Neil Mehta's Trades and Holdings in Q2 2026

Breaking down the stocks Neil Mehta (Greenoaks) bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from Greenoaks' 13F filed on August 14, 2026.

Who are Neil Mehta and Greenoaks?

Greenoaks is a concentrated investment firm founded in 2012 by Neil Mehta, a former Benchmark partner. The firm maintains the conviction that only a small handful of companies truly define each generation. With approximately $7 billion under management, Greenoaks employs a high-conviction, research-intensive approach to identify these exceptional businesses across both private and public markets. Mehta's strategy involves building deep partnerships with intensely focused management teams and maintaining positions for decades as these companies execute their long-term vision.

Greenoaks.com
Listen to an interview with Neil Mehta
Q2 '26 13F filed with SEC

Holdings in Q2 2026

Current Investment Strategy

Greenoaks Capital's Neil Mehta maintained his hallmark concentrated, long-duration approach in Q2 2026, anchoring the roughly $2.3 billion public portfolio around consumer-internet stalwarts Coupang, DoorDash, and Klaviyo while rotating decisively into next-generation computing infrastructure through new stakes in TSMC, Space Exploration Technologies Corp, and Cerebras Systems. The fund simultaneously exited Veeva Systems, Figma, and Bbb Foods, signaling a shift away from enterprise software and emerging-market retail bets toward the semiconductor, AI-chip, and space-technology franchises Mehta believes will define the next generation of category-defining businesses.

New Investments

TSMC

Neil Mehta bought $78.8M of TSMC in Q2 2026. Over the last two quarters, the company has delivered accelerating growth, with Q1 2026 revenue of $35.9B (up 40.6% year-over-year) followed by a record Q2 2026 revenue of $40.2B, up 36% year-over-year and at the high end of guidance, indicating that the business is clearly gaining rather than declining over this period. Q2 profitability expanded further, with EPS rising about 77% year-over-year, gross margin reaching 67.7%, operating margin around 60%, and high‑performance computing revenue surging roughly 20% sequentially, reflecting very high returns and reinforcing the strength of the current quarter. Management has raised its full‑year 2026 outlook to above 30% USD revenue growth and is backing surging AI and high‑performance computing demand with heavy investment in advanced nodes and U.S. capacity, including a planned $100B Arizona build‑out, all of which are key drivers that could support further value appreciation.

• Q2 2026 revenue $40.2B, up 36% year-over-year, with gross margin at 67.7% and operating margin around 60%..
• Q1 2026 revenue $35.9B, up 40.6% year-over-year, net income up about 58% year-over-year, and gross margin at 66.2%..
• Management guides full‑year 2026 USD revenue growth above 30%, with advanced technologies (≤7nm) contributing roughly 74–77% of wafer revenue and 3nm about 25%..

Space Exploration Techn Corp

Neil Mehta bought $44.04M of Space Exploration Techn Corp in Q2 2026. The purchase comes as Space Exploration Techn Corp has scaled revenue to $18.7B in 2025, up roughly 33% year-over-year, with Starlink driving about $11.4B (around 61% of sales) and the company capturing an estimated 82% share of the global orbital launch market over the past year. Over the last two quarters, topline growth has re-accelerated from about 15% year-over-year in Q1 2026 to a striking 92% in Q2 2026, as revenue reached $7.8B, adjusted EBITDA climbed to roughly $3.5B, operating losses narrowed to around $143M, and Starlink ARPU declined about 22% year-over-year amid mix shifts toward lower-priced international plans—collectively signaling a business that is gaining scale but still trading near breakeven EPS of roughly -$0.09.[39][43] Recent catalysts supporting higher valuation expectations include the June IPO that raised approximately $75B and pushed the stock above $180, record Starlink deployment milestones (the 600th, 1,000th, and 1,500th satellites launched in 2026 on a cadence of roughly one mission every three to four days), a new $2.29B U.S. Space Force Space Data Network contract, expanded NASA crew-transport commitments, ongoing Starship flight tests, and the Terafab build-out in Texas to scale satellite manufacturing.[33][36][41][42][45]

