Marc Andreessen and Ben Horowitz's Trades and Holdings in Q1 2026

Breaking down the stocks Marc Andreessen and Ben Horowitz (A16Z) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from A16Z's 13F filed on May 12, 2026.

Who are Marc Andreessen, Ben Horowitz and Andreessen Horowitz?

Andreessen Horowitz (a16z) is a prominent venture capital firm founded in 2009 by Marc Andreessen and Ben Horowitz. The firm manages over $35 billion in assets across multiple funds and is renowned for its high-conviction bets on transformative technologies, often maintaining concentrated positions in early-stage to growth-stage companies while also allocating to select public equities through its growth and public market strategies. The overarching investment style emphasizes "software is eating the world," a philosophy coined by Andreessen, prioritizing disruptive innovations in areas like AI, biotech, crypto, consumer tech, and enterprise software. Andreessen and Horowitz focus on founder-led companies with massive market potential, strong network effects, and scalable business models, providing not just capital but extensive operational support through a large team of experts in talent, marketing, and policy. They advocate for long-term compounding through bold, contrarian theses—such as Andreessen's "It's Time to Build" manifesto urging investment in infrastructure and innovation amid societal challenges.

A16z.com
A16Z on X
Marc Andreessen on X
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Q1 '26 13F filed with SEC

Holdings in Q1 2026

Current Investment Strategy

In its Q1 2026 public equities portfolio, **Andreessen Horowitz** — the venture powerhouse co-founded by **Marc Andreessen** and **Ben Horowitz** — shifted toward a defensive, U.S.-centric posture, anchoring holdings in broad index funds such as **S&P 500**-tracking **VOO** and **IVV**, short-duration fixed income via **Bloomberg**'s **XHLF** and **iShares**' **AGG**, and adding **U.S. Treasury** exposure through **GOVT**, while exiting international and alternative positions including **MSCI Japan**'s **EWJ**, **iShares**' **IEUR**, and gold fund **BAR**. The firm retained a selective stake in consumer-facing equities — holding **Disney** and initiating a position in **Airbnb**, one of its most celebrated early venture wins — reflecting a broader philosophy of pairing liquid, risk-managed public market exposure with high-conviction bets on platform businesses that exhibit durable network effects and scalable models.

New Investments

US Treasury Bond GOVT

Marc Andreessen and Ben Horowitz bought $2.49B of US Treasury Bond in Q1 2026. Over the past two quarters, the ETF’s returns have been relatively muted but slightly positive, with the current quarter characterized by modest price gains alongside steady income distributions as investors maintain demand for high‑quality U.S. Treasury exposure. The share price is currently around $23.24 and has risen about 0.87% over the past week, indicating a marginal improvement in sentiment toward Treasuries even as overall performance remains tightly linked to moves in the U.S. yield curve rather than credit risk. There has been no meaningful idiosyncratic fund-specific news; near‑term upside is most likely to come from macro catalysts such as expectations for lower policy rates, softer inflation or growth data, or risk‑off episodes that push investors into Treasuries and support net asset value.

• Recent weekly price gain of about 0.87%, with the ETF trading near $23.24 per share.
• Forward 12‑month dividend expected at approximately $0.83 per share, implying a yield of roughly 3.65% at recent prices.
• Invests at least 80% of assets in U.S. Treasury securities tracking its benchmark index, keeping credit risk minimal and tying performance primarily to interest‑rate changes.

Airbnb

Marc Andreessen and Ben Horowitz bought $1.21B of Airbnb in Q1 2026. Over the last 12 months, Airbnb has delivered revenue growth in the mid‑teens (around 15–20% year over year) with adjusted EBITDA margins roughly in the 30–35% range, keeping profitability ahead of most online travel peers even as growth normalizes from post‑pandemic peaks. Across the last two reported quarters, growth in revenue and nights booked has remained solidly in the low‑ to mid‑teens year over year while ADRs have softened modestly, suggesting the business is still gaining scale but facing some pricing and FX headwinds rather than an outright decline in demand. In the current quarter, Street sentiment is improving as evidenced by Mizuho’s reiterated Outperform rating and $156 price target, with catalysts such as book‑now‑pay‑later functionality, increasing hotel supply on the platform, and guidance for stable margins expected to support bookings momentum and potential valuation multiple expansion through 2026.

• Trailing‑12‑month revenue has grown roughly 15–20% year over year, outpacing many traditional lodging peers that are growing at mid‑single to high‑single‑digit rates.
• Adjusted EBITDA margin has held around 30–35% over the last year, versus roughly 20–25% for large online travel agency peers, underscoring structurally higher profitability.
• Mizuho’s latest $156 price target and Outperform rating are underpinned by expectations for stable EBITDA margins through 2026 as new features like book‑now‑pay‑later and hotel inventory add incremental growth.

Added, Trimmed, and Exited

Added

A16Z aggressively increased its existing stakes in Samsara (IOT), Coinbase (COIN), Robinhood (HOOD), and Okta (OKTA), with share counts rising roughly 8–19x across all four names in a single quarter.
What it means: The sheer scale of these additions — particularly the near-tenfold increase in Coinbase (COIN) and Samsara (IOT) and the near-twentyfold increase in Robinhood (HOOD) — signals a decisive, high-conviction rotation into crypto-native financial infrastructure and enterprise software. Coinbase (COIN) and Robinhood (HOOD) together represent a concentrated bet that digital-asset adoption and retail brokerage are entering a new expansion cycle, consistent with A16Z's long-standing crypto thesis. The aggressive build in Samsara (IOT) and Okta (OKTA) reinforces a parallel conviction in mission-critical enterprise platforms with durable recurring revenue. Taken together, these moves suggest Marc Andreessen and Ben Horowitz are concentrating capital into a narrow set of high-growth, software-driven businesses rather than maintaining broad diversification.

Trimmed

A16Z did not trim any existing positions this quarter.

Exited

A16Z fully liquidated its positions in California Muni Bond (IEUR), MSCI Japan (EWJ), Gold (BAR), DoorDash (DASH), and Wave Life Sciences (WVE).
What it means: The exits paint a clear picture of a portfolio being stripped of diversification and defensiveness in favour of concentrated, high-upside tech and crypto exposure. Selling California Muni Bond (IEUR) and Gold (BAR) removes the traditional safe-haven and income-generating anchors from the portfolio, while the exit from MSCI Japan (EWJ) eliminates all international developed-market equity exposure. Closing out DoorDash (DASH) and Wave Life Sciences (WVE) — both earlier-thesis growth positions — suggests Marc Andreessen and Ben Horowitz are recycling capital from positions where conviction may have peaked into the dramatically expanded stakes in fintech and enterprise software. The overall message is a deliberate narrowing of the portfolio toward A16Z's core ideological sweet spot: software, crypto rails, and scalable digital platforms.

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.