Philippe Laffont's Trades and Holdings in Q2 2026

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

Who are Philippe Laffont and Coatue?

Philippe Laffont is the founder and managing partner of Coatue Management LLC (commonly referred to as Coatue). The fund is known for its concentrated public equity portfolio, typically consisting of around 70 stocks, with the top 10 holdings comprising approximately 57% of assets, and variable cash holdings deployed tactically into high-conviction opportunities across public and private markets. His investment strategy is a growth-oriented crossover approach inspired by Julian Robertson's Tiger Management, emphasizing investments in innovative companies across lifecycles from early-stage ventures to public equities, with a focus on technology disruption and active management. Laffont focuses on high-potential companies in sectors like AI infrastructure, cloud computing, semiconductors, and digital platforms that can achieve massive scale, with strong qualitative factors like network effects, high margins, rapid innovation, deep moats, strong leadership, and alignment with secular trends such as artificial intelligence and digital transformation.

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Q2 '26 13F filed with SEC

Holdings in Q2 2026

Current Investment Strategy

Philippe Laffont's Coatue Management continued its concentrated, growth-at-scale approach into Q2 2026, doubling down on the artificial-intelligence infrastructure buildout through top holdings like Constellation Energy, Qualcomm and Generac—a bet on the power and compute bottlenecks constraining AI's expansion—while adding fresh, high-conviction stakes in Space Exploration Technologies (SpaceX), Intel, Cerebras Systems and bitcoin-infrastructure play Hut 8. The fund simultaneously trimmed legacy payments and logistics exposure, exiting Visa, Chime Financial, C.H. Robinson, Solstice Advanced Materials and its Bitcoin Trust ETF position, reflecting Laffont's Tiger Management-honed discipline of rotating capital away from mature or crowded trades toward the next generation of AI, semiconductor and power-infrastructure disruptors.

New Investments

Space Exploration Techn Corp

Philippe Laffont bought $3.17B of Space Exploration Techn Corp in Q2 2026. The new position adds exposure to a market leader whose launch business and Starlink broadband segment are both scaling rapidly, with Q2 2026 revenue of $7.8B up 92% year-over-year despite a net loss of $541M driven by aggressive AI and infrastructure spending. Operational momentum has strengthened over the last two quarters as the company remains the leading launch provider globally, executing 78 launches and delivering 1,041 tons to orbit in the first half of 2026 while Starlink subscribers climbed to 12M by June 30 on the back of continued satellite deployments. Near term, valuation upside is supported by continued launch cadence, successful Starship V3 test flights in the last 90 days, plans for next-generation Starlink Mobile service promising up to 100x better direct-to-cell performance, and the build-out of AI infrastructure, even though shares fell roughly 10% after the first earnings call as investors absorbed the elevated capex and near-term losses.

• Q2 2026 revenue $7.8B, up 92% year-over-year, with net loss of $541M and nearly $16B in AI-related capex..
• Starlink subscribers increased by 1.7M in Q2 to reach 12M by June 30, supported by a constellation of 10,920 satellites in orbit and 10,904 operational..
• Space business completed 78 launches and delivered 1,041 tons to orbit in 1H 2026, contributing to 92 Falcon 9 flights year-to-date, 71 of them dedicated to Starlink..

Intel

Philippe Laffont bought $1.69B of Intel in Q2 2026. Over the past two quarters, Intel has moved from modest growth to strong acceleration, with Q1 2026 revenue of $13.6B up 7% year over year and Q2 2026 revenue surging to $16.1B, a 25% YoY increase driven by AI and data center demand. Non-GAAP EPS improved from $0.29 in Q1 to $0.42 in Q2, and gross margin expanded to around 41.8%, underscoring healthier fundamentals even though GAAP EPS of -$2.16 in Q2 reflected a one-time $12.5B CHIPS Act-related mark-to-market charge. Looking ahead, the stock’s momentum is supported by a streak of 7 consecutive quarters beating guidance, rapidly growing AI and data center revenue, and product launches such as Xeon 6+ data center CPUs and Panther Lake AI PC chips that should help Intel gain share in high-performance compute and AI workloads over the next 12 months.

