Breaking down the stocks Marc Andreessen and Ben Horowitz (A16Z) bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from A16Z's 13F filed on August 01, 2025.
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.
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A16Z on X
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Q2 '25 13F filed with SEC
Holdings in Q2 2025
| Ticker | Company | Weight | Change | Value | Option Type |
|---|---|---|---|---|---|
| NU | Nu Holdings | 39.2% | Trimmed (-2%) | $213.83M | |
| COIN | Coinbase | 15.3% | Trimmed (-85%) | $83.59M | Put |
| XHLF | Bloomberg Six Month | 12.9% | $70.07M | ||
| OKTA | Okta | 11.0% | $59.77M | ||
| USHY | USD High Yield | 4.3% | NEW | $23.42M | |
| VTEB | Tax Exempt Bond | 3.9% | $21.36M | ||
| IVV | Core S&P 500 | 3.8% | $20.55M | ||
| ABNB | Airbnb | 2.1% | Trimmed (-84%) | $11.24M | Put |
| MSFT | Microsoft | 1.6% | $8.81M | ||
| AFRM | Affirm | 1.1% | Trimmed (-17%) | $5.98M | |
| VTI | Total Stock Market | 1.0% | NEW | $5.22M | |
| META | Meta | 0.8% | $4.57M | ||
| PINS | 0.6% | $3.53M | |||
| DASH | DoorDash | 0.6% | NEW | $3.35M | |
| CRWD | CrowdStrike Holdings | 0.4% | $2.26M | ||
| AMZN | Amazon | 0.4% | $2.09M | ||
| BITB | Bitwise Bitcoin | 0.2% | $935.15K | ||
| GOOGL | Alphabet | 0.2% | $869.49K | ||
| NFLX | Netflix | 0.1% | $752.59K | ||
| RBLX | Roblox | 0.1% | Trimmed (-96%) | $736.4K | Put |
| CART | Maplebear | 0.1% | Trimmed (-95%) | $558.76K | |
| WVE | Wave Life Sciences | 0.1% | $504.52K | ||
| ETHW | Bitwise Ethereum | 0.1% | $400.88K | ||
| TEAM | Atlassian | 0.0% | $226.85K | ||
| WDAY | Workday | 0.0% | $215.04K | ||
| RDDT | 0.0% | $169.54K | |||
| RVMD | Revolution Medicines | 0.0% | NEW | $67.07K | |
| IVVD | Invivyd | 0.0% | $57.11K | ||
| LYFT | Lyft | 0.0% | $35.37K | ||
| RCKT | Rocket Pharmaceuticals | 0.0% | $27.77K | ||
| PGNY | Progyny | 0.0% | Added (+60%) | $19.98K | |
| RBRK | Rubrik | 0.0% | NEW | $15.32K | |
| MUB | National Muni | 0.0% | Exited | $-23.64M | |
| JBBB | B-BBB CLO | 0.0% | Exited | $-1.86M | |
| SPY | S&P 500 | 0.0% | Exited | $-693.08K | |
| DOCN | DigitalOcean | 0.0% | Exited | $-103.11K | |
| CRM | Salesforce | 0.0% | Exited | $-7.51K |
Current Investment Strategy
Andreessen Horowitz maintained its signature "software is eating the world" philosophy in Q2 2025 by balancing concentrated bets on mega-cap technology companies like Microsoft, Meta, and Amazon with strategic allocations to crypto through Bitwise Bitcoin, while initiating positions in high-growth sectors including cloud infrastructure (Rubrik), on-demand delivery (DoorDash), and oncology therapeutics (Revolution Medicines). The firm's public markets portfolio reflected a defensive tilt with substantial fixed income and index exposure alongside core technology holdings, complementing its dominant venture franchise that deployed capital across AI, biotech, and enterprise software in private markets.
