Sequoia Capital's Trades and Holdings in Q2 2026

Breaking down the stocks Sequoia Capital bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from Sequoia Capital's 13F filed on August 14, 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
Q2 '26 13F filed with SEC

Holdings in Q2 2026

Current Investment Strategy

Sequoia Capital Global Equities, the venture giant's public-markets crossover arm, maintains a concentrated, long-term thematic approach centered on transformational technology, media and telecom companies, anchored in Q2 2026 by core holdings in **Sea**, **ServiceNow**, **Klarna**, and **ServiceTitan**. During the quarter the firm leaned further into AI infrastructure and global e-commerce by adding **SpaceX**, **AMD**, **Ciena**, **Coupang**, and **Monolithic Power**, while rotating out of cybersecurity, consumer fintech, and legacy networking names such as **Netskope**, **Chime Financial**, **Credo Technology**, **Zillow**, and **Maplebear (Instacart)**.

New Investments

Space Exploration Techn Corp

Sequoia Capital bought $2.9B of Space Exploration Techn Corp in Q2 2026. In Q2 2026, Space Exploration Techn Corp delivered $7.8 billion in revenue, up 92% year over year, with adjusted EBITDA surging to $3.5 billion and its net loss narrowing to $541 million, signaling strong operational momentum even as the business remains unprofitable. This marked a sharp improvement from Q1 2026, when revenue was $4.7 billion and the company posted a much larger net loss of $4.3 billion, even though SpaceX generated roughly $8 billion in profit on $15–16 billion of revenue in 2025, highlighting how current-year results are being driven by aggressive investment and scaling. Growth is being powered by Starlink, which scaled from about 10.3 million subscribers at the end of Q1 to roughly 12 million+ by June 2026, and by a rapidly expanding AI division, yet shares still fell around 13% after the Q2 release on concerns about elevated AI spending—creating potential upside if management can pair this growth with a clearer path to sustained profitability.

• Q2 2026 revenue rose 92% year over year to $7.8 billion, with adjusted EBITDA up 191% to $3.5 billion.
• Q2 2026 net loss improved to $541 million (loss of $0.09 per share) from $1.0 billion a year earlier and from $4.3 billion in Q1 2026.
• Starlink subscribers grew from about 10.3 million at March 31, 2026 to roughly 12 million+ by June 2026, with 2025 Starlink revenue reaching $11.4 billion (about 61% of company total).

AMD

Sequoia Capital bought $64.77M of AMD in Q2 2026. Over the last two quarters, AMD has gained significant momentum, with Q2 2026 revenue up 50% year-over-year to a record $11.5 billion, GAAP EPS rising 156%, and gross margin expanding to 54%, driven by rapid growth in data center and AI accelerators. Quarter-on-quarter, revenue grew about 13% from Q1 2026’s $10.3 billion, while net income climbed roughly 66% and diluted EPS increased 64%, highlighting improving profitability and operating leverage versus peers in high-performance computing and AI markets. Despite a brief share pullback after Q2 as investors reacted to competitive headlines around Nvidia, AMD’s upbeat Q3 2026 revenue guidance of about $13 billion (above consensus) and continued data center strength suggest the company is well-positioned for further value creation if it executes on its AI roadmap.

• Q2 2026 revenue reached $11.5 billion, up 50% year-over-year and about 13% sequentially from Q1 2026’s $10.3 billion..
• Q2 2026 GAAP diluted EPS was $1.38, up 156% year-over-year and 64% sequentially from Q1’s $0.84; non-GAAP EPS was $1.66..
• Management guides Q3 2026 revenue to around $13.0 billion, plus or minus $0.3 billion, above the roughly $12.5 billion consensus..

Ciena

Sequoia Capital bought $43.66M of Ciena in Q2 2026. Over the last two fiscal quarters, Ciena has delivered accelerating growth, with revenue rising from $1.43 billion in Q1 FY26 to $1.57 billion in Q2, representing 33% and 40% year-over-year increases respectively, while adjusted EPS stepped up from $1.35 to $1.64. Ciena’s current quarter performance is being driven by AI-led networking demand from hyperscale cloud providers and service providers, pushing adjusted gross margin to 44.9%, operating margin to 19.5%, and free cash flow to $219 million, which underscores that the company is gaining momentum and is a key beneficiary of the ongoing AI infrastructure build-out. Management has raised fiscal 2026 revenue guidance to $5.9–$6.3 billion and introduced new AI networking innovations, providing clear catalysts for further value creation as customers reinvest in high-speed optical connectivity.

• Q2 FY26 revenue grew 40% year over year to $1.57 billion, with adjusted EPS of $1.64 up about 290% versus the prior-year quarter..
• Q1 FY26 revenue was $1.43 billion, up 33% year over year, and adjusted EPS was $1.35, more than double the prior-year level..
• Adjusted gross margin expanded to 44.9% in Q2 FY26, up about 4 percentage points year over year, while adjusted operating margin reached 19.5% and free cash flow was $219 million (around 13.9% of revenue)..

Coupang

Sequoia Capital bought $36.27M of Coupang in Q2 2026. Over the last two quarters, Coupang has delivered resilient top-line growth, with net revenues rising from $8.5B in Q1 2026 to $8.9B in Q2 2026 and constant-currency growth accelerating from 8% to 10%, even as profitability has swung to sizeable losses. Current-quarter performance shows the core commerce business gaining momentum—product commerce net revenues reached $7.4B with 8% constant-currency growth and record WOW membership as high-spending customers returned after the data incident—yet gross margin of 28.2% and adjusted EBITDA margin of 1.8% remain compressed versus last year. Regulatory and breach-related costs are the primary drag, with a $410M administrative fine and a broader compensation package of roughly $1.2B–$2.6B contributing to a statutory net loss of $570M in Q2, but management’s expectation of full margin recovery by mid-2027 and improving customer trends are key potential drivers for valuation upside as legal overhangs clear.