• Q2 2026 revenue $16.1B, up 25% year over year and roughly 18% sequentially from Q1 2026 revenue of $13.6B.
• Adjusted EPS was $0.29 in Q1 2026 versus about $0.01 expected, and $0.42 in Q2 2026 versus roughly $0.21 expected.
• Data center and AI-related revenue reached roughly $6.3B in Q2 2026, growing about 59% year over year and supporting planned 2026 capital expenditure of more than $20B.

Cerebras Systems Inc

Philippe Laffont bought $1.55B of Cerebras Systems Inc in Q2 2026. The company is gaining momentum, with Q1 2026 GAAP revenue of $193.4M up 13% sequentially and 94% year-over-year, reflecting strong growth in both hardware and cloud services. Compared with late 2025, the business has scaled to annual revenue of $510M (up 76% versus 2024) and roughly $238M in net income, putting its growth and profitability ahead of many early-stage AI chip peers. Major recent drivers of value include a $1B funding round at a $23B valuation, an IPO filing supported by an estimated $24.6B backlog and a multi-year OpenAI compute deal, though customer concentration in MBZUAI and G42 (over 80% of 2025 revenue) remains a structural risk.

• Q1 2026 GAAP revenue $193.4M, up 13% sequentially and 94% year-over-year.
• 2025 revenue $510M, up 76% year-over-year, with net income about $238M (~47% net margin).
• Contracted backlog around $24.6B, largely concentrated in a single major customer.

Forgent Power Solutions Inc

Philippe Laffont bought $1.15B of Forgent Power Solutions Inc in Q2 2026. Over the last two quarters, Forgent Power Solutions Inc has delivered accelerating growth, with revenue rising from $296 million in fiscal Q2 2026 to $379 million in Q3, supported by robust demand from data center and power grid customers. Profitability is improving as adjusted EBITDA increased from $60 million with a 20.4% margin in Q2 to about $85 million and roughly a 22.4% margin in Q3, alongside EPS of $0.11 in Q2 and stronger operating cash flow in Q3, indicating growing operating leverage and cash generation. The company is clearly gaining momentum, with record Q3 bookings of $867 million, backlog of about $1.98 billion, and raised fiscal 2026 guidance to revenue of $1.35–$1.39 billion and adjusted EBITDA of $310–$320 million, all key recent updates that support further upside in value.

• Revenue increased 28% sequentially from $296 million in Q2 2026 to $379 million in Q3 2026, with Q3 revenue up 103% year over year..
• Adjusted EBITDA rose from $60 million and a 20.4% margin in Q2 2026 to approximately $85 million and a roughly 22.4% margin in Q3 2026, reflecting about 200 bps of margin expansion..
• Fiscal 2026 guidance now calls for revenue of $1.35–$1.39 billion and adjusted EBITDA of $310–$320 million, implying a potential EBITDA margin of roughly 23% at the midpoint..

Hut 8

Philippe Laffont bought $1.12B of Hut 8 in Q2 2026. Over the last two quarters, Hut 8 has shown strong top-line momentum, with revenue increasing from $71.0M in Q1 2026 to $74.9M in Q2 2026, driven overwhelmingly by its Compute segment while Power and Digital Infrastructure remain modest contributors. Q2 2026 represents a notable improvement in underlying profitability, as adjusted EBITDA (excluding digital asset mark-to-market) swung to a positive $10.4M versus deeply negative adjusted EBITDA of $(250.5)M in Q1, and GAAP net loss narrowed from $253.1M to $177.1M largely because non-cash digital asset losses fell from about $295.7M to roughly $138M. Despite the stock dropping around 8.6% on the Q2 print, the combination of rapid year-over-year revenue growth, expanding gross profit, secured long-term lease commitments of roughly $16.8B, and an ongoing shift from pure Bitcoin mining toward a broader energy and digital infrastructure platform positions the company for potential value creation as the market gains confidence in a more diversified, less crypto-price-dependent earnings profile. The recent quarters also highlight the volatility of reported earnings versus the underlying operations: while both Q1 and Q2 2026 showed large GAAP net losses tied to unrealized digital asset markdowns, Hut 8’s revenue nearly tripled year over year in Q1 (from $21.8M to $71.0M) and rose roughly 81% year over year in Q2 (from $41.3M to $74.9M), signaling rapid scale-up of its compute-focused infrastructure relative to many crypto-exposed peers that are still more dependent on direct mining revenues.