New Investments
USD High Yield USHY
Marc Andreessen and Ben Horowitz bought $23.42M of USD High Yield in Q2 2025. The iShares Broad USD High Yield Corporate Bond ETF has delivered solid performance with a 7.39% one-year total return, modestly outperforming its 7.23% benchmark return. Over the most recent quarter-to-date period (October-November 2025), the fund has generated 0.81% returns in the current month, following a stronger 2.51% three-month return that demonstrates sustained momentum in the high-yield space. The fund maintains attractive income generation with a 6.72% 30-day SEC yield backed by 1,953 holdings, positioning it as a well-diversified core holding within the high-yield corporate bond segment.
- One-year total return of 7.39% outperforms benchmark return of 7.23%.
- YTD total return stands at 7.27% with 30-day SEC yield of 6.72%.
- Three-month performance of 2.51% demonstrates sustained momentum entering Q4 2025.
Total Stock Market VTI
Marc Andreessen and Ben Horowitz bought $5.22M of Total Stock Market in Q2 2025. The fund has delivered a 14.71% year-to-date return through November 7, 2025, though recent market volatility has pressured performance with a 2.72% decline over the past five days as investors reassessed technology valuations—a headwind particularly notable given the fund's significant exposure to Nvidia (6.69%), Microsoft (5.98%), and Apple (5.87%). Long-term fundamentals remain robust with three-year annualized returns of 24.1% and an ultra-low 0.03% expense ratio that maximizes net returns. Despite near-term volatility, sustained net inflows of $382 million over the past five trading days underscore continued investor confidence, while the fund's trading position above its 50-day moving average signals a bullish technical backdrop.
- Year-to-date return of 14.71% through November 7, 2025, with one-year trailing return of 17.4% including dividends.
- Three-year annualized return of 24.1% and five-year annualized return of 15.7% demonstrate consistent long-term outperformance.
- Assets under management of $557.05B with a dividend yield of 1.14% and expense ratio of 0.03% supporting investor capital accumulation.
DoorDash DASH
Marc Andreessen and Ben Horowitz bought $3.35M of DoorDash in Q2 2025. Q3 2025 delivered mixed results with revenue of $3.45 billion beating expectations while earnings per share of $0.55 missed analyst estimates of $0.69, triggering a 9-12% stock decline post-earnings. Despite the EPS miss, strong order growth of 21% year-over-year to 776 million orders and continued analyst consensus to "Buy" with a $282.30 price target reflect confidence in platform fundamentals. However, management's guidance that it will invest several hundred million dollars more in 2026 on technology and delivery robotics—combined with weaker-than-expected profitability from the Deliveroo acquisition—has prompted multiple analysts to lower their price targets.
- Q3 EPS missed consensus by 20% at $0.55 versus $0.69 expected, though revenue growth and order volume expansion offset some concern.
- Total orders surged 21% year-over-year to 776 million, demonstrating resilient consumer demand and continued market penetration.
- Despite near-term pullback, analysts maintain 'Buy' rating with $282.30 price target implying 40% upside from current levels, though multiple price targets were reduced post-earnings.
Revolution Medicines RVMD
Marc Andreessen and Ben Horowitz bought $67.07K of Revolution Medicines in Q2 2025. Revolution Medicines is a clinical-stage precision oncology company that remains unprofitable, reporting a Q3 loss of $1.61 per share that missed analyst expectations of $1.39, though the stock has reached 52-week highs following recent analyst upgrades. The company is investing aggressively in its pipeline with R&D expenses surging 73% year-over-year to $263M, reflecting confidence in its RAS-targeted therapeutic candidates. Despite near-term losses, the investment community remains constructive with 16 analysts maintaining a Strong Buy consensus and a $76.63 price target implying 31.74% upside from current levels.
- Q3 2025 EPS of -$1.61 missed expectations by $0.22, indicating wider-than-expected operating losses.
- R&D expenses jumped 73% year-over-year to $263M, demonstrating significant pipeline investment in RAS-targeted cancer therapies.
- Stock achieved 52-week highs after recent analyst upgrades, with Needham raising price target from $66.00 to $72.00 maintaining buy rating.
