Sequoia Capital's Trades and Holdings in Q3 2025

Breaking down the stocks Sequoia Capital bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Sequoia Capital's 13F filed on November 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
Q3 '25 13F filed with SEC

Holdings in Q3 2025

Current Investment Strategy

Sequoia Capital Global Equities maintained its concentrated, long-term approach in technology, media, and telecommunications sectors during Q3 2025, operating as a public/private crossover fund with top holdings including Meta, Palo Alto Networks, ServiceTitan, Chime Financial, and Maplebear. The firm capitalized on the reopening IPO market by initiating positions in newly public cybersecurity player Netskope and fintech giant Klarna, while also adding Zillow Group, ASML, and Carvana, and exiting international e-commerce and software names Coupang, Dynatrace, and Nu Holdings.

New Investments

Netskope NTSK

Sequoia Capital bought $312.1M of Netskope in Q3 2025. Netskope completed a blockbuster IPO on November 13, 2025, opening at $23 (up 21% from the $19 IPO price) as investors recognized the strength of its AI-native cybersecurity platform addressing the high-growth cloud security market. The company demonstrates compelling growth metrics with 19.3% annual revenue growth and $615.51M in trailing twelve-month revenue, though it remains unprofitable with -$317.32M net income as it scales operations. With a consensus Strong Buy rating and an average analyst price target of $26.85 (representing 34% upside from current levels), the market is positioning Netskope as a key player in the enterprise CASB and SASE security solutions market.

• Revenue growing at 19.3% annually, significantly outpacing the US market average of 10.5%.
• Stock surged 21% post-IPO from $19 offering price, trading around $22.32 as of early November.
• Analyst price target of $26.85 implies 34% upside potential from current trading levels.

Klarna KLAR

Sequoia Capital bought $193.02M of Klarna in Q3 2025. Klarna, following its September 2025 NYSE listing, is positioned for strong near-term growth with 26% year-over-year revenue growth projected in Q3 2025 to $889 million, driven by resilient consumer spending and expanding merchant adoption. The company is successfully diversifying revenue streams with interest income surging 51% to $263 million as it leans into higher-margin lending products amid intensifying competition from Affirm and Block's Afterpay. User engagement metrics remain robust with active users expected to grow 30% to 114 million and gross merchandise value increasing 21% to $31.7 billion, signaling strong market demand for its pay-later offerings.

• Q3 2025 revenue projected at $889 million, representing 26% YoY growth driven by transaction volume expansion and lending momentum.
• Interest income forecast to surge 51% to $263 million, reflecting higher lending volumes and improved monetization of pay-later loans.
• Active users expected to reach 114 million, up 30% YoY, with 'Pay Later' segment GMV projected to grow 22% to $25 billion.

Zillow Group Z

Sequoia Capital bought $133.99M of Zillow Group in Q3 2025. Zillow Group delivered exceptional Q3 2025 results, with revenue reaching $676 million, up 16% year-over-year and substantially outpacing the residential real estate industry's approximately 5% transaction growth. The company achieved a pivotal turning point by returning to profitability with $10 million in net income compared to the prior-year loss, while Adjusted EBITDA margin expanded over 200 basis points to 24%. Strong momentum across all major segments—particularly mortgages revenue up 36% and rentals up 41% driven by 62% multifamily growth—combined with disciplined cost management and new AI-powered features position the company for sustained value creation.

• Q3 revenue grew 16% year-over-year to $676 million, outpacing residential real estate industry growth of approximately 5%.
• Diluted adjusted net income per share increased 26% to $0.44 from $0.35 in Q3 2024.
• Adjusted EBITDA margin expanded 200+ basis points to 24%, reflecting strong operational leverage and effective cost management.

ASML ASML

Sequoia Capital bought $124.88M of ASML in Q3 2025. ASML delivered €7.5 billion in net sales during Q3 2025 with strong €5.4 billion in net bookings, though gross margin contracted to 51.6% from 53.7% sequentially, resulting in lower net income of €2.1 billion versus €2.3 billion in Q2. The company's leadership in lithography technology is reinforced by revenue recognition from its first High NA system and full-year 2025 guidance of approximately 15% sales growth, though margin compression and anticipated significant reduction in Chinese market demand in 2026 present headwinds. The stock has appreciated substantially over the past six months, though it declined 1.72% in pre-market trading following earnings, reflecting investor concerns about near-term margin pressures despite strong long-term positioning.

• Q3 net sales of €7.5 billion with gross margin compression of 210 basis points sequentially (51.6% vs. 53.7%), reflecting operational pressures despite strong demand.
• Full-year 2025 net sales expected to grow approximately 15% with €32.5 billion in projected revenue; 2026 net sales not expected to decline from 2025 levels.
• Stock delivered 44.61% return over the past six months, supported by strong bookings (€5.4 billion in Q3 with €3.6 billion EUV orders) and first High NA system revenue recognition.

Carvana CVNA

Sequoia Capital bought $56.96M of Carvana in Q3 2025. Carvana delivered a strong Q3 2025 performance with record revenue of $5.65 billion, up 54.5% year-over-year and beating analyst expectations by 11.1%, driven by 155,941 retail units sold representing a 44% increase. While the company missed earnings-per-share estimates at $1.03 versus $1.30, adjusted EBITDA of $637 million beat expectations by 6.1%, indicating underlying operational strength despite higher depreciation and elevated advertising investments offsetting efficiency gains. The company has demonstrated significant momentum with a 63.8% year-to-date gain, supported by expanded inventory, improved delivery capabilities including same-day service in Phoenix, and automation advances, though the EPS miss reflects investor sensitivity to near-term profitability execution.