• Q2 2026 revenue rose to $74.9M, up from $41.3M in Q2 2025 (about 81% year-over-year growth).
• Q1 2026 revenue reached $71.0M, more than triple the prior-year quarter’s $21.8M.
• GAAP net loss improved from $253.1M in Q1 2026 (including about $295.7M in unrealized digital asset losses) to $177.1M in Q2 2026 (with roughly $138M in such losses).

Booz Allen Hamilton

Philippe Laffont bought $65.73M of Booz Allen Hamilton in Q2 2026. Over the last two reported quarters, the company has shown mixed momentum, with Q4 FY26 revenue down 6.4% year over year to $2.8 billion but net income up 6.2% to $205 million, followed by Q1 FY27 revenue declining a more modest 4% to $2.8 billion and operating margin expanding to 10%. Earnings quality remains a relative strength, as Q4 FY26 adjusted diluted EPS increased about 10.6% year over year to $1.78 and full-year adjusted diluted EPS rose 2.5% to $6.51 despite a 9% drop in net income, while Q1 FY27 adjusted EPS of $1.81 beat consensus by $0.32. Near term, the stock should benefit from ongoing margin discipline, an improving revenue trajectory from Q4 FY26 to Q1 FY27, and strategic initiatives such as tripling the corporate venture fund focused on AI and cyber, even as it manages reputational headlines like the cancellation of $21 million in Treasury contracts that represent a small fraction of its $11.2 billion annual revenue base.

• Q1 FY27 total revenue was $2.8 billion, down 4% year over year, while operating income rose 9% to $279 million and operating margin improved from 9% to 10%..
• Q4 FY26 revenue declined 6.4% year over year to $2.8 billion, but net income increased 6.2% to $205 million and adjusted diluted EPS grew about 10.6% to $1.78..
• Fiscal 2026 revenue was $11.2 billion, down 6.4%, with net income of $851 million (down 9%) and full-year adjusted diluted EPS up 2.5% to $6.51, reflecting resilient earnings despite top-line pressure..

AMD

Philippe Laffont bought $55.76M of AMD in Q2 2026. Over the last two quarters, AMD has delivered record growth, with Q2 2026 revenue reaching $11.5B, up 50% year-over-year and 13% sequentially, and non-GAAP EPS rising to $1.66, driven largely by a roughly 2x increase in data center sales. Q1 2026 similarly showed strong momentum, with revenue of about $10.3B up roughly 38% year-over-year, gross margin at 53%, and diluted EPS of $0.84, underscoring a clear acceleration in profitability into the current quarter. Despite a near-term share-price pullback of around 8–9% after Q2 results as investors reacted to elevated AI expectations and commentary from large customers, the beat-and-raise quarter and management’s confidence in AI data center demand position the stock for fundamental upside from current levels.

• Q2 2026 revenue $11.5B, up 50% year-over-year and 13% sequentially; non-GAAP gross margin expanded to 56% and EPS reached $1.66..
• Q1 2026 revenue about $10.3B, up roughly 38% year-over-year, with net income of $1.38B and diluted EPS of $0.84; gross margin improved to 53%..
• Data center sales roughly doubled year-over-year in Q2 2026, and management guided Data Center segment growth to be “well over 100%,” supporting continued AI-driven upside..

Comfort Systems USA

Philippe Laffont bought $35.26M of Comfort Systems USA in Q2 2026. Over the last two quarters, the company has delivered exceptional growth, with Q1 and Q2 2026 revenue rising to $2.87 billion and $3.27 billion, respectively, while EPS increased from $10.51 to $12.53, with Q2 EPS beating consensus by roughly 20%. In Q2 2026 specifically, revenue increased to $3.27 billion from $2.87 billion in Q1 and $2.17 billion a year earlier, net income reached $441.6 million, gross profit rose to $844 million with a 25.9% margin, and free cash flow approached $1.0 billion, highlighting strong operating leverage and cash generation. Backlog has expanded from $12.45 billion at Q1 2026 to about $14.1 billion at quarter‑end, while the quarterly dividend has been lifted first to $0.80 and then to $0.90 per share and new COO and Chief Strategy & Innovation Officer roles were established, collectively signaling management’s confidence in sustained demand for complex facilities and AI‑driven data center projects and providing catalysts for further value creation if execution remains solid.[34]

• Q2 2026 revenue of $3.27 billion vs. $2.87 billion in Q1 2026 and $2.17 billion a year ago, with EPS rising to $12.53 from $10.51 in Q1 and $6.53 in Q2 2025..
• Backlog increased from $12.45 billion at March 31, 2026 to approximately $14.1 billion at June 30, 2026, up about 73% year over year from roughly $8.1 billion.[34].
• Free cash flow improved from roughly $242 million in Q1 2026 to about $999 million in Q2 2026, while the quarterly dividend was raised from $0.80 to $0.90 per share.[34].