Rubrik RBRK
Marc Andreessen and Ben Horowitz bought $15.32K of Rubrik in Q2 2025. Over the past two quarters, Rubrik has demonstrated strong financial momentum with subscription ARR growth accelerating to over $1.25 billion in Q2 FY2026, while significantly improving profitability metrics as operating losses narrowed substantially. The company's expanding customer base of 2,505 enterprise customers with $100K+ in subscription ARR, combined with 57% cloud ARR growth driven by new product launches and strategic integrations with major vendors like CrowdStrike and Amazon Web Services, positions it well within the high-growth cybersecurity market. Despite this operational strength, the stock has underperformed the broader technology sector, gaining 19.6% year-to-date versus the sector's 22.8% return, likely reflecting investor caution around the moderating growth trajectory and competitive pressures in the cyber resilience space.
- Subscription ARR grew 36% year-over-year to surpass $1.25 billion in Q2 FY2026, with net new subscription ARR of $71 million in the quarter.
- EPS improved dramatically from -$0.21 in Q3 FY2025 to -$0.03 in Q2 FY2026, beating analyst expectations by 93.88%.
- Enterprise customer expansion accelerated with 2,505 customers generating $100K+ in subscription ARR, representing 27% year-over-year growth.
Added, Trimmed, and Exited
Added
Andreessen Horowitz made only minimal additions to existing positions, adding 342 shares to Progyny (PGNY), increasing the position from $12.6K to $20K.
What it means: The lack of meaningful additions to existing holdings suggests Marc Andreessen and Ben Horowitz are prioritizing capital reallocation and risk management over doubling down on current bets. The firm appears to be in a repositioning phase, preferring to take profits and redeploy capital into new opportunities rather than add to existing winners—a marked shift from their typical high-conviction, concentrated portfolio approach.
Trimmed
Andreessen Horowitz executed significant reductions across its consumer technology and fintech portfolio, slashing Coinbase (COIN) by 1.36 million shares (from $275.5M to $83.6M), Airbnb (ABNB) by 456K shares (from $64.6M to $11.2M), Maplebear (CART) by 215K shares (from $9.1M to $559K), Roblox (RBLX) by 164K shares (from $10M to $736K), Nu Holdings (NU) by 357K shares, and Affirm (AFRM) by 17.7K shares.
What it means: The dramatic trimming of consumer-facing technology positions—particularly Coinbase, Airbnb, Roblox, and Maplebear—signals a strategic de-risking of concentrated exposure to consumer discretionary spending and cryptocurrency volatility. These were among the firm's largest public holdings, and the 70-94% reductions suggest either profit-taking after strong runs or concerns about valuation compression and slowing growth in the consumer technology sector. The shift away from high-beta consumer names toward broader market exposure through Total Stock Market (VTI) and fixed income through USD High Yield (USHY) indicates a more defensive posture, potentially reflecting caution about consumer spending resilience and crypto market volatility heading into late 2025.
Exited
Andreessen Horowitz fully liquidated five positions: National Muni (MUB) ($23.6M), B-BBB CLO (JBBB) ($1.9M), S&P 500 (SPY) ($693K), DigitalOcean (DOCN) ($103K), and Salesforce (CRM) ($7.5K).
What it means: The exit from National Muni (MUB) and simultaneous purchase of USD High Yield (USHY) represents a tactical rotation within fixed income from tax-exempt municipal bonds to higher-yielding corporate credit, likely reflecting a view that municipal bond valuations had become stretched relative to corporate high yield or a shift in tax considerations. The exits from DigitalOcean and Salesforce—both enterprise software names—alongside the trimming of consumer technology positions, suggests a16z is consolidating its public equity book around higher-conviction positions while maintaining diversified exposure through index funds like VTI and IVV. The SPY exit while retaining IVV (both S&P 500 trackers) appears to be a simple consolidation of redundant exposures.
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.
