Breaking down the stocks Sequoia Capital bought, sold, and held in Q4 2025, including their holdings at the end of the quarter. All data sourced from Sequoia Capital's 13F filed on February 13, 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
Q4 '25 13F filed with SEC
Holdings in Q4 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| NVDA | Nvidia | 14.1% | Added (+46%) | $620.11M |
| GOOGL | Alphabet | 11.4% | NEW | $501.74M |
| MSFT | Microsoft | 9.4% | Added (+39%) | $412.04M |
| DASH | DoorDash | 8.2% | Added (+32%) | $361.01M |
| AMZN | Amazon | 6.8% | Trimmed (-2%) | $297.99M |
| AVGO | Broadcom | 5.7% | Trimmed (-24%) | $251.27M |
| ASML | ASML | 5.6% | Added (+77%) | $243.93M |
| META | Meta | 5.2% | Trimmed (-64%) | $228.39M |
| SE | Sea | 5.2% | Added (+4%) | $226.44M |
| TSLA | Tesla | 4.2% | NEW | $183.04M |
| SNOW | Snowflake | 4.0% | Trimmed (-11%) | $174.83M |
| NOW | ServiceNow | 4.0% | Added (+400%) | $173.87M |
| KLAR | Klarna | 3.5% | $152.26M | |
| Z | Zillow Group | 3.1% | Added (+15%) | $136.3M |
| TTAN | ServiceTitan | 3.0% | $130.92M | |
| CHYM | Chime Financial | 2.5% | $111.27M | |
| CVNA | Carvana | 2.0% | Added (+38%) | $87.78M |
| CRDO | Credo Technology | 1.9% | NEW | $82.02M |
| CART | Maplebear | 0.3% | $12.6M | |
| FIG | Figma | 0.1% | $2.24M | |
| PANW | Palo Alto Networks | 0.0% | Exited | $-383.82M |
| ORCL | Oracle | 0.0% | Exited | $-312.46M |
| NTSK | Netskope | 0.0% | Exited | $-312.1M |
| SPOT | Spotify | 0.0% | Exited | $-259.38M |
| CDNS | Cadence | 0.0% | Exited | $-190.03M |
| TSM | Taiwan Semiconductor | 0.0% | Exited | $-126.52M |
| BLSH | Bullish | 0.0% | Exited | $-6.36M |
Current Investment Strategy
Sequoia Capital Global Equities doubled down on its private-to-public crossover playbook in Q4 2025, concentrating its portfolio in recently listed former venture holdings — including Klarna, ServiceTitan, Chime Financial, and Figma — while exiting established enterprise software and cybersecurity names such as Oracle, Palo Alto Networks, and Cadence. The fund simultaneously broadened its public-market footprint with new positions in mega-cap tech plays Alphabet and Tesla, as well as AI data-center networking pure-play Credo Technology, signaling a strategic tilt toward AI infrastructure alongside its core fintech and vertical-software bets.
New Investments
Alphabet GOOGL
Sequoia Capital bought $501.74M of Alphabet in Q4 2025. Alphabet delivered strong Q4 2025 results with revenues of $113.8 billion, up 17% year-over-year, though shares declined 7% post-announcement on February 4th due to investor concerns over AI monetization amid aggressive capital expenditure guidance of $175-185 billion for 2026. The company maintained market dominance with approximately 89.82% search market share and launched over 250 AI-powered products in Q4, including significant enhancements to AI Mode and Gemini 3 integration, positioning it as the strongest performer among Magnificent 7 stocks with 67% appreciation over the past year. Consensus estimates project 2026 earnings growth of 7% year-over-year and revenue growth of 19.6%, though elevated capex and a premium valuation (forward price-to-sales of 8.95X versus sector average of 6.54X) present near-term headwinds.
- Q4 2025 revenues reached $113.8 billion, up 17% year-over-year, with 2026 consensus earnings estimate at $11.57 per share.
- Stock outperformed Magnificent 7 peers with 67% appreciation over the past year, though currently trading at premium valuation with forward price-to-sales of 8.95X versus industry average of 6.54X.
- Capital expenditure guidance of $175-185 billion for 2026 expected to compress free cash flow, which stood at $73.27 billion on a trailing 12-month basis at end of Q4 2025.
Tesla TSLA
Sequoia Capital bought $183.04M of Tesla in Q4 2025. Tesla delivered a strong Q4 2025 earnings beat with $0.50 EPS surpassing consensus by 11.1% and revenue of $24.9B edging estimates, driven primarily by significant margin expansion rather than volume growth. Gross margin expanded dramatically to 20.1%—the highest in two years—up 210 basis points sequentially from Q3, demonstrating improved operational efficiency and pricing discipline despite an 11% decline in automotive revenue. The company is executing a strategic pivot beyond vehicles, with record energy storage deployments of 14.2 GWh (+29% YoY), a $2B investment in xAI closing in Q1 2026, and plans for six new factory productions with 2026 CapEx projected to exceed $20B, though these growth initiatives present execution risks against a backdrop of declining core automotive deliveries down 16% YoY.