Argan

Philippe Laffont bought $28.83M of Argan in Q2 2026. Over the last two reported quarters, Argan has delivered record top- and bottom-line results, with revenue rising from $262.1M in Q4 FY 2026 to $290.9M in Q1 FY 2027 and EPS holding above $3.00, supported by a record $2.9B contracted backlog and strong execution on large power infrastructure projects in the U.S. and Europe. In the current quarter, revenue grew roughly 50% year over year to $290.9M, gross margin expanded to 21% from about 19%, and diluted EPS more than doubled to $3.24 from $1.60, with another clear beat versus consensus even as the stock pulled back about 9.5% post-earnings. Over the past 12 months, fiscal 2026 revenue increased 8.1% to $944.6M and EPS surged about 58% to $9.74, helping drive a roughly 19.6% rise in the share price around the March earnings release and positioning the company favorably versus many small-cap industrial peers given its visible growth pipeline.

• Q1 FY 2027 revenue of $290.9M, up 50.2% year over year from $193.7M, with gross margin improving to 21.0% from 19.0%..
• Q1 diluted EPS of $3.24 vs. $1.60 a year ago, as net income nearly doubled to $46.1M from about $22.6M..
• Q4 FY 2026 revenue of $262.1M and EPS of $3.47, with full-year FY 2026 EPS of $9.74 on revenue of $944.6M and a record $2.9B backlog exiting the year..

Added, Trimmed, and Exited

Added

Coatue added most aggressively to Micron (+2.98M shares, value jumping from $56M to $3.63B), Amazon (+3.9M shares, $1.65B→$2.82B), and Carvana (+2.6M shares), while also modestly increasing stakes in Alphabet, Microsoft, Broadcom, Eaton, and Equinix.
What it means: The outsized build in Micron signals a strong conviction bet on memory chips as a critical AI infrastructure bottleneck, while the Amazon add reinforces confidence in cloud/AWS as an AI beneficiary. Smaller adds to Alphabet, Microsoft, and Broadcom show continued broad-based commitment to mega-cap AI compute and infrastructure names, even as the portfolio simultaneously diversified into new, higher-risk AI bets like Space Exploration Techn Corp and Cerebras Systems Inc.

Trimmed

The largest share reductions came in Netflix (-2.18M shares, value nearly halved from $663M to $336M), Applied Materials (-1.03M shares, though value still rose to $3.05B), Lam Research (-602K shares, value up to $4.09B), Synopsys (-444K shares, value down to $142M), TSMC (-369K shares), Meta (-286K shares), and NVIDIA (-276K shares).
What it means: The fact that Applied Materials, Lam Research, and TSMC saw share counts fall while dollar values rose sharply suggests Coatue was trimming into strength—harvesting gains from a semiconductor equipment rally rather than losing conviction. The NVIDIA trim, alongside cuts to Meta and Netflix, looks like a funding source for the quarter's large new positions in Space Exploration Techn Corp, Intel, and Cerebras Systems Inc, indicating a rotation from concentrated AI/semiconductor winners into a broader, more diversified set of AI infrastructure bets. The steep cut to Synopsys further points to reduced conviction in semiconductor design software amid the reallocation.

Exited

Coatue fully exited Visa ($217M), Chime Finl Inc ($189M), Solstice Advanced Matls Inc ($126M), C H Robinson Worldwide In ($95M), and a small Bitcoin Trust ETF stake ($2.6M).
What it means: The complete exits from Visa and Chime Finl Inc suggest a pullback from payments and consumer fintech exposure, while dropping C H Robinson Worldwide In removes a non-core logistics holding. Notably, the small passive Bitcoin Trust ETF position was liquidated in the same quarter Coatue initiated a much larger, direct stake in Hut 8, implying a preference for operating companies with AI/compute optionality over passive crypto exposure. Collectively, these exits free up capital that appears to have been redeployed into the quarter's flagship new AI infrastructure positions.

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.