Marc Andreessen and Ben Horowitz's Trades and Holdings in Q4 2025

Breaking down the stocks Marc Andreessen and Ben Horowitz (A16Z) bought, sold, and held in Q4 2025, including their holdings at the end of the quarter. All data sourced from A16Z's 13F filed on February 10, 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
Ben Horowitz on X
Q4 '25 13F filed with SEC

Holdings in Q4 2025

Current Investment Strategy

Andreessen Horowitz's Q4 2025 public-equity portfolio reflects a surprisingly diversified, multi-asset approach anchored by broad index funds like Vanguard Total Stock Market ETF and SPDR S&P 500 ETF, short-duration fixed income via Bloomberg Six Month Treasury, and alternative exposures through GraniteShares Gold Trust and Bitwise Ethereum ETF, alongside targeted single-stock bets in semiconductor leader ASML, networking hardware maker Ubiquiti, and biotech Wave Life Sciences. The firm's rapid-fire Q4 entries and same-quarter exits in former venture portfolio companies Coinbase and Airbnb, as well as IoT platform Samsara, paired with the liquidation of positions in DigitalOcean and Pinterest, suggest opportunistic trimming of public tech holdings in favor of a more defensive, macro-hedged posture spanning equities, bonds, commodities, crypto, and international markets via the iShares MSCI Japan ETF.

New Investments

Coinbase COIN

Marc Andreessen and Ben Horowitz bought $330.43M of Coinbase in Q4 2025. Coinbase is experiencing a significant pullback in Q4 2025 after a strong Q3, with estimated revenue of $1.77B down 5% sequentially and expected EPS of approximately $1.05 versus $1.44 in Q3, driven by lower spot trading volumes and compressed retail participation as Bitcoin corrected from its all-time highs. The stock has declined 61% from its July 2025 peak amid broader crypto market volatility, though the company is demonstrating improved revenue diversification with subscription and services now representing 41% of total revenue and institutional revenue growing 52% to $205M on the back of Deribit's first full quarter contribution. While transaction revenue contracted, Coinbase benefited from resilient stablecoin adoption with USDC market cap rising 9% to $74.1B and growing Base blockchain sequencer revenue, positioning the company toward a more durable earnings base despite near-term headwinds from market corrections and reduced retail participation.

• Revenue declined 5% QoQ to estimated $1.77B in Q4 2025, with spot trading volume down 12% to approximately $256B.
• Institutional revenue surged 52% to $205M, while consumer revenue fell 16% to $708M amid rotation toward Bitcoin and reduced retail participation.
• Stock down 61% from July 2025 high, trading at approximately $164/share with P/E ratio of 28.35, above the industry average of 13.35.

Samsara IOT

Marc Andreessen and Ben Horowitz bought $58.92M of Samsara in Q4 2025. Samsara delivered a significant earnings beat in Q4 2025 with $0.15 EPS versus $0.06 expected, but the market sold off the news as strong performance was already priced into the valuation, reflecting the classic expectation gap dynamic. Management reset full-year 2026 EPS guidance to $0.50 (down from elevated prior expectations), signaling moderating growth momentum, and recent analyst actions including price target cuts underscore near-term caution despite maintained long-term confidence. The company is trading at a material valuation premium with a 47.42 Forward P/E ratio versus an industry average of 20.13, creating headwinds for near-term upside despite solid underlying operational performance.

• Q4 2025 EPS beat by 150% at $0.15 versus consensus $0.06, but stock declined due to expectations already priced in prior to earnings.
• Full-year 2026 guidance projects 71.4% EPS growth and 17.1% revenue growth, though Q4 2026 quarterly EPS guidance of $0.120-0.130 signals sequential deceleration from current levels.
• Trading at 47.42x Forward P/E, a 135% premium to the Internet-Software industry average of 20.13, limiting valuation re-rating potential.

California Muni Bond IEUR

Marc Andreessen and Ben Horowitz bought $47.42M of California Muni Bond in Q4 2025. The security information provided (ticker IEUR, CUSIP 46434V738) cannot be accurately analyzed with the available search results, as IEUR typically refers to the iShares MSCI EAFE ETF (international equities) rather than a California municipal bond security. The search results contain performance data for California muni bond ETFs such as CMF and GCAL through early 2026, but do not include specific information for the queried security.