- Non-GAAP EPS of $0.50 beat consensus estimates by 11.1%, while automotive gross margin (ex-credits) expanded 250 basis points sequentially to 17.9%.
- Energy segment grew 27% YoY to $12.8B full-year 2025 revenue with record storage deployments, and cash position strengthened 21% YoY to $44.1B.
- Vehicle deliveries declined 16% YoY to 418,227 units, but free cash flow declined 30% and operating cash flow fell 21% despite margin gains.
Credo Technology CRDO
Sequoia Capital bought $82.02M of Credo Technology in Q4 2025. Credo Technology delivered exceptional financial performance in Q4 FY2025 with $170.0M in revenue (up 25.9% sequentially from Q3 and 179.7% year-over-year), demonstrating strong momentum driven by hyperscaler demand for AI-enabling connectivity solutions. The company achieved significant profitability expansion with non-GAAP gross margins expanding 355 basis points quarter-over-quarter to 67.4% and non-GAAP operating margins reaching 36.8%, well above long-term targets and reflecting improved operational leverage as the business scales. With non-GAAP EPS of $0.35 (a 40% increase from Q3's $0.25) and strong free cash flow generation of $54.2M, the company is capturing substantial value from the accelerating AI infrastructure buildout while maintaining a fortress balance sheet of $431.3M in cash and short-term investments.
- Non-GAAP EPS surged 40% sequentially to $0.35 in Q4, significantly outpacing the consensus estimate of $0.27.
- Gross margin expanded 355 basis points quarter-over-quarter to 67.4%, with three hyperscaler customers accounting for 84% of product revenue.
- Full-year FY2025 revenue reached $436.8M, up 126% year-over-year, with Q1 FY2026 guidance implying ~12% sequential revenue growth.
Added, Trimmed, and Exited
Added
Beyond its three entirely new positions, Sequoia Capital significantly increased existing stakes, most notably adding 1,044,000 shares of Nvidia (NVDA) (now its largest holding at $620M), 908,000 shares of ServiceNow (NOW) (nearly quintupling the position), 390,000 shares of DoorDash (DASH), 259,000 shares of Zillow Group (Z), 241,000 shares of Microsoft (MSFT), 99,000 shares of ASML (ASML), 71,000 shares of Sea (SE), and 57,000 shares of Carvana (CVNA).
What it means: The aggressive buildout in Nvidia (NVDA), ASML (ASML), and the new Alphabet (GOOGL) position signals a deepening conviction in the AI infrastructure supply chain, while the massive expansion of ServiceNow (NOW) suggests confidence in enterprise AI software adoption. The additions to DoorDash (DASH), Zillow Group (Z), and Carvana (CVNA) point to a simultaneous bet on AI-enhanced consumer platform businesses with improving unit economics, indicating Sequoia Capital is positioning across both the picks-and-shovels and the application layers of the AI cycle.
Trimmed
Sequoia Capital made notable reductions, cutting 622,000 shares of Meta (META) (a 64% reduction of the position), trimming 224,500 shares of Broadcom (AVGO), selling 96,000 shares of Snowflake (SNOW), and modestly reducing Amazon (AMZN) by 33,000 shares.
What it means: The dramatic drawdown in Meta (META)—previously one of the fund's largest holdings at over $710M—stands out as the quarter's most significant trim and likely reflects profit-taking after strong performance or concerns about Meta's own heavy AI spending trajectory relative to returns. The reduction in Broadcom (AVGO) alongside the Snowflake (SNOW) trim suggests selective repositioning within the AI theme, potentially rotating capital from networking and data analytics names into what Sequoia Capital views as better-positioned AI beneficiaries like Nvidia (NVDA) and ASML (ASML).
Exited
Sequoia Capital fully liquidated seven positions: Palo Alto Networks (PANW) ($383.8M), Oracle (ORCL) ($312.5M), Netskope (NTSK) ($312.1M), Spotify (SPOT) ($259.4M), Cadence (CDNS) ($190.0M), Taiwan Semiconductor (TSM) ($126.5M), and Bullish (BLSH) ($6.4M).
What it means: This was a sweeping portfolio overhaul, with over $1.59 billion in exits representing a decisive shift away from cybersecurity (Palo Alto Networks (PANW), Netskope (NTSK)), legacy enterprise infrastructure (Oracle (ORCL)), and EDA tools (Cadence (CDNS)). The exit from Taiwan Semiconductor (TSM) is particularly notable given the simultaneous doubling of ASML (ASML), suggesting Sequoia Capital prefers semiconductor equipment exposure over foundry exposure. The combined exits freed up capital to fund the large new positions in Alphabet (GOOGL) and Tesla (TSLA), signaling a portfolio-wide pivot toward mega-cap AI platforms and away from mid-cap software and security names.
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.