• Q2 2026 net revenues $8.9B, up 4% year over year on a reported basis and 10% in constant currency..
• Q1 2026 net revenues $8.5B, up 8% year over year, with gross margin at 27.0% and adjusted EBITDA margin at 0.3% versus 4.8% a year earlier..
• Q2 2026 statutory net loss $570M versus prior-year profit of $32M, driven largely by a $410M administrative fine; adjusted EPS was -$0.09 and adjusted EBITDA $163M (margin 1.8%)..

Monolithic Power

Sequoia Capital bought $25.3M of Monolithic Power in Q2 2026. Over the last two quarters, Monolithic Power has delivered accelerating growth, with revenue rising from $804M in Q1 2026 to a record $980.6M in Q2 2026, driving GAAP EPS from $3.92 to $5.22 and non-GAAP EPS to $6.50. In the current quarter, performance is inflecting higher: Q2 revenue grew 21.9% sequentially and 47.6% year over year, operating margin expanded to about 31%, and both revenue and non-GAAP EPS of $6.50 exceeded consensus by roughly high-single- to low-double-digit percentages, creating a clear positive catalyst. Across Q1–Q2 2026, revenue grew 26%–48% year over year and EPS roughly 40%–54%, leaving the company outgrowing most analog peers and underpinning a premium valuation narrative for the stock.

• Q2 2026 revenue reached $980.6M, up 21.9% quarter over quarter and 47.6% year over year.
• Non-GAAP diluted EPS increased from $5.10 in Q1 2026 to $6.50 in Q2 2026, up about 27% sequentially and roughly 54% year over year.
• GAAP operating margin improved to about 31.0% in Q2 2026 versus roughly 30.0% in Q1 2026, with GAAP gross margin holding at around 55%.

Cloudflare

Sequoia Capital bought $24.72M of Cloudflare in Q2 2026. Over the last two quarters, Cloudflare has sustained mid‑30s revenue growth, with Q1 2026 revenue up 34% year over year to $639.8M and Q2 2026 accelerating to 36% growth at $696.1M, while maintaining gross margins around the low‑70s% range, placing it in the higher‑growth tier of infrastructure software names. In the current quarter, non‑GAAP operating income improved to $96.1M with a 13.8% margin and free cash flow of $56.4M (8% of revenue), even as GAAP losses temporarily widened to roughly $170M due to a one‑time $150.7M restructuring charge tied to its shift toward an agentic AI‑first model. Shares have moved sharply higher after Q2 as the company raised full‑year guidance above Street expectations on AI‑driven demand and rolled out new AI agent, AEO visibility, and FedRAMP High government security offerings, which together expand its addressable market and underpin a constructive near‑term valuation reset.

• Q2 2026 revenue grew 36% year over year to $696.1M, with non‑GAAP operating margin of 13.8% and free cash flow of $56.4M (8% of revenue)..
• Q1 2026 revenue increased 34% year over year to $639.8M, while GAAP net loss narrowed to $22.9M from $38.5M in the prior‑year quarter..
• Following the Q2 beat and raised full‑year outlook, the stock rose about 18% after the print as investors priced in stronger AI‑driven demand..

Added, Trimmed, and Exited

Added

Sequoia Capital added to just one existing position this quarter, increasing its stake in SanDisk by 12,900 shares (a modest share increase), though the position's value ballooned from $39.96M to $172.35M, reflecting a 331% return as the stock re-rated sharply higher.
What it means: The dramatic value increase in SanDisk alongside only a small share add suggests this gain was driven almost entirely by price appreciation rather than fresh capital deployment—likely tied to strength in memory/storage demand amid the broader AI infrastructure buildout. With adds otherwise absent, Sequoia Capital appears to be in a largely de-risking posture this quarter, letting winners like SanDisk run rather than aggressively building new exposure to existing names.

Trimmed

Sequoia Capital trimmed ten existing positions, with the largest reductions in DoorDash (down 65% in value to $82.6M), NVIDIA (down 10% to $475.1M), Alphabet (down 14% to $398.2M), Snowflake (down 37% to $51.2M), and Broadcom (down 25% to $183.7M), alongside smaller cuts to Microsoft, Amazon, Tesla, Meta, and Asml Hldg Nv.
What it means: The breadth of these trims—spanning mega-cap tech, semiconductors, and high-growth software—suggests Sequoia Capital is broadly rotating out of large, well-known winners (many still posting negative returns this quarter, like DoorDash and Snowflake) to fund a massive new commitment to Space Exploration Techn Corp, which alone represents nearly $2.9B in fresh capital. This looks like a concentrated bet, funded by paring back diversified mega-cap and growth-tech exposure in favor of a single high-conviction position.

Exited

Sequoia Capital fully exited six positions: Netskope Inc ($92.97M), Chime Finl Inc ($78.33M), Credo Technology ($62.34M), Zillow ($52.34M), Maplebear ($10.49M), and Figma Inc ($1.27M).
What it means: These exits touch a mix of recent IPOs and mid-cap names across cybersecurity, fintech, networking, real estate, and delivery/design software, indicating Sequoia Capital is simplifying its portfolio and consolidating capital into fewer, higher-conviction bets. Combined with the trims above, this wave of full exits reinforces that the firm is significantly reallocating its portfolio toward its outsized new stake in Space Exploration Techn Corp, even at the cost of walking away entirely from smaller growth names it previously backed.

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.