Breaking down the stocks ICONIQ bought, sold, and held in Q4 2025, including their holdings at the end of the quarter. All data sourced from ICONIQ's 13F filed on February 13, 2026.
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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Q4 '25 13F filed with SEC
Holdings in Q4 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| TTAN | ServiceTitan | 19.8% | $1.23B | |
| NTSK | Netskope | 18.8% | $1.16B | |
| PCOR | Procore Technologies | 17.2% | Trimmed (-29%) | $1.06B |
| OWL | Blue Owl Capital | 8.1% | $500.43M | |
| SHOP | Shopify | 6.4% | Added (+47%) | $395.35M |
| CHYM | Chime Financial | 4.9% | Trimmed (-20%) | $303.1M |
| GOOGL | Alphabet | 4.0% | Added (+26%) | $245.32M |
| FIG | Figma | 3.5% | Trimmed (-73%) | $217.07M |
| NVDA | Nvidia | 3.3% | Added (+114%) | $204.28M |
| ACWI | MSCI ACWI | 3.0% | Trimmed (-3%) | $186.18M |
| HOOD | Robinhood | 2.1% | $132.95M | |
| BL | BlackLine | 1.9% | $115.39M | |
| NOW | ServiceNow | 1.5% | NEW | $91.77M |
| TSM | Taiwan Semiconductor | 0.8% | Trimmed (-40%) | $51.03M |
| APP | AppLovin | 0.8% | $48.09M | |
| GTLB | GitLab | 0.7% | Trimmed (-22%) | $43.53M |
| CRWD | CrowdStrike Holdings | 0.6% | $38.86M | |
| KOD | Kodiak Sciences | 0.6% | $35.41M | |
| IVV | Core S&P 500 | 0.3% | Added (+147%) | $18.47M |
| GLD | SPDR Gold | 0.2% | Trimmed (-12%) | $14.63M |
| COIN | Coinbase | 0.2% | Trimmed (-36%) | $14.19M |
| IEFA | Core MSCI EAFE | 0.2% | Added (+81%) | $10.12M |
| CCCS | CCC Intelligent Solutions | 0.1% | $9.23M | |
| NU | Nu Holdings | 0.1% | Trimmed (-5%) | $8.93M |
| IUSV | Core S&P US Value | 0.1% | $8.8M | |
| GBTC | Grayscale Bitcoin | 0.1% | $6.94M | |
| SOVF | Sovereigns Capital | 0.1% | Trimmed (-36%) | $6.25M |
| URTH | MSCI World | 0.1% | $5.41M | |
| SPY | S&P 500 | 0.1% | $4.86M | |
| NMRA | Neumora Therapeutics | 0.1% | $4.58M | |
| NET | Cloudflare | 0.1% | $4.56M | |
| VIG | Dividend Appreciation | 0.1% | $3.62M | |
| IWF | Russell 1000 Growth | 0.1% | $3.59M | |
| DASH | DoorDash | 0.0% | $2.61M | |
| IWD | Russell 1000 Value | 0.0% | $2.21M | |
| Frontier Eco | 0.0% | $2.19M | ||
| UBER | Uber | 0.0% | Trimmed (-67%) | $1.64M |
| IAU | Gold | 0.0% | Trimmed (-32%) | $1.04M |
| AAPL | Apple | 0.0% | Trimmed (-56%) | $875.12K |
| IEMG | Core MSCI Emerging Markets | 0.0% | Added (+95%) | $712.47K |
| DDOG | Datadog | 0.0% | Trimmed (-99%) | $363.77K |
| TOST | Toast | 0.0% | Exited | $-22.62M |
| BRZE | Braze | 0.0% | Exited | $-22.39M |
| CRM | Salesforce | 0.0% | Exited | $-8.33M |
| BRK-B | Berkshire Hathaway | 0.0% | Exited | $-393.14K |
| NFLX | Netflix | 0.0% | Exited | $-386.05K |
| WMT | Walmart | 0.0% | Exited | $-284.55K |
| LLY | Eli Lilly | 0.0% | Exited | $-272.39K |
| V | Visa | 0.0% | Exited | $-259.45K |
| BAC | Bank of America | 0.0% | Exited | $-232.47K |
| CCK | Crown Holdings | 0.0% | Exited | $-203.22K |
Current Investment Strategy
ICONIQ Capital's Q4 2025 public equities portfolio reflects the Silicon Valley mega-family office's distinctive venture-to-public-markets pipeline, with top holdings concentrated in recently listed companies from its own growth equity portfolio—including ServiceTitan, Netskope, and Blue Owl Capital—alongside high-conviction positions in cybersecurity and enterprise software names such as CrowdStrike, AppLovin, and newly initiated ServiceNow. The firm shed diversified legacy positions in Berkshire Hathaway, Netflix, and Salesforce during the quarter, sharpening its focus on high-growth technology and fintech bets like Robinhood and BlackLine that align with its long-standing thesis of backing category-defining software platforms from early-stage through IPO and beyond.
