Breaking down the stocks Sequoia Capital bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from Sequoia Capital's 13F filed on August 14, 2025.


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
Q2 '25 13F filed with SEC

Portfolio Changes in Q2 2025

New positions

Sequoia Capital established eight new positions in Q2 2025, with the largest being Oracle (ORCL) at $291M, followed by DoorDash (DASH) at $267M and Spotify (SPOT) at $250M. Other notable new investments include Microsoft (MSFT) at $228M, Cadence (CDNS) at $187M, Dynatrace (DT) at $155M, Chime Financial (CHYM) at $152M, and Snowflake (SNOW) at $140M.

Bought

Sequoia Capital increased its position in Broadcom (AVGO) by 68,500 shares, bringing the total value to $351M and generating a strong 73.98% return during the quarter.

Sold

Sequoia Capital made significant reductions across several holdings, most notably trimming Nu Holdings (NU) by 3.8 million shares (a 76% reduction) and completely liquidating positions in Shopify (SHOP) worth $323M, Atlassian (TEAM) worth $211M, and Reddit (RDDT) worth $169M. The firm also reduced stakes in Amazon (AMZN) by 547,000 shares, Sea (SE) by 405,000 shares, ServiceNow (NOW) by 191,000 shares, Nvidia (NVDA) by 178,000 shares, and Taiwan Semiconductor (TSM) by 245,000 shares.


New Investments in Q2 2025

Ticker Company Weight Change Value
ORCL Oracle 17.4% NEW $291.22M
DASH DoorDash 16.0% NEW $267.46M
SPOT Spotify 14.9% NEW $250.15M
MSFT Microsoft 13.6% NEW $228.31M
CDNS Cadence 11.2% NEW $187.66M
DT Dynatrace 9.3% NEW $155.86M
CHYM Chime Financial 9.1% NEW $152.56M
SNOW Snowflake 8.4% NEW $140.53M

Oracle ORCL

Sequoia Capital bought $291.22M of Oracle in Q2 2025. Oracle demonstrated strong acceleration in Q4 FY2025 with revenue growth accelerating to 11% year-over-year compared to 6% in the prior quarter, driven by robust cloud services expansion and a recovery in license revenues. The company's cloud services and license support segment, which represents the core recurring revenue base, grew 14% to $11.7 billion in Q4, up from 10% growth in Q3, indicating strong customer adoption of Oracle's cloud infrastructure and applications. The significant 62% increase in Total Remaining Performance Obligations to $130 billion signals a substantial pipeline of contracted future revenue that should support continued growth momentum.

  • Revenue growth accelerated from 6% in Q3 to 11% in Q4 FY2025, reaching $15.9 billion.
  • Non-GAAP EPS increased from $1.47 in Q3 to $1.70 in Q4, demonstrating strong operational leverage.
  • Total Remaining Performance Obligations surged 62% year-over-year to $130 billion, indicating robust future revenue visibility.

DoorDash DASH

Sequoia Capital bought $267.46M of DoorDash in Q2 2025. DoorDash demonstrated exceptional operational momentum in Q2 2025, delivering 25% year-over-year revenue growth to $3.3 billion while achieving a remarkable turnaround from losses to $285 million in net income. The company significantly outperformed analyst expectations, beating EPS estimates by 48% with $0.65 versus the expected $0.44, driven by record-high order volumes and membership engagement that reflect strong consumer demand and market share expansion. Despite some headwinds including a 21% decline in free cash flow and ongoing international challenges, the company's transition to sustained profitability and robust top-line growth position it favorably for continued value creation.

  • Q2 2025 revenue of $3.3 billion grew 25% year-over-year and beat consensus by $137.93 million.
  • Net income swung from losses to $285 million profit with diluted EPS of $0.65 beating estimates by 48%.
  • Free cash flow declined 21% to $355 million despite record order volumes and marketplace growth.

Spotify SPOT

Sequoia Capital bought $250.15M of Spotify in Q2 2025. Spotify demonstrated robust operational performance in Q2 2025, adding 8 million net subscribers to reach 276 million paying users while growing monthly active users 11% year-over-year to 696 million. The company generated strong revenue growth of 15% year-over-year to €4.2 billion and significantly improved operating income by 50% to €406 million, though it reported a net loss of €86 million due to elevated social charges from share price appreciation. The platform continues to dominate the streaming market with 65% of global audio streams and maintains strong momentum in subscriber acquisition, with first-half 2025 net additions growing over 30% compared to the same period in 2024.

  • Subscriber base grew 12% year-over-year to 276 million with 8 million net additions in Q2 2025.
  • Revenue increased 15% year-over-year to €4.2 billion while gross margin improved by 227 basis points to 31.5%.
  • Operating income surged 50% year-over-year to €406 million despite reporting a €86 million net loss due to social charges.

Microsoft MSFT

Sequoia Capital bought $228.31M of Microsoft in Q2 2025. Microsoft continues to demonstrate exceptional growth momentum driven by its cloud and AI transformation, with Q2 2025 revenue reaching $69.6 billion representing 12% year-over-year growth and EPS of $3.23 marking a 10% increase from the prior year period. The company's strategic focus on artificial intelligence is paying significant dividends, with its AI business achieving a $13 billion annual run rate and remarkable 175% year-over-year growth, while Microsoft Cloud revenue surged 21% to $40.9 billion. The strong operational execution across all segments, particularly the 31% growth in Azure and robust demand for AI-powered services, positions Microsoft as a dominant force in the enterprise technology transformation.

