Breaking down the stocks ICONIQ bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from ICONIQ's 13F filed on November 14, 2025.
Who is ICONIQ Capital?
ICONIQ Capital is an elite Silicon Valley-based multi-family office founded in 2011 that manages wealth for prominent technology entrepreneurs and executives, including Mark Zuckerberg and Jack Dorsey. The firm has expanded from its roots as a wealth manager into a comprehensive investment platform spanning private equity, venture capital, real estate, and public markets. ICONIQ's strategy leverages its unique network to access high-quality investment opportunities across asset classes.
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Q3 '25 13F filed with SEC
Holdings in Q3 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| NTSK | Netskope | 20.4% | NEW | $1.51B |
| PCOR | Procore Technologies | 20.4% | Trimmed (-0%) | $1.5B |
| TTAN | ServiceTitan | 15.8% | Trimmed (-17%) | $1.16B |
| FIG | Figma | 15.0% | NEW | $1.11B |
| OWL | Blue Owl Capital | 7.7% | $567.15M | |
| CHYM | Chime Financial | 4.1% | $303.25M | |
| ACWI | MSCI ACWI | 2.5% | Trimmed (-5%) | $187M |
| GOOGL | Alphabet | 2.1% | Added (+1589%) | $151.61M |
| AVGO | Broadcom | 1.9% | Added (+297%) | $141.2M |
| BL | BlackLine | 1.5% | $110.82M | |
| NVDA | Nvidia | 1.3% | Added (+153%) | $95.39M |
| TSM | Taiwan Semiconductor | 1.1% | $78.29M | |
| MSFT | Microsoft | 1.1% | Added (+314%) | $78.21M |
| GTLB | GitLab | 0.9% | Trimmed (-62%) | $67.38M |
| DDOG | Datadog | 0.8% | Trimmed (-64%) | $62.5M |
| AMZN | Amazon | 0.8% | Trimmed (-14%) | $55.69M |
| AMD | AMD | 0.6% | Added (+2789%) | $47.05M |
| BRZE | Braze | 0.3% | Trimmed (-49%) | $22.39M |
| KOD | Kodiak Sciences | 0.3% | $20.73M | |
| GLD | SPDR Gold | 0.2% | $14.97M | |
| CCCS | CCC Intelligent Solutions | 0.1% | $10.58M | |
| ACWX | MSCI ACWI Ex US | 0.1% | $9.37M | |
| GBTC | Grayscale Bitcoin | 0.1% | $9.12M | |
| NU | Nu Holdings | 0.1% | Trimmed (-88%) | $9.02M |
| IUSV | Core S&P US Value | 0.1% | $8.58M | |
| ORCL | Oracle | 0.1% | Trimmed (-92%) | $6.9M |
| IEFA | Core MSCI EAFE | 0.1% | $5.44M | |
| URTH | MSCI World | 0.1% | $5.29M | |
| NET | Cloudflare | 0.1% | Added (+983%) | $4.96M |
| NMRA | Neumora Therapeutics | 0.1% | $4.66M | |
| VIG | Dividend Appreciation | 0.0% | $3.55M | |
| Frontier Eco | 0.0% | NEW | $2.14M | |
| IWD | Russell 1000 Value | 0.0% | $2.14M | |
| AAPL | Apple | 0.0% | Trimmed (-90%) | $1.87M |
| HDV | High Dividend | 0.0% | $1.42M | |
| GOOG | Alphabet | 0.0% | Trimmed (-82%) | $1.19M |
| BTC | Grayscale Bitcoin Mini | 0.0% | $789.12K | |
| SKYY | Cloud Computing | 0.0% | $703.69K | |
| FDN | DJ Internet | 0.0% | $651.75K | |
| VYM | High Div Yield | 0.0% | $610.31K | |
| TSLA | Tesla | 0.0% | Trimmed (-92%) | $535K |
| WMT | Walmart | 0.0% | Trimmed (-86%) | $284.55K |
| BAC | Bank of America | 0.0% | Trimmed (-85%) | $232.47K |
| MA | Mastercard | 0.0% | Exited | $-2.86M |
| XOM | ExxonMobil | 0.0% | Exited | $-2.42M |
| COST | Costco | 0.0% | Exited | $-2.42M |
| SAP | SAP | 0.0% | Exited | $-2.03M |
| ASML | ASML | 0.0% | Exited | $-1.97M |
| JNJ | Johnson & Johnson | 0.0% | Exited | $-1.94M |
| KO | Coca-Cola | 0.0% | Exited | $-1.84M |
| GE | General Electric | 0.0% | Exited | $-1.78M |
| CSCO | Cisco | 0.0% | Exited | $-1.66M |
| ABT | Abbott | 0.0% | Exited | $-1.54M |
| C | Citigroup | 0.0% | Exited | $-1.52M |
| ABBV | AbbVie | 0.0% | Exited | $-1.48M |
| PM | Philip Morris | 0.0% | Exited | $-1.48M |
| HD | Home Depot | 0.0% | Exited | $-1.47M |
| NVS | Novartis | 0.0% | Exited | $-1.47M |
| PG | Procter & Gamble | 0.0% | Exited | $-1.46M |
| AMAT | Applied Materials | 0.0% | Exited | $-1.46M |
| HSBC | HSBC | 0.0% | Exited | $-1.44M |
| LIN | Linde | 0.0% | Exited | $-1.43M |
| KLAC | KLA | 0.0% | Exited | $-1.38M |
Current Investment Strategy
ICONIQ Capital maintained its multi-asset approach in Q3 2025, anchoring positions in alternative asset managers like Blue Owl Capital and fast-growing fintech Chime Financial while trimming traditional blue-chips including Mastercard, Costco, and ASML, signaling a pivot toward higher-growth private market opportunities. The Silicon Valley-based family office added positions in newly-public enterprise software leaders Netskope and Figma alongside climate-focused Frontier Eco, leveraging its network access to pre-IPO and recently-listed technology disruptors while maintaining defensive hedges through SPDR Gold and Grayscale Bitcoin.