• Unable to provide 2-quarter performance analysis due to security identifier mismatch with available data sources.
• California muni bond market showed 0.8% YTD returns as of 01/31/2026 across comparable funds.
• Broader muni market benefited from elevated yields in early 2025, creating favorable entry points for tax-exempt income investors.

Airbnb ABNB

Marc Andreessen and Ben Horowitz bought $43.41M of Airbnb in Q4 2025. Airbnb demonstrated mixed performance over the last two quarters, with Q2 2025 earnings beating consensus by 9.57% followed by a 4.33% miss in Q3 2025, suggesting a deceleration in profitability growth despite solid revenue momentum of 12.7% year-over-year. The company's trailing EPS of $4.13 with expected 15.55% earnings growth indicates solid underlying fundamentals, though the recent Q3 earnings miss raises concerns about sustainable margin expansion and execution consistency. With a P/E ratio of 30.99, the valuation reflects optimistic growth expectations that may face pressure if Q4 2025 results continue to disappoint analyst estimates.

• Q2 2025 EPS beat consensus by 9.57% ($1.03 vs $0.92 estimated), while Q3 2025 missed by 4.33% ($2.21 vs $2.31 estimated).
• Q2 2025 revenue of $3.10B expanded 12.7% year-over-year, exceeding guidance of $3.02B.
• Trailing EPS of $4.13 with P/E ratio of 30.99 and projected 15.55% earnings growth for the fiscal year.

Revolution Medicines RVMD

Marc Andreessen and Ben Horowitz bought $14.57M of Revolution Medicines in Q4 2025. Revolution Medicines has deteriorated operationally over the last two quarters, with Q3 2025 EPS of -$1.61 missing analyst estimates by 15% after Q2's even worse -$1.31 miss, reflecting a company with zero revenue generating quarterly losses of approximately $961M. Despite operational challenges, the company trades on speculative pipeline value with strong analyst conviction (17 analysts rating 'Strong Buy'), driven by encouraging Phase 1 data for daraxonrasib in metastatic pancreatic cancer that sparked recent stock momentum. The disconnect between deteriorating current financials and bullish sentiment reflects pure clinical-stage investment thesis, where near-term losses are acceptable if early-stage drug candidates prove viable.

• Earnings growth declining at -40.7% annually with EPS (ttm) of -$5.19, significantly underperforming the Biotechs industry average of 21.6% growth.
• Despite unprofitable operations with $960.98M net loss (ttm), analyst price target of $77.47 represents only 0.55% upside, suggesting limited near-term appreciation expectations.
• Daraxonrasib Phase 1 pancreatic cancer data showing strong response and disease control rates drove recent analyst price target increases of up to 24.66% to $115.71.

Henderson AAA CLO JAAA

Marc Andreessen and Ben Horowitz bought $11.99M of Henderson AAA CLO in Q4 2025. The Janus Henderson AAA CLO ETF delivered a 5.6% return over the past 12 months on a market basis through Q3 2025, demonstrating stable performance in the ultrashort bond category where it has become one of the largest actively managed strategies with over $20 billion in assets under management. Performance has been consistent but modest in recent quarters, with year-to-date returns through Q3 2025 of 3.7% to 3.9%, reflecting the steady, low-volatility characteristics of AAA-rated CLOs that have weathered multiple market cycles. Recent commentary highlights dividend sustainability concerns tied to Federal Reserve policy, suggesting investors should monitor rate trajectory closely given the fund's attractive distribution yield of 5.62% depends on stable lending conditions.

• 1-year return of 5.6% (market basis) and 5.8% (NAV basis) with SEC yield of 5.35% and distribution yield of 5.62%.
• Year-to-date performance through Q3 2025 was +3.7% to +3.9%, with 6-month returns of +2.9% demonstrating consistent quarterly contributions.
• Assets under management have grown to over $20 billion since inception in October 2020, establishing the fund as a market leader in the actively managed ultrashort bond category.