  • Revenue increased 12% year-over-year to $69.6 billion in Q2 2025, with EPS growing 10% to $3.23.
  • Microsoft Cloud revenue surged 21% to $40.9 billion with Azure services growing 31% year-over-year.
  • AI business reached $13 billion annual run rate with explosive 175% year-over-year growth.

Cadence CDNS

Sequoia Capital bought $187.66M of Cadence in Q2 2025. Cadence delivered exceptional Q2 2025 performance with 20% year-over-year revenue growth to $1.275 billion and non-GAAP EPS of $1.65 that beat analyst expectations by 5.1%. The company's AI-driven portfolio continues driving strong growth across core businesses, with non-GAAP operating margins expanding to 42.8% from 40.1% in the prior year. Management raised full-year 2025 revenue guidance to $5.21-5.27 billion, reflecting confidence in continued momentum despite a one-time $140.6 million legal settlement charge that impacted GAAP results.

  • Revenue grew 20% year-over-year to $1.275 billion in Q2 2025.
  • Non-GAAP EPS increased 28.9% from $1.28 to $1.65 year-over-year.
  • Non-GAAP operating margin expanded 270 basis points to 42.8% compared to prior year.

Dynatrace DT

Sequoia Capital bought $155.86M of Dynatrace in Q2 2025. Dynatrace delivered strong operational performance in Q2 2025 with revenue of $477.3 million, representing 19.6% year-over-year growth and beating analyst estimates by 2.1%. Despite the solid financial results, the stock has declined 12.64% over the past three months due to investor concerns about new customer acquisition rates falling slightly below expectations. The company maintains strong unit economics with an 81.94% gross margin and 27.75% net profit margin, while providing guidance above consensus for the next quarter.

  • Revenue grew 19.6% year-over-year in Q2 2025, beating estimates by 2.1%.
  • Stock declined 9.05% over the last month and 12.64% over three months despite earnings beat.
  • EPS expected to grow 25% from $0.68 to $0.85 over the next year.

Chime Financial CHYM

Sequoia Capital bought $152.56M of Chime Financial in Q2 2025. Chime Financial delivered exceptional Q2 2025 results with 37% year-over-year revenue growth to $528.15 million, beating consensus by $24.27 million, driven by robust user acquisition and strong platform revenue performance. The digital bank demonstrated impressive operational leverage with adjusted EBITDA margin expanding to 3%, representing an 18 percentage point improvement over two years, while active members surged 23% to 8.7 million, positioning Chime as the top direct-deposit destination for US adults earning under certain income thresholds. The company's diversified revenue streams showed strength with platform revenue skyrocketing 113% year-over-year to $162 million, while maintaining strong unit economics with customer acquisition costs declining 10% year-over-year.

  • Revenue grew 37% year-over-year to $528.15 million in Q2 2025.
  • Active member base expanded 23% to 8.7 million users.
  • Adjusted EBITDA margin improved to 3%, up 18 percentage points from two years ago.

Snowflake SNOW

Sequoia Capital bought $140.53M of Snowflake in Q2 2025. Snowflake demonstrated strong momentum in its most recent reported quarter with $868.8 million in revenue and 29% year-over-year growth for Q2 fiscal 2025. The company raised its full-year product revenue guidance to approximately $3.356 billion, representing 26% year-over-year growth, indicating management's confidence in sustained performance. With upcoming Q2 fiscal 2026 results scheduled for release on August 27, 2025, the AI Data Cloud leader appears well-positioned for continued growth as enterprises increasingly adopt data and AI solutions.

  • Revenue grew 29% year-over-year to $868.8 million in Q2 fiscal 2025.
  • Management increased full-year product revenue guidance to $3.356 billion, representing 26% year-over-year growth.
  • Company repurchased 3 million shares for $400 million with $492 million remaining in buyback program through March 2025.

Holdings at the end of Q2 2025

Ticker Company Weight Change Value
META Meta 15.0% $714.47M
PANW Palo Alto Networks 8.1% $385.75M
AVGO Broadcom 7.4% Added (+6%) $351.59M
NVDA Nvidia 7.2% Trimmed (-8%) $340.94M
ORCL Oracle 6.1% NEW $291.22M
SE Sea 5.9% Trimmed (-19%) $280.69M
DASH DoorDash 5.6% NEW $267.46M
NOW ServiceNow 5.3% Trimmed (-44%) $250.85M
AMZN Amazon 5.3% Trimmed (-32%) $250.76M
SPOT Spotify 5.2% NEW $250.15M
CPNG Coupang 4.9% $232.7M
MSFT Microsoft 4.8% NEW $228.31M
CDNS Cadence 3.9% NEW $187.66M
DT Dynatrace 3.3% NEW $155.86M
CHYM Chime Financial 3.2% NEW $152.56M
SNOW Snowflake 2.9% NEW $140.53M
TTAN ServiceTitan 2.8% $131.75M
TSM Taiwan Semiconductor 2.6% Trimmed (-31%) $125.93M
NU Nu Holdings 0.3% Trimmed (-76%) $16.14M
CART Maplebear 0.3% $12.67M
SHOP Shopify 0.0% Exited $0
TEAM Atlassian 0.0% Exited $0
RDDT Reddit 0.0% Exited $0

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.