New Investments
ServiceNow NOW
ICONIQ bought $91.77M of ServiceNow in Q4 2025. ServiceNow delivered a strong Q4 2025 with subscription revenues of $3.47B (up 21% YoY) and EPS of $0.92, significantly beating expectations, while free cash flow surged 34% YoY to $4.6B. The company is accelerating in key growth metrics, including a 25% YoY increase in current remaining performance obligations and nearly 40% YoY growth in deals over $1M, demonstrating robust enterprise adoption of AI-driven workflows. Strategic M&A totaling over $8B (Armis and Veza acquisitions) coupled with a $5B share repurchase authorization positions the company for sustained profitable growth, though the stock declined 11.43% in after-hours trading as investors assessed execution risk on the aggressive acquisition strategy.
- Subscription revenue growth of 21% YoY with operating margin expanding to 31%, representing 100 basis points above guidance.
- Free cash flow margin increased 950 basis points YoY to 57%, driven by strong collections and operating leverage.
- Enterprise momentum accelerating: 244 deals greater than $1M in Q4 (nearly 40% YoY growth) and customers with $20M+ ACV up 30% YoY.
Added, Trimmed, and Exited
Added
ICONIQ significantly increased its position in Nvidia (NVDA), more than doubling its shares (+584,062), and added substantially to Shopify (SHOP) (+788,450 shares) and Alphabet (GOOGL) (+160,140 shares). The firm also bulked up passive index exposure, nearly tripling its Core S&P 500 (IVV) holdings and roughly doubling both Core MSCI EAFE (IEFA) and Core MSCI Emerging Markets (IEMG).
What it means: ICONIQ is making a clear double-down bet on AI infrastructure through Nvidia (NVDA) while reinforcing its e-commerce and cloud platform thesis via Shopify (SHOP) and Alphabet (GOOGL). The simultaneous expansion of broad index fund holdings across U.S. and international markets suggests the firm is also building a more diversified base, potentially hedging its concentrated tech bets with passive global equity exposure.
Trimmed
The most dramatic trim was Figma (FIG), where ICONIQ sold over 15.5 million shares (~73% of the position), reducing its value from ~$1.11B to ~$217M. The firm also cut 6 million shares of Procore Technologies (PCOR) (~29% reduction), nearly liquidated Datadog (DDOG) (down 99.4% of shares to just 2,675 remaining), and meaningfully trimmed GitLab (GTLB) (-22%), Taiwan Semiconductor (TSM) (-40%), Uber (UBER) (-67%), Coinbase (COIN) (-36%), Chime Financial (CHYM) (-20%), and Apple (AAPL) (-56%).
What it means: The massive Figma (FIG) reduction stands out as the quarter's defining move — likely representing significant profit-taking or liquidity management following its public market debut, as ICONIQ was a long-time pre-IPO backer. The near-total exit from Datadog (DDOG) and meaningful cuts to GitLab (GTLB) suggest a rotation away from certain cloud/DevOps names, while trims to Coinbase (COIN) and Uber (UBER) indicate the firm is selectively harvesting gains from previous momentum winners. The Procore Technologies (PCOR) trim, another company ICONIQ backed early, follows a similar profit-taking pattern.
Exited
ICONIQ fully exited Toast (TOST) ($22.6M), Braze (BRZE) ($22.4M), and Salesforce (CRM) ($8.3M), along with smaller positions in Berkshire Hathaway (BRK-B), Netflix (NFLX), Walmart (WMT), Eli Lilly (LLY), Visa (V), Bank of America (BAC), and Crown Holdings (CCK).
What it means: The exits from Toast (TOST) and Braze (BRZE) — both mid-cap SaaS names — alongside the Salesforce (CRM) liquidation, signal a deliberate consolidation of ICONIQ's enterprise software exposure, potentially funneling conviction toward the new ServiceNow (NOW) position as the firm's preferred large-cap SaaS play. The clearing out of diversified blue-chip names like Berkshire Hathaway (BRK-B), Netflix (NFLX), Walmart (WMT), Eli Lilly (LLY), Visa (V), and Bank of America (BAC) suggests these were likely legacy or incidental holdings that no longer fit the firm's concentrated tech-forward strategy.
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.
