Breaking down the stocks Josh Kushner (Thrive Capital) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Thrive Capital's 13F filed on May 14, 2026.
Who are Joshua Kushner and Thrive Capital?
Joshua Kushner is the founder and managing partner of Thrive Capital (commonly referred to as Thrive Capital). The fund is known for its highly concentrated public equity portfolio, typically consisting of 3-5 stocks, with the top holdings comprising nearly 100% of assets, and variable cash holdings when high-conviction opportunities are scarce. His investment strategy is a growth-oriented approach across venture and public equities, emphasizing high-conviction bets on exceptional founders and innovative companies that can achieve massive scale and long-term value creation. Kushner focuses on undervalued or high-potential technology-enabled businesses, particularly in software, internet, AI, and healthcare sectors, that can disrupt industries, with strong qualitative factors like visionary leadership, rapid growth potential, network effects, defensible moats, business model innovation, and the resilience to navigate early-stage challenges while compounding capital over decades.
Thrivecap.com
Thrive Capital on X
Josh Kushner on X
Q1 '26 13F filed with SEC
Holdings in Q1 2026
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| SHOP | Shopify | 30.9% | NEW | $106.26B |
| FIG | Figma | 27.0% | $92.94B | |
| OSCR | Oscar Health | 21.2% | $72.76B | |
| CVNA | Carvana | 20.7% | $71.29B | |
| STUB | StubHub | 0.1% | $428.97M |
Current Investment Strategy
As of Q1 2026, Joshua Kushner's Thrive Capital maintained its hallmark high-conviction, hyper-concentrated public equity posture — anchored in recently IPO'd technology and marketplace disruptors including design software platform Figma, health insurer Oscar Health, used-car marketplace Carvana, and live-event ticketing giant StubHub — while initiating a new position in e-commerce enabler Shopify, signaling continued conviction in platform-driven, technology-enabled businesses with durable network effects. The New York-based firm, which had just closed its record $10 billion Thrive X fund and described its philosophy as "ride-or-die" partnership with a small number of exceptional founders, remained resolutely unhedged, deploying capital across software, internet, AI, and healthcare sectors where it sees long-term compounding potential at scale.
New Investments
Shopify SHOP
Josh Kushner bought $106.26B of Shopify in Q1 2026. Over the last two quarters, the company is gaining operating momentum, swinging from a net loss of about $679.9M to net income of roughly $920.9M while last quarter’s revenue of $2.71B beat consensus of $2.58B, indicating both top‑line strength and improved efficiency. For the current quarter, consensus expects revenue to edge up again to about $2.74B and EPS to grow roughly 22.8% over the coming year, reflecting investor confidence that it can continue outgrowing most software peers despite macro uncertainty. Shares have been volatile within a $94–$182 52‑week range and trade at a premium valuation of roughly 100x P/E versus a market average near 44x, so further upside will depend on sustaining recent earnings beats and continued execution in higher‑margin payments and software offerings.
- Last quarter revenue was $2.71B, beating consensus of $2.58B by roughly 5% and extending sequential growth.
- Quarter‑over‑quarter net income improved from a loss of about $679.94M to a profit of $920.93M, a positive swing of roughly $1.6B.
- Analysts project next‑quarter revenue of about $2.74B and see EPS rising roughly 22.8% over the next year, with published 12‑month price targets spanning $107.89–$200.32.
Added, Trimmed, and Exited
Added
Thrive Capital made no additions to any of its existing positions — Figma (FIG), Oscar Health (OSCR), Carvana (CVNA), and StubHub (STUB) — with share counts remaining unchanged quarter-over-quarter.
What it means: Despite steep price declines across all four legacy holdings — Figma (FIG) falling ~43%, StubHub (STUB) dropping ~54%, Carvana (CVNA) sliding ~26%, and Oscar Health (OSCR) losing ~20% — Josh Kushner did not use the weakness as a buying opportunity in any of them. Instead, all incremental capital was directed toward the brand-new Shopify (SHOP) position, suggesting high conviction in a fresh idea rather than doubling down on existing bets.
Trimmed
Thrive Capital did not trim any existing positions during Q1 2026, holding its stakes in Figma (FIG), Oscar Health (OSCR), Carvana (CVNA), and StubHub (STUB) at identical share counts to the prior quarter.
What it means: Holding firm through significant drawdowns — particularly the ~54% collapse in StubHub (STUB) and ~43% decline in Figma (FIG) — is consistent with Thrive Capital's known high-conviction, long-duration style. Josh Kushner appears unwilling to capitulate on these positions despite short-term pain, signaling that the original investment theses remain intact in his view.
Exited
Thrive Capital did not fully exit any positions in Q1 2026, with no liquidations recorded in the quarter.
What it means: The absence of any exits reinforces the portfolio's characteristically static, concentrated structure. Even the smallest holding — StubHub (STUB), now worth roughly $429K after a brutal drawdown — was retained, underscoring Josh Kushner's patience and reluctance to realize losses on positions where he presumably still sees long-term upside.
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.