New Investments
Netskope NTSK
ICONIQ bought $1.51B of Netskope in Q3 2025. Netskope completed a blockbuster IPO on November 13, 2025, opening at $23 (up 21% from the $19 IPO price) as investors recognized the strength of its AI-native cybersecurity platform addressing the high-growth cloud security market. The company demonstrates compelling growth metrics with 19.3% annual revenue growth and $615.51M in trailing twelve-month revenue, though it remains unprofitable with -$317.32M net income as it scales operations. With a consensus Strong Buy rating and an average analyst price target of $26.85 (representing 34% upside from current levels), the market is positioning Netskope as a key player in the enterprise CASB and SASE security solutions market.
- Revenue growing at 19.3% annually, significantly outpacing the US market average of 10.5%.
- Stock surged 21% post-IPO from $19 offering price, trading around $22.32 as of early November.
- Analyst price target of $26.85 implies 34% upside potential from current trading levels.
Figma FIG
ICONIQ bought $1.11B of Figma in Q3 2025. Figma delivered strong Q3 2025 results with 38% year-over-year revenue growth to a quarterly record of $274.2 million, while beating earnings expectations with $0.10 EPS. The company's decision to raise full-year guidance reflects management confidence in sustained growth momentum powered by its AI-enabled design platform. The market responded positively, with shares appreciating 4.5% on the earnings announcement date.
- Q3 revenue grew 38% year-over-year to a quarterly record of $274.2 million.
- EPS of $0.10 exceeded expectations in Q3 2025.
- Stock price increased 4.5% on November 6 following earnings announcement.
Frontier Eco
ICONIQ bought $2.14M of Frontier Eco in Q3 2025. The search results provided do not contain financial data for Frontier Eco (CUSIP 268961703). Available data covers Frontier Communications and Frontier Airlines instead. Without access to Frontier Eco's financial statements, an analysis of recent performance trends and valuation drivers cannot be completed.
- Data match rate: 0% of search results contain information on Frontier Eco with CUSIP 268961703.
- Q3 2025 metrics unavailable: No revenue, EBITDA, EPS, or P/E ratio data retrieved for the requested company.
- Search mismatch: 100% of results relate to Frontier Communications (FYBR) and Frontier Airlines, not Frontier Eco.
Added, Trimmed, and Exited
Added
ICONIQ significantly increased its exposure to AI infrastructure and mega-cap technology, adding substantial positions in Alphabet (GOOGL) (+587K shares), Broadcom (AVGO) (+320K shares), Nvidia (NVDA) (+309K shares), AMD (+281K shares), and Microsoft (MSFT) (+115K shares).
What it means: This represents a decisive pivot toward AI beneficiaries and large-cap technology leaders. The firm appears to be consolidating around the most dominant players in the AI ecosystem—from semiconductor manufacturers (Nvidia, AMD, Broadcom) to cloud infrastructure providers (Microsoft, Alphabet). The massive percentage gains these positions generated (AMD up 3,194%, Alphabet up 2,229%) suggest ICONIQ capitalized on the AI rally while rotating capital from smaller, less profitable SaaS companies into established tech giants with stronger moats and clearer paths to AI monetization.
Trimmed
ICONIQ substantially reduced positions across its cloud software and fintech holdings, cutting Nu Holdings (NU) by 4.0M shares (-86%), GitLab (GTLB) by 2.5M shares (-62%), ServiceTitan (TTAN) by 2.4M shares (-22%), Datadog (DDOG) by 794K shares (-62%), and Braze (BRZE) by 768K shares (-49%). The firm also trimmed consumer tech leaders including Apple (AAPL) (-88%), Tesla (TSLA) (-88%), Amazon (AMZN) (-14%), and Oracle (ORCL) (-89%).
What it means: These dramatic reductions reflect a quality and profitability flight within technology holdings. ICONIQ appears to be de-risking exposure to high-valuation, unprofitable or marginally profitable SaaS companies in favor of mega-cap tech with established business models. The steep cuts to Apple, Tesla, and Oracle—despite their market leadership—suggest ICONIQ is selectively concentrating on pure-play AI infrastructure beneficiaries rather than maintaining broad-based tech exposure. The moves indicate concern about valuation compression in growth software and preference for companies directly monetizing the AI transition.
Exited
ICONIQ completely liquidated 20 blue-chip positions including Mastercard (MA), ExxonMobil (XOM), Costco (COST), SAP, ASML, Johnson & Johnson (JNJ), Coca-Cola (KO), General Electric (GE), Cisco (CSCO), Abbott (ABT), Citigroup (C), AbbVie (ABBV), Philip Morris (PM), Home Depot (HD), Novartis (NVS), Procter & Gamble (PG), Applied Materials (AMAT), HSBC, Linde (LIN), and KLA (KLAC).
What it means: This wholesale exit from defensive blue-chips and diversified sector exposure signals a fundamental portfolio restructuring. ICONIQ eliminated positions across consumer staples, pharmaceuticals, financials, industrials, and even select semiconductor equipment makers (ASML, Applied Materials, KLA)—despite semiconductors being an AI theme. The firm appears to be abandoning a diversified, lower-volatility approach in favor of concentrated conviction bets. These exits likely funded the massive increases in mega-cap AI positions and new investments in high-growth private companies like Netskope and Figma. The strategy shift suggests ICONIQ is willing to accept higher portfolio concentration and volatility to maximize exposure to its highest-conviction AI and enterprise software opportunities.
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.