Disney DIS

Marc Andreessen and Ben Horowitz bought $7.71M of Disney in Q4 2025. Disney delivered a strong quarter with revenue of $25.98 billion, beating consensus estimates by 0.8%, though the 5.2% year-over-year growth rate remains below the consumer discretionary sector average and reflects ongoing headwinds in the entertainment segment offset by resilience in theme parks and streaming. The company demonstrated improved profitability with adjusted EPS of $1.63, beating estimates by 3.4%, and adjusted EBITDA of $6.25 billion with a 24% margin, exceeding expectations by 19.8%, but concerning deterioration in free cash flow to negative $2.28 billion from positive $739 million year-over-year raises questions about capital efficiency. Experiences segment drove momentum with record Q4 operating income up 13% year-over-year to $1.88 billion led by domestic parks growth of 9% and international parks surging 25%, while Entertainment faced headwinds from theatrical underperformance, and DTC profitability improved with Disney+ and Hulu subscribers growing sequentially to 131.6 million and 64.1 million respectively.

• Adjusted EPS beat consensus by 3.4% at $1.63, though down 3% year-over-year, while adjusted EBITDA surpassed expectations by 19.8% at $6.25 billion.
• Experiences segment posted record operating income of $1.88 billion, up 13% YoY, with domestic parks up 9% and international parks surging 25%.
• Free cash flow deteriorated significantly to negative $2.28 billion from positive $739 million year-over-year, representing a $3.02 billion swing.

DigitalOcean DOCN

Marc Andreessen and Ben Horowitz bought $6.8M of DigitalOcean in Q4 2025. Over the last two quarters, DigitalOcean has demonstrated consistent earnings momentum with Q3 2025 EPS of $0.54 and Q2 2025 EPS of $0.59, both significantly beating consensus estimates by approximately 26-28%. The company is clearly gaining, with 14% year-over-year revenue growth to $219 million in Q2 2025, 99% net dollar retention, and its higher-spend customer segment (22% of total revenue) accelerating at 37% year-over-year, driven by strong traction in its AI-focused agentic inference cloud platform. Recent trading activity reflects investor confidence with stock trading volume surging to $290 million on February 10, 2026, and reaching a 52-week high of $64.33, ahead of the highly anticipated Q4 2025 earnings report scheduled for February 24, 2026.

• EPS has beaten consensus by approximately 26-28% over the last two quarters, with Q2 2025 delivering $0.59 versus $0.47 estimate and Q3 2025 delivering $0.54 versus $0.42 estimate.
• Revenue grew 14% year-over-year to $219 million in Q2 2025, with top-tier customer segment expanding at 37% year-over-year, demonstrating successful execution on higher-spend customer strategy.
• Net dollar retention of 99% combined with 30% EBITDA margin reflects strong operational efficiency and customer durability amid significant AI platform reinvestment.

Pinterest PINS

Marc Andreessen and Ben Horowitz bought $6.43M of Pinterest in Q4 2025. Pinterest has demonstrated solid revenue growth over the last two quarters, with Q3 revenue reaching $1,049M (up 17% YoY), but the stock has declined sharply due to conservative Q4 guidance and concerns about slowing growth in its highest-margin US & Canada segment. While user engagement remains strong at 600M MAUs (up 12% YoY) and profitability metrics improved sequentially, increased AI infrastructure and R&D spending have pressured bottom-line results, and the market is pricing in further deceleration. With earnings scheduled for release tomorrow (February 12, 2026), the company faces a critical test to prove its AI monetization strategy is working and to address concerns about macro headwinds and declining advertiser demand in competitive digital ad markets.

• Revenue growth moderating from 17% YoY in Q2-Q3 to 15.3% expected in Q4, with guidance range of $1.31B-$1.34B representing a significant miss versus prior expectations.
• US & Canada regional revenue of $786M in Q3 underperformed consensus estimates by $13M, signaling deceleration in the platform's most profitable market despite 9% YoY growth.
• Stock down 24.1% over the last month primarily due to Q3 guidance concerns rather than operational deterioration, with current valuation at 3.6x forward P/S offering potential upside if company delivers modest beat.

