holdings indicates Hemant Taneja may be exercising discipline around valuation or seeing diminished upside in current portfolio companies relative to fresh opportunities.
Trimmed
General Catalyst reduced its stake in Samsara (IOT) by approximately 31% (5.46M shares), bringing the position down from $668.6M to $476.6M, with the holding declining 28.7% in value.
What it means: The significant trim to Samsara—previously one of the portfolio's largest positions—suggests either profit-taking after a strong run-up, concerns about near-term valuation, or a need to raise capital for the massive Circle investment. Given Samsara's negative return during the quarter, this appears to be a defensive move to reduce exposure to a position facing headwinds, possibly related to IoT market saturation or increased competition. The firm's highly concentrated strategy means trimming a top holding like this is a material statement about shifting conviction.
Exited
General Catalyst fully exited three positions: Snowflake (SNOW) valued at $38.7M, Evolv (EVLV) at $33.7M, and BigCommerce (BIGC) at $6.9M.
What it means: The complete liquidation of these software and security positions—totaling nearly $80M—likely funded the portfolio restructuring around the massive Circle position. Snowflake's exit is particularly notable given its cloud data warehouse leadership, suggesting Hemant Taneja may be rotating out of mature enterprise SaaS plays facing slowing growth or margin pressures. Similarly, exiting Evolv and BigCommerce indicates these smaller positions no longer met the firm's high bar for transformative potential or may have hit thesis-breaking developments, aligning with General Catalyst's strategy of maintaining a lean, high-conviction portfolio focused on companies that can achieve massive scale.
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.