• Q2 2026 revenue rose 92% year-over-year to $7.8B, with adjusted EBITDA around $3.5B and operating loss narrowing to roughly $143M while EPS printed near -$0.09.[39][43].
• FY2025 revenue reached about $18.7B (+33% YoY), driven by Connectivity/Starlink at roughly $11.4B (around 61% of total) and supporting EBITDA of roughly $8B despite a net loss near $4.9B..
• Starlink’s average revenue per subscriber fell about 22% year-over-year in Q2 2026 as lower-priced plans scaled, even as Space Exploration Techn Corp maintained roughly 82% global orbital launch market share and added over $600B in market value from the June IPO through mid-June.[39].

Cerebras Systems Inc

Neil Mehta bought $33.15M of Cerebras Systems Inc in Q2 2026. Over the last two quarters, performance has strengthened, with 2025 revenue reaching $510M (up 76% year over year from $290.3M) and a swing from a roughly $480M net loss in 2024 to positive net income, putting the company on a steeper growth and profitability trajectory than most AI chip peers. In the current quarter, the story is one of continued acceleration, as guidance for roughly $2.5–3.0B of 2026 revenue—more than 4x 2025 levels—rests on contracted backlog, including large AI supercomputer agreements where MBZUAI and G42 accounted for about 86% of 2025 sales. The May 2026 IPO, priced at $185 per share, raising $5.55B and driving a post‑listing valuation near $95B, has been the key recent catalyst for share performance in the current quarter, reflecting investor conviction that the company can scale rapidly while maintaining profitability.

• 2025 revenue grew from $290.3M to $510.0M, a 76% year‑over‑year increase..
• GAAP net income improved by over $560M, swinging from roughly $480M loss in 2024 to positive earnings in 2025..
• Raised a cumulative $1.1B in Series G, $1B in Series H and $5.55B via the May 2026 IPO, adding more than $7.5B of growth capital..

Added, Trimmed, and Exited

Added

Greenoaks significantly built out several existing positions in Q2 2026. Carvana saw the largest addition, with shares increasing from 4,202,834 to 21,344,170 (+17.1M shares), pushing the position's value from $1.32B to $1.40B and cementing it as the fund's largest holding by far. Amazon was also meaningfully expanded, with shares jumping from 74,000 to 450,000 (a roughly 6x increase), lifting the position's value from $15.4M to $107.25M. ServiceTitan received a smaller top-up, with shares rising from 1,244,725 to 1,300,000, growing the position's value from $79.0M to $91.9M.
What it means: The scale of the Carvana add—more than quintupling the share count—suggests Neil Mehta retains extremely high conviction in the company's continued execution, likely viewing recent share price strength as durable rather than a signal to trim. The Amazon add is notable given Greenoaks' typically concentrated, high-conviction style in smaller-cap growth names; a meaningful stake in a mega-cap suggests either a bet on AI/cloud-driven re-acceleration or a desire for portfolio ballast. Together with the modest ServiceTitan increase, these moves indicate the fund is doubling down on proven winners rather than diversifying into new territory this quarter.

Trimmed

Navan Inc was substantially reduced, with shares falling from 14,349,328 to 1,010,000 (a decline of roughly 93%), cutting the position's value from $190.0M to $23.1M.
What it means: This near-exit-sized reduction in Navan Inc signals a sharp loss of conviction or a realization of profits/losses following a re-rating in the name, and stands out as the most consequential negative portfolio action this quarter—likely freeing up capital that was redeployed into Carvana, Amazon, and new positions like TSMC.

Exited

Greenoaks fully exited three positions this quarter: Veeva Systems (250,000 shares, $43.9M), Figma Inc (1,500,000 shares, $31.7M), and Bbb Foods Inc (279,720 shares, $9.9M).
What it means: The complete liquidation of Veeva Systems and Figma Inc—both well-established growth names—alongside the smaller Bbb Foods Inc stake suggests a deliberate portfolio rotation away from software/SaaS and consumer names toward AI infrastructure and hardware plays, consistent with the fund's new buys in TSMC, Space Exploration Techn Corp, and Cerebras Systems Inc this quarter.

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.