Omada Health OMDA

Marc Andreessen and Ben Horowitz bought $2.48M of Omada Health in Q4 2025. Over the last two quarters, Omada Health has demonstrated strong operational momentum with 50-54% revenue growth in Q4 2025 and 55% year-over-year membership expansion to 886,000 members, supported by a significant milestone in Q3 when the company achieved its first positive adjusted EBITDA, indicating an inflection toward profitability. The company is clearly gaining, with full-year 2025 revenue expected between $256-258 million (51-52% growth) driven by member acquisition and enhanced offerings including GLP-1 companion therapy and AI-enabled platform enhancements. Recent clinical data validation and strong preliminary results position the company well ahead of its March 5, 2026 audited earnings announcement, though the market remains focused on whether management can articulate a clear path to sustained profitability at scale.

• Q4 2025 revenue grew 50-54% YoY to $72-74M, continuing the acceleration trajectory from full-year 2025 guidance of 51-52% growth to $256-258M.
• Member base surged 55% YoY to 886,000 as of December 31, 2025, demonstrating strong market adoption across the 2,000+ employer, health plan, and health system customer base.
• Q3 2025 achieved first positive adjusted EBITDA with improved margins, marking a critical inflection point toward profitability and validating the virtual-first care model at scale.

iShares Gold IAUM

Marc Andreessen and Ben Horowitz bought $734.14K of iShares Gold in Q4 2025. iShares Gold Trust Micro delivered exceptional performance in 2025, appreciating 64.89% as the fund tracked robust gold price appreciation amid increased investor demand for commodity exposure. Momentum has continued into the first quarter of 2026, with the fund gaining 24.62% over the trailing three-month period, significantly outpacing the broader commodity benchmark. Strong investor flows have driven assets under management to $7.7 billion, reflecting sustained institutional and retail appetite for gold as a portfolio hedge amid shifting market dynamics.

• 64.89% total return for calendar year 2025, substantially outperforming the Bloomberg Commodity Index gain of 8.9%.
• 24.62% three-month cumulative return as of February 2026, demonstrating continued strength in gold prices through early 2026.
• Assets under management expanded to $7.7 billion, with shares outstanding increasing to 152.35 million, indicating strong capital inflows driven by renewed commodity allocation trends.

Circle CRCL

Marc Andreessen and Ben Horowitz bought $398.64K of Circle in Q4 2025. Circle Internet Group demonstrated exceptional operational performance in Q3 2025 with $0.64 EPS (a 276% beat versus $0.17 estimate), 66% YoY revenue growth to $740M, and 78% YoY Adjusted EBITDA growth to $166M, alongside 108% YoY growth in USDC circulation to $73.7B. However, the stock has significantly underperformed, trading at approximately $60.63 as of February 10, 2026—down 65% from six months prior and declining 7.42% in pre-market trading immediately following the strong earnings release. The disconnect between operational excellence and stock weakness reflects investor concerns about forward guidance, weak non-reserve revenue trends despite robust reserve income projections, and persistent macro headwinds in the cryptocurrency sector. Recent strategic developments, including conditional approval for a national trust bank charter, the Arc testnet launch with 100+ participants, and Circle Payments Network expansion to 29 enrolled banks generating $3.4B annualized volume, position the company for long-term regulatory credibility and infrastructure diversification. While USDC onchain volume surged 680% YoY to $9.6T in Q3 and the company maintains 27.9% market share in stablecoins, near-term softness in stablecoin circulation and analyst price target reductions to an $85-$280 range suggest investor skepticism persists despite fundamental improvements.

• Q3 2025 EPS of $0.64 beat estimates by 276%; Net income surged 202% YoY to $214M, with Adjusted EBITDA up 78% YoY.
• USDC in circulation grew 108% YoY to $73.7B; USDC onchain volume reached $9.6T (up 680% YoY) despite stock declining 65% over six months.
• Stock down 7.42% in pre-market after Q3 earnings beat; analyst price targets range from $65 to $280, reflecting divided market sentiment on growth sustainability.

