Sequoia Capital's Trades and Holdings in Q1 2026

Breaking down the stocks Sequoia Capital bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Sequoia Capital's 13F filed on May 15, 2026.

Who is Sequoia Capital?

Sequoia Capital Global Equities (SCGE) is the public markets investment arm of the prestigious Sequoia Capital. Founded as an extension of Sequoia's venture capital heritage, SCGE focuses on technology and high-growth companies across global markets. The firm leverages Sequoia's deep industry networks and expertise to identify public market opportunities with significant growth potential.

Sequoiacap.com/scge
Wikipedia on Sequoia Capital
Q1 '26 13F filed with SEC

Holdings in Q1 2026

Current Investment Strategy

Sequoia Capital Global Equities doubled down on its private-to-public crossover playbook in Q1 2026, concentrating its portfolio in recently listed former venture holdings — including Klarna, Netskope, Figma, and ServiceTitan — while applying a thematic lens across software, fintech, and AI-driven infrastructure. The firm's new stakes in Netskope and SanDisk, alongside the exit from Carvana, underscore a sharper focus on enterprise technology and cybersecurity at the expense of consumer-facing, asset-light marketplace bets.

New Investments

Netskope NTSK

Sequoia Capital bought $92.97B of Netskope in Q1 2026. Over the last two quarters, Netskope has shown strong top-line momentum, with Q4 2026 revenue up 32.2% year-over-year to $196.33 million, even as it continues to operate at a net loss of roughly $90.3 million that widened sequentially. Despite the wider loss, Q4 EPS of - $0.04 beat consensus by $0.02, and management’s FY 2027 guidance for revenue of $870–876 million and EPS of - $0.19 (both slightly ahead of expectations) points to improving operating leverage and supports the growth narrative. The stock has been gaining, recently trading around $24.70 per share (up roughly 9.8% in the last 24 hours and about 7.4% over the past week and month), as investors respond to > 30% revenue growth, repeated EPS outperformance, and an anticipated inflection from EPS of - $0.19 to about $0.02 next year.

• Q4 2026 revenue grew 32.2% year-over-year to $196.33 million, while trailing twelve-month revenue is approximately $709 million.
• Net income was a loss of roughly $90.3 million last quarter versus $79.24 million the prior quarter (a ~14% sequential deterioration), and EPS over the last four quarters totaled - $0.14.
• Management guided FY 2027 revenue to $870–876 million (above the $865.5 million consensus) with EPS of - $0.19, and the Street expects EPS to improve from - $0.19 to about $0.02 in the following year.

SanDisk SNDK

Sequoia Capital bought $39.96B of SanDisk in Q1 2026. SanDisk is demonstrating exceptional growth momentum in the current quarter with dramatic improvements in key financial metrics, though profitability remains a concern as reflected in its negative EPS. Despite recent price volatility including a 7.6% decline followed by a 5% pre-market rebound, the company's performance has significantly outpaced its sector with analysts expressing strong confidence through numerous upward revisions. The combination of explosive revenue growth and substantially improved liquidity positions SanDisk for potential continued outperformance despite the current negative earnings picture.

• Gross profit surged by 138% since the previous quarter, indicating robust revenue growth and margin expansion.
• Quick ratio has soared by 101% from the previous quarter and by 86% YoY, demonstrating significantly improved short-term liquidity position.
• Year-over-year revenue growth stands at 23.6% compared to the sector average of just 10.01%, highlighting SanDisk's outperformance.

Added, Trimmed, and Exited

Added

Sequoia Capital added to two existing positions during Q1 2026: Credo Technology (CRDO) (+94,100 shares) and Broadcom (AVGO) (+66,700 shares).
What it means: Both additions point to Sequoia Capital's continued conviction in semiconductor and high-speed connectivity infrastructure. Broadcom (AVGO) and Credo Technology (CRDO) are direct beneficiaries of surging AI datacenter buildout, particularly around custom silicon and high-bandwidth networking. Adding to these names while trimming elsewhere suggests Sequoia Capital is rotating within tech toward companies with more tangible, near-term revenue exposure to AI infrastructure spending rather than pure software multiples.

Trimmed

Sequoia Capital reduced positions across eight holdings: Zillow Group (Z) (-733,100 shares), Nvidia (NVDA) (-291,300 shares), Snowflake (SNOW) (-262,000 shares), Chime Financial (CHYM) (-239,014 shares), Amazon (AMZN) (-112,400 shares), ASML (ASML) (-90,800 shares), Meta (META) (-89,200 shares), and Microsoft (MSFT) (-89,100 shares).
What it means: The breadth of trimming is notable — spanning real estate tech, fintech, cloud data, and mega-cap growth — and likely reflects a combination of profit-taking and portfolio rebalancing to fund the significant new positions in Netskope (NTSK) and SanDisk (SNDK). The steepest cuts came in Zillow Group (Z) and Snowflake (SNOW), both of which have faced valuation pressure. Trimming Nvidia (NVDA) after a strong run suggests disciplined position sizing rather than a loss of thesis. The modest reductions in Meta (META), Microsoft (MSFT), and Amazon (AMZN) look more like routine rebalancing of large, well-performing megacap positions.

Exited

Sequoia Capital fully liquidated its position in Carvana (CVNA), exiting 208,000 shares valued at approximately $87.78B at the time of the prior filing.
What it means: Exiting Carvana (CVNA) entirely marks a decisive end to what was one of the portfolio's more contrarian bets on a used-car marketplace recovery. Given CVNA's dramatic comeback story, this exit may reflect a view that the easy gains from its restructuring narrative have been fully realized and that the risk/reward no longer justifies holding at current valuations. The capital freed up from this exit, combined with the trims above, appears to have been redeployed into higher-conviction private-to-public growth opportunities like Netskope (NTSK).

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.