• Revenue grew 54.5% year-over-year to $5.65 billion with 155,941 retail units sold, up 44% year-over-year, demonstrating strong market share gains.
• Adjusted EBITDA of $637 million beat analyst estimates by 6.1%, with management guiding for full-year adjusted EBITDA to reach or exceed the high end of $2.0-$2.2 billion range.
• Stock gained 63.8% year-to-date despite declining 5.6% in after-hours trading on EPS miss, reflecting investor optimism on long-term margin expansion driven by automation and operational leverage.

Bullish BLSH

Sequoia Capital bought $6.36M of Bullish in Q3 2025. Bullish has demonstrated strong operational momentum with Q3 2025 Adjusted Revenue guidance of $69.0-$76.0 million (21-33% sequential growth over Q2) and Adjusted EBITDA guidance tripling to $25.0-$28.0 million from Q2's $8.1 million, yet shares have declined approximately 40% over the past three months due to broader crypto market weakness and macro concerns. The company's recent regulatory achievements, including the New York BitLicense approval enabling U.S. market entry in Q4 2025, combined with robust operational metrics including 35% year-over-year trading volume growth and 27.4% growth in Subscription Services revenue, have prompted analyst upgrades despite current market headwinds. At current valuation multiples, Wall Street maintains a Moderate Buy consensus with average price target of $60.42, suggesting the recent sell-off presents an attractive entry point for long-term institutional investors.

• Q3 2025 Adjusted Revenue guidance of $69.0-$76.0 million represents 21-33% sequential growth from Q2's $57.0 million, with Adjusted EBITDA guidance of $25.0-$28.0 million increasing 210-246% quarter-over-quarter.
• Q2 2025 net income of $108.3 million ($0.93 EPS) reversed prior year loss of $116.4 million, with trading volume up 35% year-over-year to $179.6 billion.
• Stock declined 39.7% over the past three months and 30% in the past month, yet consensus maintains Moderate Buy rating with average price target of $60.42 representing 55% upside potential.

Figma FIG

Sequoia Capital bought $3.11M of Figma in Q3 2025. Figma delivered strong Q3 2025 results with 38% year-over-year revenue growth to a quarterly record of $274.2 million, while beating earnings expectations with $0.10 EPS. The company's decision to raise full-year guidance reflects management confidence in sustained growth momentum powered by its AI-enabled design platform. The market responded positively, with shares appreciating 4.5% on the earnings announcement date.

• Q3 revenue grew 38% year-over-year to a quarterly record of $274.2 million.
• EPS of $0.10 exceeded expectations in Q3 2025.
• Stock price increased 4.5% on November 6 following earnings announcement.

Added, Trimmed, and Exited

Added

Sequoia Capital significantly increased positions in cloud and AI infrastructure leaders, adding to Snowflake (SNOW) (+265,000 shares), Amazon (AMZN) (+181,000 shares), Microsoft (MSFT) (+152,000 shares), Nvidia (NVDA) (+123,000 shares), DoorDash (DASH) (+119,000 shares), and Spotify (SPOT) (+45,600 shares).
What it means: This represents a clear strategic pivot toward mega-cap technology leaders and AI infrastructure, with particularly strong conviction in cloud data platforms like Snowflake (up 43.3% during the quarter) and the core AI compute stack. The simultaneous buildup in consumer platforms like DoorDash and Spotify suggests Sequoia is consolidating around two themes: companies benefiting from AI adoption in enterprise infrastructure, and dominant consumer technology platforms with pricing power and network effects. The firm appears to be moving up the quality curve, concentrating capital in market leaders rather than spread across multiple smaller positions.

Trimmed

Sequoia Capital reduced exposure across the semiconductor value chain and enterprise software, trimming Broadcom (AVGO) (-325,000 shares), Oracle (ORCL) (-221,000 shares), Taiwan Semiconductor (TSM) (-103,000 shares), Cadence (CDNS) (-68,000 shares), Sea (SE) (-51,000 shares), and ServiceNow (NOW) (-17,000 shares).
What it means: Despite strong performance in several of these positions (Oracle gained 7.3%, Sea up 8.5%), Sequoia appears to be taking profits and reducing exposure to the semiconductor supply chain, possibly viewing valuations as extended or anticipating cyclical headwinds in chip equipment and design tools. The trim in ServiceNow—down 16.7% despite its market-leading position—suggests the firm is selectively reducing enterprise software exposure where growth expectations may be moderating. The reductions in Broadcom and Taiwan Semiconductor, despite their AI chip exposure, indicate Sequoia prefers direct exposure to AI infrastructure software and platforms over the underlying silicon providers.

Exited

Sequoia Capital fully liquidated its positions in Coupang (CPNG) ($232.7M), Dynatrace (DT) ($155.9M), and Nu Holdings (NU) ($16.1M).
What it means: The complete exits from emerging market consumer and fintech positions—Coupang in South Korea and Nu Holdings in Brazil—combined with the Dynatrace exit, signals a strategic retreat from both international growth stories and observability software. This $405M in capital redeployed from these exits likely funded the new positions in Netskope, Klarna, and Zillow, as well as the buildups in Microsoft and Amazon. The pattern suggests Sequoia is prioritizing US-domiciled, AI-enabled platforms with clearer paths to profitability over pure international growth plays, reflecting either concerns about geopolitical risks, currency headwinds, or simply higher conviction in domestic AI opportunities.

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.