Constellation Energy CEG

Marc Andreessen and Ben Horowitz bought $235.98K of Constellation Energy in Q4 2025. Constellation Energy demonstrated resilience in Q3 2025 despite narrowly missing consensus estimates, with earnings per share of $3.04 compared to the projected $3.09, though the company has outperformed expectations in 2 of the last 4 quarters. The company continues to benefit from surging demand for reliable, carbon-free energy to support artificial intelligence data centers, bolstered by its position as the leading U.S. nuclear power operator and recent strategic partnerships including Microsoft's agreement to reopen Three Mile Island. Looking ahead to Q4 2025 results expected mid-February, the company is projected to report earnings of $2.18 per share, reflecting expected seasonality and softer performance than prior quarters, though full-year 2025 guidance of $8.90-$9.60 per share remains within management's reaffirmed range.

• Q2 2025 beat estimates by 4.37% ($1.91 EPS) while Q3 2025 missed by 1.62% ($3.04 EPS), showing inconsistent execution despite strong underlying operational performance.
• Stock has more than doubled in value over the past 12 months, significantly outpacing broader market gains, driven by secular demand for emissions-free power generation.
• Nuclear fleet capacity factor of 94.6% in 2024 and $2.5 billion investment plan in 2025 support long-term value creation amid rising electrification and AI data center power demands.

S&P Global SPGI

Marc Andreessen and Ben Horowitz bought $222.62K of S&P Global in Q4 2025. S&P Global delivered mixed Q4 2025 results with revenue slightly beating expectations at $3.92B (+9% YoY), but the stock plunged 7-11% following weak 2026 guidance of $19.40-$19.65 adjusted EPS versus consensus of $19.96. Sequential deterioration from Q3 to Q4 pressured margins, with adjusted operating margin declining 460 basis points to 47.3% and adjusted EPS falling 9% to $4.30, despite strong underlying segment performance across all divisions. The company faces significant headwinds relative to the broader market, having declined 20.1% over six months while the S&P 500 rose 11.6%, and now trades 29% below its 52-week high, raising questions about sustainable margin expansion and 2026 earnings realization.

• Full-year 2025 adjusted EPS grew 14% to $17.83 on 8% revenue growth, though Q4 sequential EPS declined 9% despite solid 9% YoY growth, signaling margin compression headwinds.
• Ratings segment accelerated 12% YoY driven by 28% billed issuance growth and surging U.S. investment-grade issuance (+83%), while Indices grew 14% with ETF AUM linked to S&P DJI indices reaching $5.48 trillion (+25% YoY).
• Stock underperformed peers by significant margin, down 20.1% in past six months versus 9.7% decline for Securities and Exchanges industry, with 2026 EPS guidance disappointing investors and implying slower earnings momentum ahead.

Lam Research LRCX

Marc Andreessen and Ben Horowitz bought $220.82K of Lam Research in Q4 2025. Lam Research has demonstrated solid sequential momentum over the last two quarters, with EPS improving 22% from Q3 2025 ($1.00) through Q1 2026 ($1.22) driven by strong demand for AI and 3D semiconductor devices. While revenue has remained relatively stable at $5.32-$5.34 billion between Q4 2025 and Q1 2026, the company has consistently beaten earnings expectations and generated record free cash flow of $5.4 billion in FY2025. However, the company faces headwinds with expected earnings growth of only 1.35% next year and slight gross margin compression, suggesting the current momentum may be moderating despite management's confidence in AI-driven growth.

• EPS grew 22% from Q3 2025 to Q1 2026 ($1.00 to $1.22), with both Q4 2025 and Q1 2026 beating analyst forecasts.
• Q1 2026 revenue increased 27.7% year-over-year to $5.32 billion, though sequential growth has stalled with margins compressing from 50.6% to 49.7%.
• P/E ratio of 33.41 reflects elevated valuation relative to the company's projected 1.35% annual earnings growth rate..

Expeditors EXPD

Marc Andreessen and Ben Horowitz bought $217.26K of Expeditors in Q4 2025. Expeditors International demonstrated strong momentum in Q3 2025, with earnings per share of $1.64 significantly exceeding analyst expectations of $1.39 by 17.99%, marking the company's fourth consecutive quarterly beat. Net income from continuing operations surged 21.3% quarter-over-quarter to $223.1 million in Q3 2025, reflecting robust operational performance. However, forward guidance presents a more cautious outlook, with Q4 2025 consensus estimates projecting revenue decline of 4.15% year-over-year and EPS contraction of 12.99% year-over-year.

• Q3 2025 EPS of $1.64 beat consensus by 17.99%, extending a streak of four consecutive quarterly beats with an average beat rate of 13.94%.
• Net income (continuing operations) increased 21.3% sequentially from Q2 2025's $183.9 million to $223.1 million in Q3 2025.
• Q4 2025 forward estimates suggest headwinds ahead with projected revenue of $2.83 billion (-4.15% YoY) and EPS of $1.462 (-12.99% YoY).

Added, Trimmed, and Exited

Added

A16Z dramatically scaled up its position in Nu Holdings (NU), adding over 12 million shares to bring the position from $27.2M to $230.1M — making it one of the portfolio's largest holdings alongside Coinbase. The firm also significantly increased exposure to Affirm (AFRM) (nearly 8x increase in shares), FTSE Developed Markets (VEA) (nearly 8x), Broadcom (AVGO) (more than doubled), Maplebear (CART) (nearly 5x), Bitwise Bitcoin (BITB) (more than tripled), Meta (META) (+75% in shares), Netflix (NFLX) (more than 10x), Mizuho Financial Group (MFG), and Santander (SAN).
What it means: The massive buildout in Nu Holdings signals a high-conviction bet on Latin American fintech at a time when the company is scaling profitability across Brazil, Mexico, and Colombia. The simultaneous increases in Affirm, Broadcom, Meta, and Bitwise Bitcoin reveal a barbell strategy — pairing AI infrastructure and digital advertising leaders with fintech disruptors and direct crypto exposure. The large additions to VEA and Japanese banks like Mizuho and Santander suggest Andreessen Horowitz is meaningfully diversifying internationally, perhaps hedging against U.S. market concentration risk or positioning for a weaker dollar environment.

Trimmed

A16Z nearly eliminated its put positions in Robinhood (HOOD) (from 618,867 to 22,100 shares, a 96% reduction) and Okta (OKTA) (from 598,107 to 17,700 shares, a 97% reduction). The firm also sharply reduced its Core S&P 500 (IVV) ETF holding by roughly 89% in share count and modestly trimmed Confluent (CFLT) by about 25%.
What it means: The near-complete unwinding of large put positions in Robinhood and Okta suggests A16Z has taken profits on or closed out bearish hedges that were likely protecting venture-related equity exposure rather than expressing pure directional short views. With both names having experienced significant volatility, the timing implies the firm captured value from those hedges and no longer sees the same downside risk. The large IVV trim alongside aggressive additions to individual names and international ETFs suggests a deliberate shift from passive broad-market exposure toward more targeted, active positioning.

Exited

A16Z fully liquidated smaller positions in Opendoor Technologies (OPEN), Fiserv (FI), DuPont (DD), Workday (WDAY), Sony (SONY), NetApp (NTAP), Kinder Morgan (KMI), and Qualcomm (QCOM) — all relatively modest holdings under $400K each. Additionally, legacy CUSIPs for Coinbase, Samsara, Airbnb, DigitalOcean, and Pinterest were liquidated and re-established under new CUSIPs, likely reflecting a conversion from restricted or pre-IPO shares to standard publicly traded shares rather than true exits and re-entries.
What it means: The exits from Opendoor, DuPont, Kinder Morgan, Sony, and other small legacy positions reflect a portfolio cleanup — shedding diversified, non-core holdings that don't align with the firm's concentrated technology and innovation thesis. By pruning these peripheral names and redeploying capital into high-conviction positions like Nu Holdings, Broadcom, and Affirm, Andreessen Horowitz is sharpening its public equity portfolio to more closely mirror its venture DNA: concentrated bets on disruptive, technology-driven 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.